This is one questions arisen with the advancement of logic and foundational studies. Gottlob Frege notes that (Translations from the Philosophical Writings of Gottlob Frege edited by P. Geach and M. Black, Basil Blackwell, 1960, p. 110):
'n' is not the proper name of any number, definite or indefinite... We write the letter 'n' in order to achieve generality... Of course we may speak of indefiniteness here; but here the word 'indefinite' is not an adjective of 'number', but ['indefinitely'] is an adverb, e.g. of the verb 'to indicate'. We cannot say that 'n' designates an indefinite number, but we can say that it indicates numbers indefinitely. And so it is always when letters are used in arithmetic, except for the few cases $(\pi, e, i)$ where they occur as proper names; but then they designate definite, invariable numbers.
One response to this peculiar role of variables is locate it in a linguistic mastery of distributive (as opposed to collective) reference to a domain of discourse (a plurality) while keeping indefinite to an extent to attain generality.
Another suggestion is to posit arbitrary objects as referents of variables. Notice that we do not make claims about the actual cognitive processes of the human agent; we try to discern the smallest distinctions in our understanding of formal systems and give an account of them by rigorous and coherent views from within, just as done by von Neumann ordinals or Zermelo ordinals.
According to the arbitrary objects view set forth by Kit Fine (Reasoning with Arbitrary Objects, Basil Blackwell, 1985, p. 6):
In addition to individual objects, there are arbitrary objects: in addition to individual numbers, arbitrary numbers; in addition to individual men, arbitrary men. With each arbitrary object is associated an appropriate range of individual objects, its values: with each arbitrary number, the range of individual numbers; with each arbitrary man, the range of individual men. An arbitrary object has those properties common to the individual objects in its range. So an arbitrary number is odd or even, an arbitrary man is mortal, since each individual number is odd or even, each individual man is mortal. On the other hand, an arbitrary number fails to be prime, an arbitrary man fails to be a philosopher, since some individual number is not prime, some individual man is not a philosopher.
Hence, an arbitrary object is dependent on the actual (independent) object It takes values from a a value range the context determines. The properties it inherits from the actual object are only and all those that the objects in its value range share (Fine calls this principle of generic attribution). Thus, an arbitrary object is one abstracted from a class of independent objects and does not exist in physically detectable reality (just as 'an average woman with 1,3 children' does not exist in reality).
Fine's view is quite detailed and has the appeal of using a simple word-world correspondence, a relation which we are inclined to hold. But if it definitely shows something, the role variables play is much more complicated than we would thing while using them smoothly. To give an idea about this complication and the difficulties that such a correspondence view could face, the following problem Fine himself has seen may serve well (A Defence of Arbitrary Objects, p. 70):
In a sentence such as 'Let x and y be two arbitrary reals', we will want to say that the symbols 'x' and 'y' refer to two unrestricted and independent arbitrary reals. But to which? It is natural to suppose that 'x' and 'y' refer to two unrestricted and independent arbitrary reals.
There are solutions offered to such problems, but it may be pointed that they take on somewhat ad hoc character.
According to some authors, variables over pluralities can be eliminable, and the way it is eliminated is the explanation. They give as examples Quine's technique of elimination variables and combinatory logic among others. Though it is not possible to give an assessment of such techniques and systems briefly, I can say that it is quite dubious whether Quine really succeeded in "explaining away" the idea of variable over plurality, or he just gave another formalism that sweeps it under the rug. Combinatory logic essentially seeks singular reference as an argument to a function and leaves the domain issues to the environment (typically, computational).
As an upshot, it seems that just as we find natural consonance across different usages of one and the same word, we use the symbols with a similar elasticity -a precious faculty. We may observe this with the equality sign more clearly; it signifies different kinds of identity and equality, we pass from one to another smoothly to the point that we sometimes find it too pedantic to mark them out. However, it should be remarked, the task of a principled formal analysis of variables, in particular, over pluralities, still remains not fully addressed.