With inflation impacting budgets, many are seeking ways to manage their expenses effectively. The 2022 Consumer Expenditure Survey by the Bureau of Labor Statistics reveals that the average American household’s monthly expenses total approximately $6,081, equating to $72,967 annually. This amount includes costs for housing, transportation, food and other essential categories.
For a family of four, the average monthly expenses range from $7,875 to $9,168, with the variation largely dependent on the ages of the children. This range indicates the increased financial responsibilities associated with raising a family, including costs for childcare, education, healthcare and other necessities.
Jeannine Mancini | Yahoo Finance