Did You Know?

The biggest expenses people pay tend to be paid in monthly installments. Indeed, housing payments (mortgage or rent), car loans, utility bills and subscription-based services each tend to require monthly payments. But how much does the average person need each day to maintain an existing standard of living? That figure can be difficult to identify due to fluctuations in the cost of food and utilities and other expenditures. However, data from the United States Bureau of Labor Statistics indicates a single-person household spends an average of $4,716 on monthly expenses, while married couples with children spend an average of $8,809-$9,780 on monthly expenses (such costs for parents vary because they depend on the children's ages). If broken down into per diem cost-of-living over a 30-day month, that means single persons living alone spend an average of $157.20 per day, while parents may be spending as much as $326 per day. BLS data indicates married couples without children spend an average of $7,391 on monthly expenses, or $246.37 per day (roughly $123 per day per person).