Question: What Does The Average Person Spend On Entertainment?

How much money should you spend on entertainment?

Recommended Guidelines.

Most financial advisers recommend that you spend anywhere from 5 to 10 percent of your after-tax income on miscellaneous expenses that include entertainment and recreation..

What does the average person spend money on?

Overall, Americans spend the most on housing, followed by groceries, utilities and health insurance, GOBankingRates found. But depending on your age, those figures can very greatly. (See the chart below for a breakdown of daily spending by each generation.)

How much should I budget for groceries?

As a general rule, the Credit Counselling Society recommends that consumers allocate $200 to $250 per person for grocery money every month, or even a little more if you buy toilet paper, laundry detergent and cleaning supplies at the grocery store.

How much does the average person spend on entertainment?

Entertainment. The average household spends $2,482 a year on entertainment, and I’m guessing that some of the “other expenses” might fall into this category, too. To break this down, this adds up to a little over $200 a month spent on entertainment. Again, you don’t have to trim very much to notice a real difference.

How much should I spend on myself?

The basic financial planning rule is that housing costs shouldn’t take up more than 30 percent of your monthly income, groceries and personal items should be around 10-15 percent, and utilities around 10 percent. Self-care should take up much less than that — about 5 percent of your budget, maximum.

What can I spend fun money on?

If that sound like fun to you, click through for 40 exciting — and unusual — ways to spend your money.Cruise the World. … Shower a Loved One With Roses. … Take a Trip to Space. … Have Your Own ‘Magic Mike’ Experience. … Eat at Mugaritz. … Build an Adult Tree House. … Deliver a Message in the Sky. … Move Your House.More items…•

How much should I spend on hobbies?

Elizabeth Warren co-authored a book on personal finance that proposes the 50/20/30 budget – 50% of your take-home pay to necessities, 20% to savings and 30% left for “wants.” If hobbies and entertainment make up your biggest “want, here’s another rule of thumb: limit spending on hobbies and entertainment to 10% of your …

How much should I budget for spending money?

When it comes to how much you should spend, NerdWallet advocates the 50/30/20 budget. With this formula, you aim to devote 50% of your take-home pay to needs like rent and insurance, 30% to wants like gym memberships and vacations, and 20% to debt repayment and savings.

What is the average cost of clothing per month?

Average monthly clothing expenses are about $134 (that’s $1,604 per year).

What is the 70 20 10 Rule money?

70% of your monthly budget should go to monthly expenses. 20% should go to savings.

Is 5000 a month good?

In places like California, $5000 a month might be considered poverty level. But you can live very comfortably on that income in most of America. Depends where you live. In some places 1500 might be enough but you would be on the edge with 5000 in Sf.

What is a realistic entertainment budget?

So what’s the most you should be spending on leisure activities and entertainment, or what you might call ‘fun’? According to Corley, the magic number is 10 percent of your monthly net pay, or what you take home after taxes and other deductions.

How much money should I spend monthly?

Ideally, you want to put at least 20 percent of your take-home pay into your savings account (for emergencies and other short-term expenses) and investment accounts (for future goals), leaving you 80 percent to spend each month.

How much money should I have saved by 30?

One popular rule of thumb, recommended by Fidelity Investments, is to aim for retirement savings equal to your annual pay by the time you reach age 30. So if you were earning the average income of an American 30-year-old, around $48,000 a year, you would aim to have $48,000 in retirement savings at the age of 30.