Spendings by Americans
The average American spends about $ 164.55 a day on living, according to a study by GOBankingRates, which bases on data from the US Bureau of Labor Statistics. This includes compulsory spending such as housing and medicine, and discretionary spending on entertainment and recreation. In general, the average US resident spends about $ 60,000 a year on living. By comparison, the median income of an American household in 2017 was $ 60,336 per year, according to a survey of the US population.
Spending varies across demographic groups. Thus, the most “economical” are Americans under the age of 25 ($ 92.3) and Americans over the age of 65 ($ 135.73). The former often still work for the minimum or close to it wages and save on housing, often sharing it with other young people. The latter are usually limited by the pension volume.
The leaders in terms of spending are young people aged 25 to 34 – they spend more than $ 208 daily. Discretionary spending is likely to play a large part in the spending of people in this age group.
Americans between the ages of 34 and 64 spend $ 178- $ 202 daily. High spending in this age group is associated with high income – people at this age already have some experience that allows them to qualify for good earnings. This also includes expenses related to children’s education, mortgages, etc.
By the way, it is housing that is the most significant waste in the life of Americans – nearly $ 33 a day. On food and utility bills, US residents spend comparable amounts – $ 11.95 and $ 10.51 daily, respectively. Another $ 9.35 goes to pay for health insurance. Compulsory expenses are supplemented by:
- gasoline ($ 5.39);
- cellular communications ($ 3.06);
- car insurance ($ 2.65);
- education ($ 4.08).
Thus, a US resident spends nearly $ 80 a day to pay mandatory bills. If you add in the spending on food outside the home ($ 9.22) and clothing ($ 5.02), which are conditionally required, you get almost $ 100 daily. Note also that the average American spends about $ 5.13 daily on charity.
Discretionary spending includes spending on entertainment ($ 8.78) and spending on alcohol ($ 1.53), which is about $ 10 per day.
According to financial experts, discretionary spending is the main resource for savings. Reducing spending in this category will help working people make small savings and feel more confident in the event of job loss or other unforeseen circumstances.