How much does the average person spend on expenses per month?

So how much does the average American spend per year? According to the latest statistics, the average yearly expenses of a US consumer in 2019 is $63,036. This averages to $5,253 per month.

How much should I spend on monthly expenses?

Try a simple budgeting plan We recommend the popular 50/30/20 budget to maximize your money. In it, you spend roughly 50\% of your after-tax dollars on necessities, no more than 30\% on wants, and at least 20\% on savings and debt repayment.

How much should my outgoings be?

You should try to spend less than 15\% of your monthly income on transport, which is in line with what the average household in the UK.

What to include in monthly outgoings?

Necessities often include the following:

1. Mortgage/rent.
2. Homeowners or renters insurance.
3. Property tax (if not already included in the mortgage payment).
4. Auto insurance.
5. Health insurance.
6. Out-of-pocket medical costs.
7. Life insurance.
8. Electricity and natural gas.

What are some monthly expenses?

Housing. Your costs will vary significantly depending on where you live. For example, the median home value is…

Transportation. Transportation accounts are the second-largest budget item for most people, with average monthly…

Food​. Everyone’s gotta eat—and most spend an average $660 on monthly groceries and eating out.

How much should we be saving per month?

Many sources recommend saving 20 percent of your income every month. According to the popular 50/30/20 rule, you should reserve 50 percent of your budget for essentials like rent and food, 30 percent for discretionary spending, and at least 20 percent for savings.

What are your monthly expenses?

A monthly expense list is a list of all recurring and irregular expenses for a person or business each month. For many people, not including less frequent expenses into a monthly expense list is a primary reason for failure to stay within a set budget.

What are typical expenses?

Typical business expenses are the cost of doing business, such as office rent, business travel, loan interest and employee payroll. These expenses have a short life that is normally less than one year.