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The average amount people had saved for retirement in 2023 was $89,300, which was up from $86,869 the previous year, according to Northwestern Mutual’s Planning & Progress Study. However, in 2023, those of all four filing statuses will be in the same bracket for that income. From 2018 through 2022, married households filing jointly with that income were in a lower tax bracket than single filers, head-of-household filers and married couples filing separately with that income. The average pre-tax income per household in 2022 was $94,003, according to the BLS survey. In fact, 33 percent of Americans who have a side hustle to earn extra money use that income to pay for regular living expenses, a Bankrate survey found. One way some people afford living expenses without going into debt can be having a side hustle. The vast majority of budgeters in the survey said the practice got them out of debt or kept them from going into debt. More than eight in 10 Americans surveyed by in 2023 reported they budgeted their money, a number that’s been trending upward since 2018. Another big spending category was food, to which 10 percent was devoted. Average American household expensesĪccording to the BLS survey, the largest expenditures were housing and transportation, which comprised 26 percent and 13 percent of people’s pay, respectively. What’s more, more than two-thirds of Americans (68 percent) said that when it comes to saving for unplanned expenses, inflation is causing them to save less, according to the same survey. Significant expenditures were housing, transportation and food.
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Bureau of Labor Statistics (BLS), lists the average amount spent in various categories. The average household earned $94,003 in 2022 before taxes and spent $72,967, according to a survey by the most recent Consumer Expenditure Survey.
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You can take stock of how your own budget compares by looking at the average American household budget. In fact, 63 percent of financially insecure Americans say high inflation is keeping them from being financially comfortable or secure, a recent Bankrate survey found. Inflation is cooling down from its 40-year-high in 2022, yet prices are still uncomfortably high, leaving consumers with less money in their budgets for such financial matters as savings and debt repayment. Other items commonly found in household budgets include education, child care, health care, retirement savings and entertainment. Many Americans spend a pretty penny each month to keep a roof over their heads, food on the table and a means of transportation.