What is a good budget for a single person?
The average monthly expenses for one person can vary, but the average single person spends about $3,405 per month. Housing tends to consume the highest portion of monthly income, with the average annual spending on housing at $1,885 per month per person.
| 2022 | 2021 | |
|---|---|---|
| Monthly | Annually | |
| One person | $3,693 | $40,859 |
| Family of two | $6,372 | $69,382 |
| Family of three | $7,189 | $79,163 |
The 50/30/20 rule is a simple way to budget that doesn't involve a lot of detail and may work for some. That rule suggests you should spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings and paying off debt.
Average monthly expenses per household: $6,081
The average expenses for a single consumer unit in one month in 2022 were $6,081. Meanwhile, average spending per year came out to $72,967.
The average U.S. household spends $162 per month on clothing, according to the U.S. Department of Labor, and you'll probably want to include personal grooming costs as well as any dry cleaning in this budget category.
Housing Costs
While maintaining a one-person household is cheaper in terms of the cost of groceries, household supplies and keeping a smaller home, it can be more expensive in other ways. Maintaining a single-person household still costs more than 50% of a two-person household.
But when you add it all up, maintaining a single-person household doesn't cost exactly half of a two-person household. That's why it's called the singles tax — it costs more to be on your own than it would for you to share costs with a partner.
The average household in California spends approximately $297 a week on grocery shopping, according to the data released in November. That is almost $30 more than the reported national average. Here's how much California spends based on household size: One person - $176.81.
The average American household spends more than $1,000 per month on groceries, according to Census Bureau's Household pulse survey. But that number varies depending on where you live and how many family members you're feeding.
A budget is a plan that shows how much income you have, how much you spend, and how much you save or invest. A realistic budget is one that reflects your actual income and expenses, and helps you balance your needs and wants.
What is the single biggest expense for most households?
- Housing: 33.3%
- Transportation: 16.8%
- Food: 12.8%
- Personal insurance and pensions: 12%
- Health care: 8%
- Entertainment: 4.7%
- Other expenditures: 4.1%
- Cash contributions: 3.8%
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.
According to the U.S. Bureau of Labor, the average U.S. annual salary in Q4 of 2023 was $59,384. This is up 5.4% from the same time period in 2022 when the average American was making $56,316 per year. Average weekly earnings reached $1,142, while the average American made $4,949 per month in Q4 of 2023.
The average person goes shopping every 2-3 months. Some people tend to buy a lot on one trip, while others shop from multiple locations or at different times of the year. Everyone has different tastes in clothes, so everyone has a different answer to the question of how often they shop for new clothes.
In the US, women and girls spend an average of $545 per year on clothing, while men and boys spend just $326. Footwear costs the average household $314, while clothes for children under two comes in at $68. That comes to a total of $1,434 each year on clothes – or about $120 a month.
People own an average of 148 pieces
Most survey respondents seem to have between 77 to 155 pieces in their wardrobe with a few outliers in the 300+ range. Again, I believe the survey data I collected skews a bit lower than what the 'true' average is for most people.
Rent, pets, cable, utilities, furniture, annual credit card fees, hell, even delivery fees—these all work out to be twice as expensive if you're single and have no one to split them with.
More people than ever before are living solo: Nearly 40% of adults in the U.S. are unpartnered, up from 29% in 1990, according to the Pew Research Center. And about half aren't interested in dating or a relationship. Take Bella DePaulo, a 69-year-old in Santa Barbara, Calif., who has been single her entire life.
- Step 1: Start with spending. Understand what you're spending money on and why. ...
- Step 2: Address debt. Good debt improves your life. ...
- Step 3: Plan for retirement. ...
- Step 4: Get educated. ...
- Step 5: Get support.
It's completely okay! However, if you remain single out of personal preference, make sure that you're doing it for healthy reasons - not fear or insecurity.
Is it normal to be happier single?
Studies suggest that married people are only slightly happier than unmarried people. Furthermore, this difference may be shrinking as alternative lifestyles become more accepted. The happiness bump brought about by marriage may be temporary.
DON'T MISS: U.S. Net Worth: What Makes Up Household Wealth? Here's something that is not a secret, just a fact: married couples tend to have a greater net worth than their unmarried counterparts.
The average weekly grocery budget for a single person can vary significantly depending on factors like location, dietary preferences, and income. However, a rough estimate might be between $50 to $100 per week.
Planning out your meals so you use all of the ingredients, both raw and cooked, plus pantry staples and frozen goods means you can make a week's worth of dinners for around $50 in groceries.
By Household Size
According to the USDA guidelines, you might spend $979 a month on a thrifty plan, $1,028 on a low-cost plan, $1,252 on a moderate-cost plan and $1,604 on a liberal plan. The USDA guidelines can provide a starting point for a food budget, but they don't consider all the variables that can affect cost.
