American households average yearly expense

4. Personal insurance and pension – $6,800

Money spent on personal insurance expenses as well as work pension schemes

According to the BLS survey, the largest expenditures were housing and transportation, which comprised 26 percent and 13 percent of people’s pay, respectively. Another big spending category was food, to which 10 percent was devoted. More than eight in 10 Americans surveyed by in 2023 reported they budgeted their money, a number that’s been trending upward since 2018. The vast majority of budgeters in the survey said the practice got them out of debt or kept them from going into debt.