Average Food Bill for Family of 2 Per Month 2018
American Households' Average Monthly Expenses: $v,111
Epitome source: Getty Images
The boilerplate monthly expenses for American households are $5,111, according to the almost recent Consumer Expenditure Survey from the U.Southward. Bureau of Labor Statistics (BLS).
Where does all that money get? For the typical person, it covers quite a few different things from major costs similar payments to their mortgage lender and groceries to smaller expenses like apparel.
By peeking into the national average budget for all these categories, we can become a improve thought of where people spend the near and how our own spending habits compare.
Central findings
- The average household's monthly expenses are $5,111 ($61,334 per year).
- The boilerplate almanac income later on taxes is $74,949.
- Housing is the largest boilerplate cost at $1,784 per month, making up 34.nine% of typical spending.
- Americans spend $610 on food per month, with about ii-thirds being spent on groceries and the rest on eating out.
- Transportation costs more than than many realize ($819 per calendar month), largely due to the intermittent nature of these expenses.
- Healthcare spending averages $431 per month.
- The boilerplate single person spends $329 more per year than their have-dwelling house pay.
Average monthly expenses per household: $5,111
The average expenses per month for one consumer unit in 2020 was $five,111. That ways the average spending per year is $61,334.
Keep in mind that living toll varies by region -- some cities are very affordable, while others are extremely expensive. The figures presented beneath are national averages.
Consumer spending in the United States had been steadily increasing, merely 2020 was a deviation from that trend, likely considering of the COVID-19 pandemic. Average expenses decreased by ii.7% from 2019 to 2020.
You might be wondering what exactly counts equally a consumer unit of measurement. The BLS defines a consumer unit equally any of the following:
- Families
- Unmarried persons living alone
- Single persons sharing a household with others but are financially independent
- Two or more people living together and sharing major expenses
For example, ii parents and a child would be one consumer unit. Iii roommates would be three consumer units. The average consumer unit is two.v people.
Boilerplate almanac income per household: $74,949
The average American household's annual income subsequently taxes is $74,949. Average pre-tax income is $84,352.
Based on the income and spending figures, Americans spend 82% of their income after taxes and take a savings charge per unit of 18%. That'southward shut to the recommended savings charge per unit of at least 20%.
While the amount you save is most of import, where y'all put that money as well matters. The best option is a high-yield savings account to maximize the involvement you lot earn.
COMPARE TOP PICKS: Best Loftier-Yield Savings Accounts
Where Americans spend their money
Here's a full breakdown of the average spending by category:
| Particular | Monthly toll | Annual toll | Pct of spending |
|---|---|---|---|
| Housing | $1,784 | $21,409 | 34.9% |
| Transportation | $819 | $9,826 | 16.0% |
| Personal insurance and pensions | $604 | $7,246 | xi.eight% |
| Healthcare | $431 | $5,177 | 8.4% |
| Groceries | $412 | $four,942 | 8.ane% |
| Entertainment | $243 | $ii,912 | iv.7% |
| Restaurants and other meals away from dwelling house | $198 | $2,375 | 3.9% |
| Greenbacks contributions | $190 | $ii,283 | 3.7% |
| Apparel and services | $120 | $one,434 | 2.3% |
| Education | $106 | $ane,271 | two.ane% |
| Miscellaneous | $76 | $907 | 1.5% |
| Personal intendance | $54 | $646 | one.i% |
| Alcoholic beverages | $40 | $478 | 0.eight% |
| Tobacco/smoking products | $26 | $315 | 0.5% |
| Reading | $10 | $114 | 0.2% |
| Total SPENDING | $5,111 | $61,334 |
Data source: U.Due south. Bureau of Labor Statistics (2021).
A quick note about monthly spending
The BLS survey only calculates annual spending, so we divided those numbers past 12 to get the average household expenses per month. Because we rounded to the nearest dollar, there may be minor discrepancies when comparing the monthly and annual numbers.
Information technology'southward also worth noting that not all of the typical expenses are monthly expenses. Some of these expenses are intermittent. For example, most people aren't spending $196 per month on furniture and appliances. But over the grade of the year, the boilerplate is $2,346.
