The average American family spends roughly 90 percent of its annual income on housing, transportation, food and other items. More than 60 percent of families own their homes, and the average home has 2.5 residents.Know More
American families spend 34 percent of their income on housing, 17 percent on food, 12 percent on transportation, 10 percent on insurance and pensions, 7 percent on medical care and the remaining 20 percent on other items.
Housing expenses include rent or mortgage, basic utilities, public services, cleaning supplies, equipment and furnishings. Transportation includes car payments, auto insurance, fuel and public transportation. Food costs include both groceries and dining out. Insurance and pensions include life and health insurance and savings for the future.
Families spend 5 percent on entertainment, 4 percent on apparel, 4 percent on cash contributions, just under 4 percent on miscellaneous items, 2 percent on education and 1 percent for personal items including tobacco and alcohol.
The above figures don't include tax payments or high-interest credit-card loans. The average family has credit-card debt of more than 10 percent of its annual income.
Spending varies by ethnicity. The Consumer Expenditure Survey measures how consumers allocate their spending among the various components of total expenditures. Hispanic consumer units allocated more money to transportation and food than the non-Hispanic groups. Black, non-Hispanic CUs allocated more money to housing than any other group, and white, non-Hispanic CUs allocated more money to health care and entertainment than other CUs.Learn more about Household Budgets
Although each household's expenses vary, some common items to include in a monthly expense spreadsheet include housing costs, groceries, utilities, debt payments, childcare, health care, transportation, entertainment and other recurring costs, such as those for subscriptions and fees for services. Monthly savings and business expenses should also be included in the spreadsheet, if applicable. Spreadsheet templates are available on banking, financial management and business websites.Full Answer >
A dual-income family is a family that gets money from two separate incomes, such as an income from the father and mother. The number of dual-income families rose 31 percent between 1996 and 2006, and it is currently the most common type of family income style, according to Forbes magazine.Full Answer >
Ideas for low-cost or no-cost family fun include bike riding, kite flying, playing Frisbee, playing badminton and visiting local museums. Families may also want to obtain a family fun pass to the local zoo. Gardening is yet another activity that is fun and affordable. BetterBudgeting.com adds that establishing a family game night is a creative way to save money on pastime entertainment too.Full Answer >
In 2011, the average residential energy bill was $110.14. The average household energy usage was 940 kilowatt-hours. The state with the highest electricity prices was Hawaii, and the state with the lowest prices was Idaho.Full Answer >