__________________________________________________________________________

Tax Planning & Preparation

Financial Services & Wealth Strategies

Estate Planning & Trust Administration
__________________________________________________________________________



Money

The Average American Budget

The Average American Budget

According to the Bureau of Labor Statistics, the average American household earns an average of $82,852 a year before taxes and spends almost 80% of their available income on basic necessities such as housing, food, and clothing. So, how does your household compare?

BLS.gov, 2023

Housing

The average American spends roughly 33% of their income on shelter. This can include property rent, mortgage interest, property taxes, maintenance, repairs, and home insurance.

Bureau of Labor Statistics, 2023
33%

of the average American budget

$20,091

Transportation

Americans spend an average of 17% of their total income on transportation, including the purchase and upkeep of their vehicle.

Bureau of Labor Statistics, 2023
17%

of the average American budget

$9,761

Food

Whether cooking at home or eating out, Americans spend an average of 13% of their income on food.

Bureau of Labor Statistics, 2023
13%

of the average American budget

$7,203

Insurance

After the “basic needs” are covered, Americans spend an average of 11.4% of their income on personal insurance and pensions.

Bureau of Labor Statistics, 2023
11.4%

of the average American budget

$6,831

Healthcare and Health Insurance

The average American household spends an average of 8.2% of their total income on health care and health insurance.

Bureau of Labor Statistics, 2023
8.2%

of the average American budget

$4,968

Entertainment

At the end of the day, Americans still manage to spend an average of 5% of their income on entertainment.

Bureau of Labor Statistics, 2023
5%

of the average American budget

$3,226

Cash Contributions

Americans value charitable giving by spending an average of 3% of their income on cash contributions.

Bureau of Labor Statistics, 2023
3%

of the average American budget

$1,888

Apparel

Finally, Americans spend 3% of their total income on apparel.

Bureau of Labor Statistics, 2023
3%

of the average American budget

$1,866

 

Related Content

Retirement Seen Through Your Eyes

Retirement Seen Through Your Eyes

What's your vision of retirement?

Your Shifting Risk Tolerance

Your Shifting Risk Tolerance

Time and market performance may subtly and slowly imbalance your portfolio.

Women on the Rise

Women on the Rise

Explore the growing influence women wield over the economy with this handy infographic.

Check the background of your financial professional on FINRA's BrokerCheck.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

Check the background of your financial professional on FINRA's BrokerCheck.

Avantax affiliated financial professionals may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state. Securities offered through Avantax Investment ServicesSM, Member FINRA,SIPC.  Investment advisory services offered through Avantax Advisory ServicesSM, Placing business through Avantax Insurance AgencySM and Avantax Insurance ServicesSM. CA insurance # 0J20148. The Avantax affiliated companies exclusively provide financial products and services, and do not provide or supervise tax or accounting services.  This information is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.

Content, links, and some material within this website may have been created by a Third Party and was not written or created by a Avantax affiliated advisor. This content is for educational and informational purposes only and does not represent the views and opinions of Avantax Investment ServicesSM or its subsidiaries. Avantax is not responsible for and does not control, adopt, or endorse any content contained on any third party website.