Quick Answer: What Does The Average Person Spend Per Month?

What age group spends the most money?

Between 45-54 Years – $64,781 in spending (64.6% of total income) This age range is notable because it has both the highest income and the highest spending..

How much should a couple spend on food a month?

The USDA’s guidelines for the latest month available (July 2017) shows that a couple needs between $385 and $765 per month for food. Obviously, that’s quite a range. Using the country average of around 10%, you should figure your budget based on your total income.

How much does a single person spend on groceries per week?

New South Wales However on average they spent the most on meals out and fast food at $110.33 a week. The total amount spent on food and non-alcoholic beverages made up 16.1% of the total goods and services expenditure for New South Wales households.

How much does the average person spend a month?

The average American’s monthly expenses: $5,102 The average monthly spending of one consumer unit in 2018 was $5,102. That means the average American budget is $61,224 — a 1.9% increase from 2017.

How much does the average person spend a week?

Young Adults and Those With Higher Incomes Spend the Most Those with incomes of $75,000 or more per year are averaging $180 per week, compared with $144 for those with incomes of $30,000 to $74,999, and $127 for the lowest income group.

How much does it cost the average person to eat per month?

That’s roughly $2,641 annually per person (based on the average 2.5 people in each household). The average cost of food per month for the typical American household is about $550….Average U.S. Household Food Budget of $6,602.Total Food Budget for Average Household in the U.S.$6,602Food at Home3,9351 more row•Jun 19, 2020

How much should I spend on food a week?

Here’s what the USDA recommends per week for a family of four, defined by the USDA as a male and female 19 – 50 years old and two children 2 – 11 years old: Thrifty: $131 – $150. Low-Cost: $167 – $197. Moderate-Cost: $206 – $246.

What does America spend the most money on?

As Figure A suggests, Social Security is the single largest mandatory spending item, taking up 38% or nearly $1,050 billion of the $2,736 billion total. The next largest expenditures are Medicare and Income Security, with the remaining amount going to Medicaid, Veterans Benefits, and other programs.

How can I cut down on grocery costs?

10 Ways to Cut Your Grocery BillPlan Ahead. Before you plan out your menus for the week, check the store ads to see what’s on sale. … Be Savvy with Coupons. … Buy Generic. … Eat Healthier. … Buy Produce In Season. … Don’t Always Buy Fresh Produce. … Buy “Must-Go” Foods. … Check Unit Prices.More items…•

How much do you spend on gas in a month?

Average Transportation Costs in the U.S. Nearly 90% of U.S. households report spending money on gasoline, an average of nearly $3,000 per year. The average cost of gas per month is $250. Many of us are still paying for our vehicles, through leasing or financing. The average cost of car insurance is about $907 per year.

What do people spend the most money on?

The 9 Most Common Ways Americans Spend Their MoneyTransportation — $9,049 (15.8%) … Food — $7,203 (12.6%) … Personal insurance and pensions — $6,831 (11.9%) … Healthcare — $4,612 (8.0%) … 6. Entertainment — $2,913 (5.1%) … Cash contributions — $2,081 (3.6%) … Apparel and services — $1,803 (3.1%) … All other — $3,933 (6.9%)More items…•

How much money should you spend on food a week?

The average spend on food per person is £38.50 per week (£166.8 per month), including groceries and eating out—across all ages and genders. The average weekly food shop for 1 is £25.8 in the UK, plus we spend another £12.70 on eating out or ordering takeaways each week.

How much should you spend on food per day?

Before we go on, let’s break this down into individual people. The average American household is 2.58 people, thus the average American person spends $2,792 per year on food, or $233 per month, or $54 per week, or $7.64 per day on food.

How long would it take Bill Gates to run out of money?

To sum how large an amount of money $76 billion is, ask students to do one more calculation: If Bill Gates spent $100 million a day, how many days would it take for him to run out of money? Answer: It would take 760 days, just over two years.

How much money is fun a month?

Tom Corley, financial planner, best-selling author and accountant. So what’s the most you should be spending on leisure activities and entertainment, or what you might call ‘fun’? According to Corley, the magic number is 10 percent of your monthly net pay, or what you take home after taxes and other deductions.

How much does the average person spend on bills?

Americans in major cities spend almost $1,000 on monthly bills—here’s how to pay less. American households in major cities spend an average of $984 a month on bills. But one financial coach says there are ways to pay less for some of these monthly expenses.

What is a reasonable food budget for one person?

Single Australians are forking out an average of $300 a week on food and takeaways. Households tend to do much better, spending an average of about $150 a week on groceries. However, many of us don’t have a regular food budget and one in three people don’t bother to keep track of their food costs at all.

Can a family of 4 live on 100k a year?

Yes, a family of 4 can live on 100k per year. The average household income in the United States is approximately 73k according to the US Census Bureau. At this income level you would have to commute rather than live in the most expensive cities such as Boston, San Francisco, and Manhattan.

How much does a single person spend on groceries a month?

Single people living in America are spending hundreds of dollars a month on food. The average cost of groceries each month for one person ranges between $165 and $345, according to the U.S. Department of Agriculture, which publishes a monthly food plan that suggests how much money Americans should be spending food.