Budgeting: How Household Money is Spent
According to an annual Gallup survey, for households with an income of $75,000+ per year: 39% prepare a detailed budget each month, 43% prepare a long-term financial plan, 35% use a CPA or financial planning to assist in planning, and 53% use a computer or online program to manage their money. The June 2013 table below provides a sampling of average household spending, based on pretax income.
Annual Household Spending
|
|
2011 Annual Pretax Gross Income |
||
|
|
$75,000 |
$110,000 |
$150,000+ |
|
Food at home |
$4.5K |
$5.2K |
$6.8K |
|
Food away from home |
$3.2K |
$4.4K |
$6.3K |
|
Owned dwellings |
$7.7K |
$10.6K |
$18.1K |
|
Rented dwellings |
$2.7K |
$2.1K |
$1.9K |
|
Utilities, public services, and fuels |
$4.3K |
$4.9K |
$6.0K |
|
Housekeeping supplies |
$0.7K |
$1.1K |
$1.1K |
|
Apparel and services |
$2.0K |
$2.8K |
$4.3K |
|
Vehicle purchases |
$3.1K |
$5.0K |
$6.6K |
|
Public and other transportation |
$0.4K |
$0.8K |
$2.0K |
|
Health care |
$4.1K |
$4.6K |
$6.0K |
|
Entertainment |
$3.1K |
$4.1K |
$6.6K |
|
Personal care products and services |
$0.8K |
$1.0K |
$1.6K |
|
Life and other personal insurance |
$0.4K |
$0.4K |
$1.1K |
|
Pensions and Social Security |
$6.1K |
$10.1K |
$20.7K |
|
Annual Spending |
$58,000 |
$76,000 |
$123,000 |
Source: Bureau of Labor Statistics