Everything is so expensive these days: from housing to groceries, gas and more. We’re all feeling the financial squeeze. So, just how much more is the average American spending?
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According to the U.S. Bureau of Labor Statistics (BLS), the average monthly expenses for an American household in 2023 were about $6,440, which equates to about $77,280 per year. This represents a 5.9% increase from 2022.
Let’s break down just how much Americans are spending each month so you can get a better understanding.
Here’s how much the average American is spending in each category every month, as broken down by Dave Ramsey:
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Now, let’s break down how much Americans are spending each month based on household and family size.
Here are the average monthly expense costs by household size, as broken down by Dave Ramsey:
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A single-person household spends an average of $4,641 on monthly expenses.
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Married couples without kids spend an average of $7,390 on monthly expenses.
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A family of four spends an average of $8,450-$9,817 on monthly expenses (depending on kids’ ages).
However, contrary to higher spending on expenses, inflation is finally coming down. The U.S. Bureau of Labor Statistics also reported that inflation is currently down to 2.5%, which represents a three-year low. So hopefully, we will all start to see some relief soon.
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This article originally appeared on GOBankingRates.com: The Average American’s Monthly Expenses, According to Dave Ramsey — How Do Yours Compare?