Before we dive into the nitty gritty, let’s take a look at the survey data to put it all into context.

The majority (34%) of our readers are ages 35-44, 23% are 25-34, and 16% are 45-54 while the rest are under 18-24 or over 55.

And while 20% work in tech, 9% in finance, and 8% are retired, the majority — 60% — work in one of the literally thousands of other industries.

Plus, they live across the country, and the world — 9% are outside of the US.

As for how much they’re earning…

Here’s the breakdown of the four most common salary ranges:

• 14% make $230k+
• 13% make $90-$110k
• 12% make $70k-$90k
• 11% make $110k-$130k

How does that compare to national averages? Good question:

• The average US salary was $59.4k in Q4 of 2024.
• Massachusetts earned the most with a $86.8k average income while Mississippi earned the least at $48k on average.
• The people earning the most money — 13.8% more than average — land between the ages of 35 and 44.

That puts the majority of our readers well above the average American salary… something we will take credit for. You’re welcome.

The high earners had some thoughts on getting paid:

• “My financial habits were stronger when I made less money. As I made more, I got out of hand and saved less than I did when I was on a smaller salary.”
• “Max out your 401K and don’t let your lifestyle creep up as you increase your salary.”
• “Despite my relatively high salary, I still don't feel like I have enough money, especially since I just bought a house and am about to get married.”
• “Say goodbye to girl math. ‘If it's under $5, it's free’ doesn't work when I'm making just over $2,500 a month *insert weary face emoji.* I will be asking for a raise this year so I can actually afford to save money. I have savings from previous jobs, but can only afford to do a 401k match on my $33k salary.”

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Now that we know how much everyone is making, let’s take a look at how much of that money they’re lighting on fire each month.

Here were the most common answers for monthly spending:

• 27.1% spend $2-$4k
• 22.6% spend $4k-$6k
• 15.5% spend $6k-$8k
• 10.6% spend $0-$2k
• 9.3% spend $8k-$10k

And an honorable mention to the 3.6% who reported spending more than $16k a month. Hard to say if they’re splurging on champagne and caviar or simply renting a two bedroom apartment in New York City or San Francisco.

While some of these might feel high, a look at the national data puts it in perspective: Average monthly expenses for US households totaled ~$6k for one month in 2022, according to the Bureau of Labor Statistics.

That was up $503 from the average monthly spending in 2021 and an increase of $1.8k from the average in 2013.

As for what people are spending on, these were the items gobbling up the greatest percent of overall spending:

• Housing accounted for 33%
• Transportation made up 17%
• Food used up 13%
• Personal insurance and pensions took 12%

Our readers had some sage thoughts to share on the subject:

• “If you ain't got it, don't spend it.”
• “Invest 20% of your income before you spend one dime.”
• “People in our age range spend too much money on materialistic items. The times I do splurge, it's on experiences (i.e. travel).”
• “Live humbly. Stay away from premium brands like Gucci and Louis Vuitton. It will eat away your savings. Instead of the $1k shirts, you can donate that at a charity auction and have a tax write off. It’s about balance.”
• “Spend less than you make, invest as much of your income as you can. Stop caring about what you think others think of you, what you wear/drive/own, etc. Being happy is a choice, some of the richest people I know are miserable assholes, some of the happiest people I know have very little.”

Also, some confessions: “I spend $2k-$3k monthly on DoorDash.”

Respondents fell into two main categories on opposite ends of the savings spectrum: 29.1% said they have $0-$30k in savings, while 33.1% reported having $230k+ saved.

That was followed by the 10% with $30k-$50k and the 6.4% with $50-$70k in the bank.

And most have accrued those assets all on their own — 75% said they’ve inherited less than $5k. A lucky 1.5% reported inheriting more than $1m.

While the exact numbers vary by source, the national data looks something like this, according to the Fed:

• Americans have an average of $65.1k in savings, not counting retirement assets.
• The median account balance — across savings, checking, money market, and call deposit accounts — was only $8k, meaning exceptionally high balances are likely throwing the average.
• The personal savings rate fell to 3.6% in February of this year, hitting the lowest level in more than 12 months.

A dip in savings comes as no surprise given that Americans are spending more in a post-pandemic economy.

Our readers take saving money seriously:

• “Wishing I started saving just $100 a week when I started working, it'd be half a million today.”
• “We moved back in with parents to save money 🤫.”
• “Start saving for retirement as soon as possible. The more you can save early on, the more you are likely to achieve your financial goals — especially if your main goal is not working forever.”
• “Never keep money in a low interest rate savings account. There are plenty of high yield options out there where you can still access the money quickly in a pinch.”
• “I have a secret account my partner doesn’t know about.”

Alternatively, some take a YOLO approach: “My husband and I travel now instead of saving for retirement.” Respect.

Whether writing about saving or spending, respondents’ advice all came back to one thing: Stay out of debt.

That’s because many have experienced it in one form or another.

When it came to debt, 51.2% said they owe $0-$30k. That was followed by the 20.4% who reported having $230k+ in debt.

The rest of the respondents reported owing an amount between $30k-$230k.

They’re far from alone:

• Total US household debt was $17.5T in Q4 2023, $210B more than Q3.
• The average person in the US has $104.2k in debt, including mortgages, home equity lines of credit, auto loans, personal loans, and student or credit card debt.
• Mortgage debt is the largest debt type by a longshot — $12.2T was owed as of Q4 2023 — followed by student ($1.6T) and auto ($1.6T) loans.

Given that 76% of respondents said they own a home, it makes sense that most would hold at least some mortgage debt.

Of all the topics, debt really riles people up:

• “Credit card debt is the devil but other types of debt aren't so bad.”
• “Do not forget: stay out of debt. Only buy what you have money for. Pay credit cards in full each month. Don’t buy your car on credit, drive the clunker till you have saved enough for a new ride. It’s not having what you want, it’s wanting what you’ve got.”
• “My husband and I combined make $200k a year and still often live paycheck to paycheck due to overinflated student loans and reckless credit card debt from our early 20s.”
• “When your best friend is a millionaire from birth, don't try to keep up. That's how I got myself into a lot of credit card debt in my 20s.”
• “I spend far too much on food, drink, and travel so most of my debt is revolving credit. I know it's bad but I'd rather have some bad debt and do fun things before it's too late. I'll worry about paying that shit off later!”

While that last one sounds fun, far and away the most popular answer was something to the effect of “don’t spend more than you make” and “stay out of credit card debt no matter what.”

Once all that debt, spending, and saving shook out — plus those homes most of you apparently own — here’s where total net worths fell:

• 20.9% have $500k-$1m
• 19.7% have $200k-$$500k
• 17.5% have $1m-$2m
• 14.7% have $2m or more

The remaining respondents have varied net worths below $500k.

Zooming out on the country:

• The average American has a net worth of $1m as of 2022.
• The median US net worth is $193k.
• People aged 35 or younger have an average net worth of $183k, while those 65 to 74 have an average of $1.8m.

And remember…

…If some of these stats made you feel like you’re behind, don’t fret too much. When it comes to money, things aren’t always what they seem.

Seriously, just ask our readers:

• “I need the financial secrets myself. I’m still pretty dependent on my parents and spend far more than I make.”
• “I have a bourbon problem (both buying and drinking it), with approximately $20k of unopened bottles at home.”
• “I have a secret part time job my full time employer doesn't know about. My wife teaches piano lessons, and takes payment under the table that we don't report to the IRS.”
• “I quite literally have $6 in my bank account right now.”
• “Marry rich. I wish I took my own advice. 😔”

You heard it here first: Step away from the booze and maybe download a dating app?