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By Selena Maranjian, The Motley Fool
How much does it cost to get by?
Most of us would like to earn more in order to buy all the things we'd like to buy and to be able to fund all our financial goals -- such as a comfortable retirement or college educations for our children. Many of us, though, are trying to buy all we want even when we don't have the money for it.
Consider, for example, that at the end of 2017, the median income for an American worker was $857 per week, which amounts to $44,564 annually. And more than half of Americans (55%) spend as much or more than they earn, per a Pew Charitable Trusts survey. It can be helpful, in order to get a handle on your own spending, to see what the average American spends on various essential items. Here's a rundown of typical American spending, much of the data is from the Bureau of Labor Statistics' 2016 Consumer Expenditure Survey, and some of it gathered elsewhere. (Note that 2016 is the latest full year for which finalized data was available, as this article was being prepared.)
Consider, for example, that at the end of 2017, the median income for an American worker was $857 per week, which amounts to $44,564 annually. And more than half of Americans (55%) spend as much or more than they earn, per a Pew Charitable Trusts survey. It can be helpful, in order to get a handle on your own spending, to see what the average American spends on various essential items. Here's a rundown of typical American spending, much of the data is from the Bureau of Labor Statistics' 2016 Consumer Expenditure Survey, and some of it gathered elsewhere. (Note that 2016 is the latest full year for which finalized data was available, as this article was being prepared.)
