Budgeting is getting more complicated even as tools get smarter. In August 2024, the U.S. personal savings rate sat at just 3.8 percent, while households still carry heavy financial weight across cards, debt, and essentials. As you compare what small businesses spend on payroll, marketing, and budgeting methods with what consumers spend and save, the gaps are where the real budgeting lessons start to show.
Key Takeaways
- Average small business allocates 30-50% of budget to payroll per 2023 Sage survey.
- 82% of small businesses use spreadsheets for budgeting per 2023 Xero.
- U.S. small businesses average 25% of revenue on marketing in 2024 HubSpot.
- Average credit card debt per U.S. household is $6,501 in 2024 per Experian.
- 45% of U.S. adults carry credit card balances monthly per 2023 Fed Survey of Household Economics.
- Student loan debt averages $37,127 per borrower in 2024 EducationData.
- U.S. federal budget deficit was $1.7 trillion in FY 2023 per CBO.
- U.S. national debt is $35.3 trillion as of Sept 2024 Treasury.
- Global government debt-to-GDP ratio is 93.3% in 2023 IMF.
- According to the U.S. Bureau of Labor Statistics' 2022 Consumer Expenditure Survey, the average annual expenditure on housing for all consumer units was $22,911, accounting for 32.9% of total before-tax income.
- In 2022, U.S. households spent an average of $9,817 annually on transportation, representing 16.3% of total expenditures per the BLS Consumer Expenditure Survey.
- The BLS 2022 data shows average annual food expenditures for U.S. consumer units at $8,342, with at-home food at $5,259 and away-from-home at $3,083.
- Average U.S. household emergency fund covers 3.5 months of expenses in 2023 per Bankrate.
- 49% of Americans have less than $1,000 in savings as of 2023 Bankrate survey.
- U.S. personal savings rate was 3.8% in August 2024 per BEA data.
Most small businesses and households budget with spreadsheets, debt, and limited buffers, while savings remain tight.
Related reading
01 · Category
Business Budgeting20 stats
01
Average small business allocates 30-50% of budget to payroll per 2023 Sage survey.
02
82% of small businesses use spreadsheets for budgeting per 2023 Xero.
03
U.S. small businesses average 25% of revenue on marketing in 2024 HubSpot.
04
60% of SMBs lack a formal budget per 2023 QuickBooks survey.
05
Average startup burn rate is $50,000/month per 2024 CB Insights.
06
SMEs allocate 10-15% to R&D on average per OECD 2023.
07
71% of businesses overspend on cloud services per 2024 Flexera.
08
UK SMEs spend 20% of budget on utilities per 2023 FSB.
09
Retail SMBs budget 8% for inventory per 2024 NRF.
10
Tech startups allocate 40% to salaries per 2023 Bessemer Venture.
11
55% of SMBs review budgets quarterly per 2024 Bench.co.
12
Construction firms budget 15% for materials per 2023 AGC.
13
Hospitality SMBs spend 30% on food costs per 2024 NRA.
14
67% of SMBs use budgeting software per 2024 Capterra.
15
Manufacturing SMBs allocate 25% to raw materials per 2023 ISM.
16
E-commerce businesses budget 15% for shipping per 2024 Shopify.
17
48% of SMBs cut marketing budgets in downturns per 2023 McKinsey.
18
Professional services firms budget 50% for labor per 2023 Deloitte.
19
29% of SMBs have no cash reserves for 3 months per 2024 JPMorgan.
20
Restaurants budget 28-35% for labor per 2024 Toast.
Interpretation
Business Budgeting Interpretation
Across business budgeting, small firms are still heavily spreadsheet-based and payroll-heavy, with 82% using spreadsheets, 60% lacking a formal budget, and many directing 30 to 50% of spending to payroll, which makes disciplined planning especially urgent.
02 · Category
Debt And Credit22 stats
01
Average credit card debt per U.S. household is $6,501in 2024 per Experian.
02
45% of U.S. adults carry credit card balances monthly per 2023 Fed Survey of Household Economics.
03
Student loan debt averages $37,127per borrower in 2024 EducationData.
04
U.S. mortgage debt totals $12.25 trillion in Q2 2024 per Fed.
05
78% of Americans live paycheck to paycheck per 2024 LendingClub.
06
Average auto loan balance is $23,155in 2024 Experian.
07
U.S. personal debt reached $17.8 trillion in Q2 2024 per Fed data.
08
Credit card interest rates average 21.5% APR in 2024 Bankrate.
09
33% of U.S. adults have debt in collections per 2023 Urban Institute.
10
Median U.S. household debt is $148,000in 2024 per Fed SHED.
11
UK average household debt is £62,384 in 2024 ONS.
12
Canadian household debt-to-income ratio is 173% in 2023 StatsCan.
13
Delinquency rate on U.S. credit cards is 3.1% in Q2 2024 Fed.
14
1 in 5 U.S. millennials have over $50k in student debt per 2024 NerdWallet.
