Key takeaways:

• Americans’ monthly credit card expenses are $6,270 on average, down from $6,444 in 2023
• Travel is the largest average cost at $1,263 per month, totaling 14.5% of typical credit card spending
• General merchandise, restaurants, groceries, and clothing/shoes rank in the top 5 major spending categories
• Millennials grew their wealth more than any other generation this year, increasing their 401(k) balance by 11.6% and their overall net worth by 11.1%
• Americans are willing to pay for convenience, spending $166 on food delivery apps and $88 on ride share apps each month on average.

If you’ve found yourself wondering – “How much are other people spending at the grocery store?”, “What should I be setting aside for utilities?” or “Should I contribute more to my 401(k)?” — you aren’t alone.

While salary, location, and individual circumstances can all impact spending and savings, it can be useful to gage the financial habits of other Americans, especially when reassessing goals.

Let’s see where Americans put their dollars in 2024, according to Empower Personal Dashboard data.

What Americans spent this year

The chart below shows Americans’ spending categories as a share of their overall average annual credit card expenditures. Spending is broken down into 17 major categories. Remaining expense categories are combined as “other expenses,” which includes items such as streaming services, hobbies and exercise, charitable giving, and more. 

Overall, travel accounted for the largest share of total spending (14.5%), followed by other expenditures (14%), general merchandise (12 .7%), restaurants (12.2%), groceries (8.4%), and clothing/shoes (6.8%). Each of the remaining components contributed less than 4% of Americans’ total credit card expenses.

Breaking down the monthly budget

On average, Americans spent $6,270 a month in 2024. Here are the major categories from Americans’ monthly credit card expenses:

Average monthly credit card spending 2024 vs. 2023

Data from January 1, 2024 to October 31, 2024, vs January 1, 2023 to October 31, 2023.

Spending spotlights

• Every minute counts: On average, people spend $166 on food delivery apps each month. More than a third (36%) say they would rather pay more to get an item delivered instead of driving 10 minutes to get it, according to an Empower study.
• Health is wealth: While monthly memberships vary by gym, those spending to sweat paid $125 a month on average to visit their favorite workout spot.
• Curbside costs: Americans paid $88 a month on average to get from A to B using ride share apps.
• Bulk buys, big savings: Americans who buy in bulk spent $320 a month on average at their favorite warehouse stores.

Data from January 1, 2024, to October 31, 2024.

What Americans saved this year

According to Empower research, 46% of Americans say saving as much as possible and the power of compounding is the secret to success. Many Americans have made significant headway on their savings goals in 2024, with the typical American increasing their 401(k) balance by 8.5%.

Growth of 401(k) balances through 2024

Here's how much Americans grew their 401(k) balance* on average in 2024, by generation:

*Includes combined employee and employer contributions, as well as any investment earnings. Data from January 1, 2024, to November 1, 2024.

Millennials managed to grow their wealth more than any other generation this year, according to Empower Personal Dashboard data. The cohort is in its peak earning years, allowing more contributions to retirement savings accounts, like a 401(k).

"After living through the 2008 financial crisis and the uncertainties of the pandemic, Millennials typically prioritize financial security and saving as a buffer against future economic stability," says Courtney Burrell, a Senior Financial Professional at Empower. "Empower research shows Millennials put a higher price tag on financial happiness than other generations, estimating they'd need to make $525K to be comfortable. We also tend to see this generation utilizing budgeting apps, investment platforms, and savings tools as they grow their net worth."

Read more: Here's what saving 1% more could mean for your retirement

Growth of net worth through 2024

Here's how much Americans added to their total net worth* in 2024, by generation:

*Data from January 1, 2024, to November 1, 2024.

Millennials and older members of Gen Z are now 25% wealthier than previous generations were at their age – largely due to soaring home prices and smart investments – and that’s reflected in their growing net worth.¹

Read more: What is the average net worth by state?

Review and reset

If you want to spend less and save more in 2025, Burrell recommends reviewing your monthly budget, savings, and investment strategy to ensure your money moves continue to align with your financial goals. Keep these tips in mind as you start your financial reset:

Look at the numbers. Avoid estimating what you spend each month. Instead, download your bank and credit card statements, or use a budgeting tool like the Empower Personal Dashboard^TM, to review exactly what you spent throughout 2024 and identify areas where it may be possible to reduce your spending.

Make incremental changes: If possible, consider raising your 401(k) or IRA contributions, even by a small percentage. The earlier you increase your contribution amount, the more time compounding can work in your favor.

Set realistic goals: Break down financial goals with achievable steps. For example, aim for a specific savings increase each quarter rather than focusing on the whole year.

Save on a schedule: Setting up automatic transfers to savings and retirement accounts can remove the temptation to spend and make consistent saving effortless.

Review regularly: Check in on investment allocations to ensure they align with both short-term and long-term goals. With potential market volatility, diversifying can help manage risk.

“The end of the year is a great time for people to review their financial plan – and that means looking in the rearview mirror,” Burrell says.

“Having a clear picture of what you spend and save each month can help you find ways to make your money work better for you today and in the future.”