Average monthly spending on housing: $1,784 (34.9%)
Housing is the biggest living expense in the national boilerplate budget by a wide margin, and it increased by 3.5% in 2020.
Of the $1,784 per month that Americans spend on housing, $1,050 of it goes towards housing payments. This fluctuates quite a fleck depending on a person'due south living situation. Average housing costs can be anywhere from under $1,000 to over $iii,000 depending on the area. Housing size and whether a person has roommates besides have a big impact on how much they spend here.
Here'southward a more detailed look at the different expenses of home ownership and how much Americans spend on them:
| Housing expense | Average monthly spending | Average almanac spending |
|---|---|---|
| Shelter | $1,050 | $12,604 |
| Utilities/fuels/public services | $347 | $4,158 |
| Furniture/appliances | $196 | $ii,346 |
| Household operations | $122 | $1,465 |
| Housekeeping supplies/laundry | $seventy | $837 |
Information source: U.S. Bureau of Labor Statistics (2021).
Boilerplate monthly spending on transportation: $819 (16.0%)
Transportation is the 2d-largest monthly expenditure, simply Americans have been spending less on information technology. National average transportation spending decreased by 8.five% from 2019 to 2020.
Information technology's easy to miss just how much we spend on transportation, because some of the bigger expenses are intermittent. Maintenance and repairs aren't necessary every month, just they add together up to $879 per year. Most people don't purchase new vehicles ofttimes, but when they exercise, it's a major purchase. Depending on the payment schedule you cull, auto insurance could be a monthly expense or i that you pay twice a year.
| Transportation expense | Average monthly spending | Average annual spending |
|---|---|---|
| Vehicle purchases | $377 | $4,523 |
| Insurance | $131 | $one,575 |
| Gas and oil | $131 | $1,568 |
| Maintenance/repairs | $73 | $879 |
| Rental/leases/fees | $63 | $758 |
| Public transportation | $22 | $263 |
| Vehicle finance charges | $22 | $258 |
Data source: U.Due south. Bureau of Labor Statistics (2021).
Average monthly food spending: $610 (12.0%)
Nutrient spending includes groceries and nutrient away from home, which is whatsoever nutrient that you pay someone else to prepare for yous. Information technology decreased past ten.4% from 2019 to 2020.
There'south one clear reason for that drop in nutrient spending, and it probably won't come equally a surprise considering the circumstances in 2020: people seriously cutting dorsum on dining.
The average American spent over $1,000 less on food away from dwelling house in 2020 ($2,375) than in 2019 ($three,526). Overall, spending dropped by 32.6% in this category. Grocery spending, on the other mitt, increased past 6.4%. If you've seen your own supermarket spending increase, a grocery credit card could help you salvage on that.
| Food expense | Average monthly spending | Average annual spending |
|---|---|---|
| Groceries | $412 | $4,942 |
| Food away from home | $198 | $ii,375 |
Data source: U.Due south. Bureau of Labor Statistics (2021).
Average monthly personal insurance and pension spending: $604 (11.8%)
Personal insurance and pensions accounted for $604 in monthly spending. That was a slight (ane.ane%) increase from 2019.
To clarify, this category includes life insurance, personal liability insurance, blow insurance, and disability insurance. It doesn't include homeowners insurance or renters insurance, which are part of housing costs, or car insurance, which is part of transportation.
Simply 6.7% of spending in this category goes towards personal insurance. The remaining 93.3% goes to pensions and Social Security. That category includes contributions to retirement accounts and the Social Security benefits withheld from your paycheck.
| Personal insurance and pension expense | Boilerplate monthly spending | Boilerplate annual spending |
|---|---|---|
| Personal insurance | $41 | $486 |
| Pensions/Social Security | $563 | $six,760 |
Data source: U.South. Bureau of Labor Statistics (2021).
Average monthly healthcare spending: $431 (8.4%)
Despite the COVID-19 pandemic, healthcare spending didn't change much in 2020. It decreased by 0.3% from the previous yr.
