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How much does the average American plan to spend this year?

How much does the average American plan to spend this year?

The average American plans to spend just $886, down 10% from their planned spending last year, according to the survey. Of the 800 Americans surveyed, 29% said they plan to spend less due to lost wages or income, 19% cited the coronavirus and 17% cited the poor economy. [7]

Accordingly, How much does the average American spend in 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. [7]

Then, How much money do Americans spend after taxes? You may note that the BLS reports that consumers make, on average, $67,421 after taxes. But the average spending was $61,224. Where did the rest of it go? [7]

Similarly, What does the average American spend $414 a month on healthcare? $414 in monthly healthcare spending seems low, but subsidies, employer assistance, Medicare, and Medicaid bring the average cost down. Transportation costs much more than many people realize, largely due to the intermittent nature of expenses. The average monthly spending of one consumer unit in 2018 was $5,102. [7]

Herein, How much does it cost to live in the US? Housing. Whether you rent, own or are looking to make a change, being informed can help you properly budget for today’s housing costs. $ 1,709. Average total monthly cost for housing, including property taxes (if applicable) $ 295,300. Median home price, as of June 2020. 34.62 %. [8]

References

  • cnbc.com, Many Americans plan to spend less this holiday season as.
  • fool.com, How Frugal Are You? Compare Your Monthly Expenses to the.
  • fool.com, How Frugal Are You? Compare Your Monthly Expenses to the.
  • fool.com, How Frugal Are You? Compare Your Monthly Expenses to the.
  • bettermoneyhabits.bankofamerica.com, What Are Average Household Monthly Expenses in the US?.

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About The Author

Hello, my name is William Lussier. I am a 32 years old Blogger & certified Computer Engineer from Lisbon, Portugal and currently doing Masters in Networks Security from the University of Lisbon.

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