According to the Bureau of Labor Statistics, the average American family spends almost one third of its monthly income on housing, much more than anything else. Check out the average family budget percentages and see how your family compares.
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The average family in the United States spends about 32 per cent of its monthly income on housing. This includes rent or mortgage payments, property taxes, repairs and furnishings.
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Next comes transportation, on which the average family spends about 18 per cent of its income each month. This includes car payments as well as gasoline, maintenance and public transportation.
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Food and Savings
The average American family spends about 13 per cent of its income on food, combining groceries and dining out. Most families spend around 11 per cent on personal insurance (homeowners, life or health) and retirement plans or pensions.
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Health care and entertainment each receive about 5 per cent of the average family's budget each month, and clothing is close behind at 4 per cent. Most families spend around 3 per cent on cash contributions and 2 per cent on education. Alcohol, tobacco and personal care products round out the budget, at around 1 per cent each.
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Any financial adviser would agree that budgeting is an essential part of your family's economic planning. Whether your family's budget aligns with the figures seen here or not, creating and following a budget can help you live within your means, save extra money for the future and avoid building debt.