15
Personal loan averages $16,000in 2024 LendingTree.
16
27% of U.S. credit card users pay only minimum per 2023 TransUnion.
17
Mortgage delinquency rate is 3.97% in Q2 2024 MBA.
18
Average U.S. household credit utilization is 29% in 2024 Experian.
19
Buy now pay later debt totals $7B in U.S. 2024 CFPB.
20
52% of U.S. Gen Z have high-interest debt per 2024 Harris Poll.
21
U.S. HELOC debt is $355B in Q2 2024 Fed.
22
40% of Americans increased debt in past year per 2024 Northwestern Mutual.
Interpretation
Debt And Credit Interpretation
In the Debt And Credit side of budgeting, households are carrying substantial ongoing balances, with credit card debt averaging $6,501 per household in 2024 and 45% of adults still carrying monthly credit card balances.
03 · Category
Economic Indicators23 stats
01
U.S. federal budget deficit was $1.7 trillion in FY 2023 per CBO.
02
U.S. national debt is $35.3 trillion as of Sept 2024 Treasury.
03
Global government debt-to-GDP ratio is 93.3% in 2023 IMF.
04
EU budget rules limit deficit to 3% of GDP per Maastricht Treaty.
05
U.S. GDP growth budgeted at 2.5% for 2024 by CBO.
06
China government expenditure is 35% of GDP in 2023 per NBS.
07
Japan debt-to-GDP is 255% in 2023 IMF data.
08
UK public sector net borrowing was £121.4B in FY 2023/24 OBR.
09
Brazil primary deficit budgeted at 0.25% GDP for 2024 per IMF.
10
India fiscal deficit target is 5.9% of GDP for FY 2024/25.
11
OECD average tax-to-GDP ratio is 34% in 2022.
12
U.S. tax revenue is 17.4% of GDP in 2023 CBO.
13
Defense spending averages 2.2% of GDP in NATO 2024.
14
Social security spending is 24% of U.S. federal budget in 2024 OMB.
15
Healthcare is 25% of U.S. federal outlays in FY 2023 CBO.
16
Global public debt interest payments hit $7.8T in 2023 II F.
17
U.S. states average budget surplus of 10% in FY 2023 NASBO.
18
California state budget is $297.9B for FY 2024/25.
19
German fiscal rule limits structural deficit to 0.35% GDP.
20
Australia budget surplus was AUD 22B in FY 2022/23.
21
South Africa debt-to-GDP is 73.7% in 2023 IMF.
22
67% of countries have debt >60% GDP in 2023 World Bank.
23
U.S. interest on debt is $892B in FY 2024 CBO projection.
Interpretation
Economic Indicators Interpretation
Across these economic indicators, public finance pressures are clearly rising with the global government debt-to-GDP ratio at 93.3% in 2023 and the US federal deficit reaching $1.7 trillion in FY 2023, even as policy targets like the EU 3% deficit rule and the US 2024 GDP growth budgeted at 2.5% underline the challenge of budgeting amid expanding debt loads.
More related reading
04 · Category
Household Budgeting30 stats
01
According to the U.S. Bureau of Labor Statistics' 2022 Consumer Expenditure Survey, the average annual expenditure on housing for all consumer units was $22,911,accounting for 32.9% of total before-tax income.
02
In 2022, U.S. households spent an average of $9,817annually on transportation, representing 16.3% of total expenditures per the BLS Consumer Expenditure Survey.
03
The BLS 2022 data shows average annual food expenditures for U.S. consumer units at $8,342,with at-home food at $5,259 and away-from-home at $3,083.
04
Healthcare spending averaged $5,452per U.S. consumer unit in 2022, or 9.2% of total expenditures, per BLS Consumer Expenditure Survey.
05
Entertainment expenditures for U.S. households averaged $3,251annually in 2022, making up 4.7% of budgets according to BLS data.
06
Apparel and services cost U.S. consumer units an average of $1,945per year in 2022, or 2.5% of total spending, BLS reports.
07
Average annual education spending for U.S. households was $1,684in 2022, representing 1.4% of expenditures per BLS survey.
08
Personal insurance and pensions averaged $8,790yearly for U.S. consumer units in 2022, or 13.0% of budgets, BLS data.
09
Cash contributions by U.S. households averaged $2,831annually in 2022, equating to 3.4% of total expenditures, per BLS.
10
Average U.S. household income before taxes was $80,706in 2022, with expenditures totaling $69,548, per BLS Consumer Expenditure Survey.
11
In the UK, 2022 ONS data shows average household spending on housing, fuel, and power at £6,062 annually, or 16% of total expenditure.
12
Australian households spent an average of AUD 35,913 on housing in 2021-22, representing 20% of total weekly expenditure per ABS data.
13
Eurostat 2022 figures indicate EU households allocate 13.9% of consumption expenditure to housing on average.
14
In Canada, 2022 Statistics Canada data shows average household food expenditure at CAD 13,610 annually.
