A couple weeks ago, one of my coworkers surprised me with a wedding gift!
That day, I got to work early and was sitting in my car killing time, when a rap on my window scared me silly!!
There she was……
Grinning from ear to ear and holding a BIG box.
The gift was totally unexpected.
And it made my day!
Did you know that you too may have a surprise gift waiting for you?
It’s in your budget!
In the food section!!
Did you know that, according to experts, we should only be spending 10-15% of our take-home pay on food?
This includes groceries and dining out.
Most people have no food budget and are CLUELESS as to the amount they spend on food each month.
Here are a few food budget facts:
- On average, we spend 60% of our food budget on meals and snacks we eat at home, and 40% of our food costs is eating out.
- The item that takes the biggest bite out of our food budget isn’t even food at all!! We spend nearly 6% of our total food budget on nonalcoholic beverages, (not including milk).
- In 2013, the average cost of food per month for the typical American household of 2.5 people was about $550.
- In 2018, roughly half of all millennials are prioritizing delicious meals over saving for tomorrow. 49% spend more on dining out than they put towards retirement.
- Millennials also have a strong preference for convenience and are spending over 40% of their food budgets on food away from home.
- 1n 2019, the average cost of food per month for one is about $250. It costs a family of four between $712 and $1,106 per month for groceries.
Food and drinks are necessary for life, but a few small tweaks can help you spend less on them. Whatever your food budget is, you can probably trim it down with a few of these suggestions:
Cook at home.
It does take more time, but cooking and eating at home can save you loads of money in the long run. Food for a restaurant meal costs less than a third of what you pay for it! Cooking at home will put money back into your pocket
Use water as an alternative.
Another way to chip away at your food budget is to cut down on nonalcoholic beverages. As I stated above, we spend nearly 6% of our total food budget on nonalcoholic beverages (not including milk).
Invest in a coffee maker.
Buying coffee at chains like Starbucks or Dunkin Donuts every day is convenient, but can quickly total about $5 – $7k over a decade. Consider investing in a Keurig, Nespresso, or even a regular drip coffee maker to chip away at your coffee habit.
Crunch some numbers while you shop.
If you keep a running tally of how much money is adding up in your cart, you’ll save yourself from any surprises when you get to the checkout line. Stick to your list and use a calculator as you shop to stay under budget.
Pay with cash.
The best way to be sure you’ll end up with a lower grocery bill is to stick to the budget and pay with cash. When you go to the store with cash in hand, you know exactly how much you can spend because once the cash runs out, that’s it!
Eat leftovers for lunch.
We all know this….. going out for lunch will seriously eat into your food budget. If you’re dropping $10 just twice a week, that’s $80 a month being spent on just lunch. You’ll save a ton when you can take leftovers for lunch.
Here’s the bottom line……
If you don’t have a grocery budget, you need one!
There are many Apps available to help you track your food dollars and help you stay on budget.
Eating out isn’t a crime, but you’re in for a wonderful surprise when you spend your food dollars wisely.
Sharing is Caring. If you found value, please feel free to share.
The battle for your wallet is often quietly fought at the dinner table, where the desire for convenience and comfort battles against nutrition and cost.
Until next time…..
Agree or disagree? I love your comments! So please let me know your thoughts in the comment section below.
I look forward to hearing from you!!!
Althea
Helping God’s people realize and achieve their true financial potential, become debt-free, build wealth and give generously!!
PS. Financially, most of us know what to do; we just have trouble doing it. That’s where a coach can help. CONTACT ME for a FREE 15-minute consult.
