How does your family’s budget stack up to the averages above? Where do you spend more or less? And because I know people will ask, childcare expenses are lumped into Household Operations under Housing, and are highest for those with children under 6. You can see how the average monthly expenses compare to the national average, as well as other household types with children. AVERAGE MONTHLY FAMILY BUDGET BY HOUSEHOLD I took the reported annual data by expenditure category, and divided it by 12 to come up with monthly numbers. Now that you have found the household type that most looks like your own, let’s look at the average monthly expenses for a family of 4. AVERAGE DEMOGRAPHICS BY HOUSEHOLD TYPE Example of Family Budget Before I share the example of a family budget, take a look at the household types below and see how your family’s demographics line up and which household type is the best comparable to your family. The household income is also substantially greater for married family households than the national average (though single parents is far lower). These households average 3-5 people per household vs. The statistic most frequently passed around is that the average household income is about $67,000… But the reality is, most households aren’t families! I have highlighted in pink and focused in the tables that follow on data from the most relevant household types these include Married with Children under the age of 6, Married with children ages 6-17, and Single Parent with at least one child under 18. The Consumer Expenditure Survey breaks households into different types based on both marital status and age of children. The data is far more informative when examined by household type. And in married households with kids, income (and expenses) are far greater than the national average. The statistic most frequently passed around is that the average household income is about $67,000…īut the reality is, most households aren’t families! Households with children only make up 28% of the pie. All too often, headlines report these numbers nationally – lumping all these households together. What Does an Average “Family” Look Like?īefore we get to the average example family budget, let’s look at exactly what the average family looks like. As an example, childcare costs are included in Household Operations. If you have any questions about where a specific expense is categorized, you can find it in the Consumer Expenditure glossary here. All of the terms I’ve used in the tables below also come directly from the survey. The information is collected via a quarterly Interview Survey and a weekly Diary Survey.Īll of the data is reported as the average for a given household type. It collects information from a sampling of the nation’s households and families on their buying habits, income, and household characteristics. The Consumer Expenditure Survey is conducted by the US Bureau of Labor Statistics. What are the Average Monthly Expenses for a Family of 4?Īs it turns out, the US government collects and publishes data to help us answer exactly this question. Get the latest 2020 data for the Average Family Budget HERE! Photo Credit: TBM Photography and as you’ll see, the average single-parent household actually falls further into debt each month, outspending their monthly income. Use it as a guide, not a rule – as the average family in the US also can’t afford a $400 unexpected expense either. Bureau of Labor Statistics, Consumer Expenditure Survey released in September 2019 reporting 2018 dataĪs you review the information and tables, remember: this is consumer expenditure data for the median household nationwide, broken into various demographic categories. There is no one size fits all budgeting formula that works for everyone.No two budgets are exactly the same… and that’s OKAY! More on that below….As you dig into the data I’m about to share, I want to make a few things really clear: I frequently get asked “What are the average monthly expenses for a family of 4?” or “What does the average family spend on groceries every month?” And that is the data I went searching to find and share with all of you. When it comes to an example of a family budget, there is no one size fits all answer. For more details, please see our Terms & Conditions and Privacy Policy pages. This post may contain affiliate links or product reviews for which I may receive compensation. Please note, as an Amazon Associate and affiliate for other brands, I earn from qualifying purchases. Welcome Back! Come hang out with me every day on Facebook and Instagram.
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