15
Japanese households spent 25.3% of income on housing in 2022 per Statistics Bureau of Japan Family Income and Expenditure Survey.
16
South Korean households averaged KRW 27.9 million on housing in 2022, or 32.4% of expenditure, per Statistics Korea.
17
Indian urban households spent 38.6% on food in 2022-23 NSS survey, down from 42.7% in 2011-12.
18
Brazilian households allocated 35.2% of budget to housing and utilities in 2022 per IBGE POF survey.
19
In Germany, 2022 Destatis data shows average household housing costs at €10,200 yearly.
20
French INSEE 2022 reports average household consumption expenditure at €32,200, with housing at 19%.
21
Italian ISTAT 2022 data: households spent 28% on housing, averaging €7,500 annually.
22
Spanish households spent 17.5% on housing in 2022 per INE survey.
23
U.S. millennial households (25-40) spent 35% on housing in 2023 per Urban Institute analysis of BLS data.
24
Gen Z U.S. households allocate 24% to food and dining out in 2023, higher than average, per Numerator.
25
Low-income U.S. households (<$15k) spent 43% on housing in 2022 BLS data.
26
High-income U.S. households (>$200k) averaged 18% on transportation in 2022 per BLS.
27
Single-person U.S. households spent $38,352total in 2022, 20% less than average family, BLS.
28
Elderly U.S. households (65+) spent 83% of income on necessities in 2022 per BLS analysis.
29
UK pensioner households spent 18% on food in 2022 ONS data.
30
78% of U.S. households track at least some expenses monthly in 2023 per Plaid survey.
Interpretation
Household Budgeting Interpretation
Household budgets in the U.S. in 2022 were dominated by essentials, with housing the largest share and transportation still a significant $9,817 per year or 16.3% of spending, while other categories like healthcare at $5,452 and entertainment at $3,251 remained smaller portions of total expenditures.
05 · Category
Personal Savings23 stats
01
Average U.S. household emergency fund covers 3.5 months of expenses in 2023 per Bankrate.
02
49% of Americans have less than $1,000 in savings as of 2023 Bankrate survey.
03
U.S. personal savings rate was 3.8% in August 2024 per BEA data.
04
Median retirement savings for Americans aged 55-64 is $185,000in 2024 Vanguard study.
05
57% of Americans can't cover a $1,000 emergency from savings per 2023 Bankrate poll.
06
Average U.S. savings account balance is $8,300as of 2023 FDIC data.
07
Gen Z average savings is $3,240per 2023 Bankrate survey.
08
UK average savings pot is £17,300 in 2024 per Finder.
09
Canadian average savings rate was 5.9% in 2023 per Statistics Canada.
10
EU personal savings rate averaged 13.5% in 2023 per Eurostat.
11
Japanese household savings rate fell to 4.8% in 2023 per Cabinet Office.
12
36% of U.S. adults have no retirement savings per 2023 Gallup poll.
13
Average 401(k) balance for ages 30-39 is $49,130in 2024 Vanguard.
14
Women in U.S. have 30% less retirement savings than men per 2023 Fidelity.
15
High-net-worth U.S. individuals average $3.2M in savings per 2023 Capgemini.
16
62% of Americans aim to save 10-20% of income per 2023 Ally survey.
17
Average U.S. high-yield savings APY is 4.5% in 2024 per Bankrate.
18
Australian household savings ratio was 4.3% in Q4 2023 ABS data.
19
28% of U.S. savers use budgeting apps like Mint per 2023 Plaid.
20
Median U.S. savings for ages 65+ is $232,710per 2024 Vanguard.
21
U.S. household savings rate peaked at 33.8% in April 2020 per BEA.
22
41% of Americans have less than $500 in emergency savings per 2023 CNBC.
23
UK savers average 6 months' expenses in emergency funds per 2024 MoneyHelper.
Interpretation
Personal Savings Interpretation
Despite the typical emergency fund stretching to only 3.5 months, with 57% of Americans unable to cover a $1,000 emergency from savings and the average savings account balance sitting at $8,300 in 2023, personal savings in the US still leave many households financially exposed.
report visual · Comparison
Budgeting gaps and common tools for SMBs
Many small businesses lack formal budgeting, yet spreadsheets and software remain widely used—highlighting a mismatch between tools and disciplined planning.
82% of small businesses use spreadsheets for budgeting per 2023 Xero.82%
67% of SMBs use budgeting software per 2024 Capterra.
67%
60% of SMBs lack a formal budget per 2023 QuickBooks survey.
60%
55% of SMBs review budgets quarterly per 2024 Bench.co.
55%
Reference
Cite This Report
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APA
Marie Larsen. (2026, February 13). Budgeting Statistics. Gitnux. https://gitnux.org/budgeting-statistics
MLA
Marie Larsen. "Budgeting Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/budgeting-statistics.
Chicago
Marie Larsen. 2026. "Budgeting Statistics." Gitnux. https://gitnux.org/budgeting-statistics.
Sources & references
74 datasets cited across this report · attribution is report-level
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