Just over seventy% of that spending went towards health insurance premiums, which cost an average of $306. That probably sounds depression for health insurance. It'south partly because many people pay less due to tax credits, employer-paid premiums, Medicare, and Medicaid. In addition, 8.6% of Americans don't have health insurance, according to the U.S. Census Bureau.
| Healthcare expense | Boilerplate monthly spending | Average almanac spending |
|---|---|---|
| Wellness insurance | $306 | $3,667 |
| Medical services | $72 | $864 |
| Drugs | $40 | $476 |
| Medical supplies | $xiv | $170 |
Data source: U.South. Agency of Labor Statistics (2021).
Average monthly spending on entertainment: $243 (4.seven%)
Americans spend 4.vii% of their monthly budgets on entertainment. Spending in this category decreased by 5.8% in 2020.
The BLS fabricated some interesting decisions in what was and wasn't considered amusement. Equally entertaining equally pets can be, pet owners would probably argue that they deserve their own category. Avid readers may be surprised to learn that reading doesn't fall under entertainment (it has its own category instead).
| Entertainment expense | Average monthly spending | Average annual spending |
|---|---|---|
| A/V equipment and services | $87 | $1,049 |
| Pets | $58 | $690 |
| Other amusement supplies, equipment, and services | $48 | $579 |
| Fees and admissions | $35 | $425 |
| Toys/hobbies | $14 | $170 |
Data source: U.South. Bureau of Labor Statistics (2021).
Average monthly spending on dress and services: $120 (2.3%)
Information technology's safety to say that people weren't too concerned about dressing upward during the early on days of the pandemic. Wearing apparel spending plummeted in 2020, dropping by 23.8% from the year before.
| Apparel and services expense | Average monthly spending | Average annual spending |
|---|---|---|
| Men and boys | $27 | $326 |
| Women and girls | $45 | $545 |
| Children nether two | $vi | $68 |
| Footwear | $26 | $314 |
| Other clothes and services | $15 | $181 |
Data source: U.S. Bureau of Labor Statistics (2021).
Average monthly expenses by household size
So far, we've looked at the boilerplate living expenses per consumer unit, which represents the average household. Merely many households won't fit into the average.
If you're a single person, y'all're probably interested in the boilerplate monthly expenses for one person. And those with larger families may desire to see what the typical spending habits are like in similar households.
As it turns out, single-person households accept it much harder financially than households with ii or more people. In fact, single people spent $329 per year more their after-tax income.
| Household size | Boilerplate monthly spending | Average annual spending | Average income after taxes |
|---|---|---|---|
| Ane person | $3,241 | $38,895 | $38,566 |
| Ii people | $5,271 | $63,254 | $78,108 |
| Iii people | $5,812 | $69,740 | $89,187 |
| Four people | $7,005 | $84,056 | $109,306 |
| Five people | $6,746 | $fourscore,954 | $108,451 |
Information source: U.S. Bureau of Labor Statistics (2021).
How do your average monthly expenses compare?
Information technology's interesting to come across what the typical American spending habits look like and compare them to your own. Maybe you find that yous spend similar portions of your monthly income in each category, or your spending patterns could exist completely different.
Neither on its ain is a good or a bad matter. We all accept unlike things nosotros value and different areas where we're willing to spend more than money. If you're happy with your spending habits and you feel financially secure, that's what's important.
If you're not able to salvage equally much money as you lot like, and so it's a good idea to reevaluate your typical spending and your budget. Whether it'southward dining out, entertainment, or something else, there could be an area where you're spending more than yous realize and are able to cut back.
Sources
- U.Southward. Bureau of Labor Statistics (2021). "2020 Consumer Expenditure Survey."
- U.South. Bureau of Labor Statistics (2021). "Consumer expenditures in 2020."
- U.S. Bureau of Labor Statistics (2021). "Table 1400. Size of consumer unit: Annual expenditure means, shares, standard errors, and coefficients of variation, Consumer
- Expenditure Surveys, 2020."
- United States Census Bureau (2021). "Health Insurance Coverage in the United States: 2020."
Source: https://www.fool.com/the-ascent/research/average-monthly-expenses/
0 Response to "Average Food Bill for Family of 2 Per Month 2018"
Post a Comment