What is the optimal number of months to base my “average spending” on?
How much should your monthly expenses be?
Try the 50/30/20 rule
The rule entails spending 50% of your monthly income on essential expenses such as rent, monthly bills, and groceries, spending 30% on non-essential purchases such as going out to eat, and putting 20% into your savings account.
What is a normal amount to spend in a year?
According to the latest statistics, the average yearly expenses of a US consumer in 2020 are $61,334. This averages to $5,111 per month. This represents a 2.7 percent fall from 2019, during which average consumer spending in the US was $63,036 – the first decrease in years.
How much does the average person spend on food per week UK?
What’s the average food bill per person UK? The average spend on food per person is £40.30 per week (£175 per month), including groceries and eating out—across all ages and genders. The average weekly food shop for 1 is £26.5 in the UK, plus we spend another £13.8 on eating out or ordering takeaways each week.
How much should you spend on food?
Groceries, housing and other essentials should take up no more than 50% of your monthly income.
What is the 70 20 10 Rule money?
70% is for monthly expenses (anything you spend money on). 20% goes into savings, unless you have pressing debt (see below for my definition), in which case it goes toward debt first. 10% goes to donation/tithing, or investments, retirement, saving for college, etc.
What is the 50 20 30 budget rule?
The rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must-have or must-do. The remaining half should be split up between 20% savings and debt repayment and 30% to everything else that you might want.
What is the average monthly expenses for a single person?
The average monthly living expenses for a single person in the USA are $3,189, which is $38,266 per year. The average cost for a family of four is $7,095 per month, which is $85,139 per year.
How much does the average 25 year old spend per year?
Average American Spending per Day: 25-34 Years Old (Millennials)
| Average Daily Spending by Americans 25-34 Years Old | |
|---|---|
| Groceries | $10.89 |
| Clothing/Apparel | $5.59 |
| Pets | $1.24 |
| Overall | $208.77 |
What is a comfortable salary for a family of 4?
Originally Answered: How much income does a family of 4 need to live comfortably? That answer really depends on where you live. However, in most parts of the US for a family of four to live comfortably, a salary of at least $150,000 to $200,000 is required.
How much should a single person spend on groceries per week?
For individuals, here’s what those guidelines say you should be spending each week on food (actual number depends on age and sex): Thrifty: $37 – $43. Low-Cost: $47 – $56. Moderate-Cost: $59 – $70.
What does the average person spend on groceries per month?
The Average Cost of Groceries Per Month
According to 2020 data from the Bureau of Labor Statistics, the average spending on food at home is $4,942 annually or about $412 per month for U.S. households.
How much is a month of groceries for one person?
Statistics Canada numbers show that the average Canadian household spends about $217 per person on food each month. This does not include eating out. If you’re single or live in certain parts of the country, the average will be higher.
What is the average grocery bill for a family of 3?
Here’s a monthly grocery budget for the average family. This is based on the national average and likely varies by location and shop.
Monthly Grocery Budget.
| FAMILY SIZE | SUGGESTED MONTHLY BUDGET |
|---|---|
| 1 person | $251 |
| 2 people | $553 |
| 3 people | $722 |
| 4 people | $892 |
How much does the average American spend on food per month?
about $411 a month
The average annual cost of groceries for U.S. households is $4,942, according to 2020 figures from the Bureau of Labor Statistics. That puts the average monthly grocery bill at about $411 a month. While that may sound about right for some households, for others it may be way off the mark.
How much should a single male spend on groceries?
For a single male, age 19-50, here’s the breakdown of monthly costs for each type of food plan: Thrifty: $197.70. Low-cost: $256.10. Moderate-cost: $320.70.
What is a reasonable food budget for one person?
If you’re a single adult, depending on your age and sex (the USDA estimates are higher for men and lower for both women and men 71 and older), look to spend between $229 and $419 each month on groceries.
How do you feed a family of 4 on $100 a week?
Quote: And 12 different types of vegetables. Using your tin staples. And things like potatoes as a base to meals. And then you've got the vegetables for a week that you can use across multiple meals.
What is the average monthly food budget for 2?
Meaning, they fork out about $71.08 less than the average amount spent on groceries per month for 1 for Western food types. These details suggest that the minimum average food cost per month for 2 adults is $684.40. Meaning, an average family of two spends about $8,212.80 a year.
How much does a family of 4 spend on groceries a week?
A family of four spends, on average, $245.90 per week on food at home with a moderate plan, according to U.S. Department of Agriculture data from February 2019. Of course, that amount can be less with a thrifty plan — $149.80, on average, for families with children between 6 and 11.
How much does a family of 4 spend on clothes per month?
From Credit Donkey: The average person spends around $161 per month on clothes – women spend nearly 76% more than men do on clothing in a year. The average family of four spends around $1800 per year on clothes, with $388 of this on shoes.
How can I lower my grocery bill?
10 Ways to Cut Your Grocery Bill
- Plan Ahead. Before you plan out your menus for the week, check the store ads to see what’s on sale. …
- Be Savvy with Coupons. …
- Buy Generic. …
- Eat Healthier. …
- Buy Produce In Season. …
- Don’t Always Buy Fresh Produce. …
- Buy “Must-Go” Foods. …
- Check Unit Prices.
How do you drastically cut household expenses?
12 Easy Ways to Cut Your Expenses
- Start Tracking Your Spending Habits. …
- Get on a Budget. …
- Re-Evaluate Your Subscriptions. …
- Reduce Electricity Use. …
- Lower Your Housing Expenses. …
- Consolidate Your Debt and Lower Interest Rates. …
- Reduce Your Insurance Premiums. …
- Eat at Home.
What is a good grocery budget for 2?
Though we can spend up to $300 per month, our basic, cheap, monthly grocery list for 2 is closer to $200 per month. That brings the average weekly food budget for two to $50. WOW! The USDA food budget for 2 people our age is $93.50 to $185.90 weekly.
How should a family of 4 eat 200 a month?
$200 a Month Grocery List
- 4 Dozen Eggs at 99 Cents Each $3.96.
- 4 Gallons of White Skim Milk at $1.79 Each $7.16.
- 6 Blocks of Cheese (Cheddar & Mozzarella) at $1.89 $11.34.
- 2 Cottage Cheese $1.75 each $3.50.
- 1 Large Margarine $2.75.
- 1 Box Margarine Sticks $0.95.
- Coffee Creamer $1.99.
- Sour Cream $0.99.
What is a reasonable budget for a family of 4?
A family of 4 needs a minimum of $50,000/year to live modestly but comfortably.
How can I live off 150 a month for food?
Feed A Family Of 4 For $150 For 1 Month
- Chicken thighs – 20 lbs. for $17.00.
- 3 lbs. hamburger – $9.00.
- 3 boxes taco shells – $3.
- 2 packages tostada shells – $4.
- Corn tortillas- $3.68 for 80.
- Lettuce- $2.
- 3 Tomatoes- $1.50.
- 1 package Cheddar cheese- $2.