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Despite so-called “cooling” inflation in 2024, the average American household budget is shockingly high as we enter the new year.
The average monthly expenses for American households are roughly $6,440, adding up to a total of $77,280 per year, according to Ramsey Solution, sharing data from the Bureau of Labor Statistics (BLS). The numbers differ slightly depending on relationship status and number of children, but are overall on the high-side.
Housing is the highest expense, followed closely by transportation, food, and insurance. Americans also spend an average of $303, or 4.7% of their budget on entertainment. Ramsey Solutions emphasized that these figures represent an average of what people spend per month, and not what people should be spending per month. (RELATED POLL: Do You Plan On Exercising More This Year?)
Creating A New Budget In 2025?
For those of you looking to create a new budget in 2025, Ramsey Solutions’ writer Rachel Cruze says the best place to start is by writing a couple of lists. Listing out income, followed by listing out your exact expenses, can help you figure out how much money you’ve leftover each month. From here, you can track your spending to make sure there aren’t any costs you’re forgetting about. (POPULAR POLL: Do You Plan To Travel More In 2025?)
Making a new budget before the new month begins is also helpful — but don’t change your budget too much from month to month. Having that little bit of flexibility will help you navigate seasonal purchases or one-off purchases like birthday or anniversary celebrations. Having a budget is an expert way to increase your potential savings … but …
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