|
Where American's money really goes
The following image and subsequent table illustrate how average Americans spend their money, and provides some percentage recommendations on how these expenses should be allocated. The expenditure data is based on consumer expenditures for 2003 as reported by the Bureau of Labor Statistics. for Americans with an average annual income before taxes of $51,128 and $48,596 after taxes. As the data below shows, Americans spent an average of $40,817 in the defined categories.
Spending Category |
$ Amount |
% Spent |
% Recommended |
| Housing * |
13,432 |
32.9 |
30.0 |
| Transportation |
7,781 |
19.1 |
16.0 |
| Food ** & alcohol |
5,731 |
14.0 |
13.0 |
| Entertainment & reading |
2,187 |
5.4 |
4.5 |
| Health care |
2,416 |
5.9 |
5.5 |
| Clothing |
1,640 |
4.0 |
4.0 |
| Education |
783 |
1.9 |
4.5 |
| Tobacco |
290 |
0.7 |
0.0 |
| Insurance, pensions & Social Security |
4,055 |
9.9 |
9.0 |
| Cash contributions *** |
1,369 |
3.4 |
10.0 |
| Personal care |
527 |
1.3 |
1.3 |
| Other |
606 |
1.5 |
2.2 |
* includes shelter, utilities, supplies, furnishings and equipment
** includes dining out and at home
*** includes alimony, child support, and charitable donations
|
