![]() A 2020 study from MagnifyMoney reported, on average, $1,381 was borrowed to fund the holidays – 89% said they wouldn’t be able to pay off that debt within a month. With that large a figure pegged on holiday spending, it’s safe to say most Americans will go into debt for the holidays. $648 for gifts for family, friends and coworkers.Here’s a breakdown of where that money will go to: The average amount they’ll spend? A whopping $998 on “holiday essentials”, such as decorations, food, gifts, and shipping costs. Ninety percent of consumers plan to celebrate the winter holidays this year, according to research from the National Retail Federation. For health care costs, 71% covers insuranceĪmericans spend more money this time of year than any other – and 2021 won’t be an exception.56% of transportation costs go towards vehicle purchases, such as paying off an auto loan 16% goes to gas and oil, with the remaining 28% spent on other costs, such as repairs.The average household spends 68% of their food budget on groceries and 32% on dining out.Around 34% of housing costs go towards rent and mortgage payments.Here’s how some of the budget categories that you see break down: Average expenditures were $61,334, leaving $23,018 in free cash flow. In 2020 the average household earned $84,352, before taxes. The most recent report covers spending habits for 2020. Budgeting and Spending StatisticsĮach year the Bureau of Labor Statistics releases an overview of average household money management stats. See how you stack up and use that information to plan your next financial moves. What one household counts as success may be just getting by for another. Just keep in mind that financial success is almost always relative. Use the financial statistics below to see where you stand. Are you falling behind because of debt or are you ahead of the curve with a well-balanced household budget? You can assess if a financial challenge is unique to you or if it’s endemic due to a weak economy. These types of statistics give you a baseline to compare to as you assess your own financial health. Keeping up with the Joneses usually leads you down a bad financial path, so why look at personal finance statistics like the ones below?
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