It’s no secret that food can be expensive. Whether you’re eating out at a restaurant or purchasing groceries for a home-cooked meal, the cost of food can add up quickly. As you begin to work on your food budget, it is important that you work with what you have, consider how many people you are feeding, and of course, keep it realistic.
There is a balance between saving money on food, and making sure you get enough to sustain yourself and your family. Here are some tips to get started on creating a realistic and sustainable food budget.
Know Your Spending Habits
The first step to setting any kind of budget is to take a close look at your spending habits. Do you eat out frequently? Are you partial to organic foods? Do you like to experiment with new recipes or stick to tried-and-true favorites?
Knowing how you typically spend your money on food will help you determine where you can cut back and how much money you’ll need to set aside each month.
Consider Your Needs and Other Factors
Before you can create your food budget, you need to consider your lifestyle, needs, how many people you are feeding, and food costs in your area. This is why everyone’s food budget is a little different. For example, if you live in a city, your bodegas are probably going to be considerably more expensive than someone in the suburbs with other grocery stores.
Also consider if there are dietary restrictions you need to be aware of, as well as how much time you have to cook, how many people you are cooking for, and any other details that might increase or decrease your food budget.
Track Your Food Spending
To figure out where to start your budget, get an idea of what you typically spend on food. This should include groceries, eating out, and any snacks you buy at convenience stores or while getting gas.
What did you spend the last month or so? Go through your bank statements if you tend to use your debit card on groceries and eating out at restaurants. Make a list of how much you spent on food and when, and keep a note of it. This will help you determine how much you want to set your food budget.
Split Your Monthly Budget into Weekly Spending
Many people find it easy to first figure out their food budget on a monthly or bi-weekly basis, but then break it down into a weekly budget. If you try to use a monthly budget, it is easy to use it all up after 2 or 3 weeks, then be left with nothing to buy more food the last week of the month. Take your monthly amount, and split it up into weekly amounts.
Make a List—And Stick To It!
Once you have an idea of how much money you need to spend on food each week, it’s time to start making your grocery list. This is where knowing your spending habits comes in handy. If you typically eat out once a week, make sure to leave room in your budget—and on your list—for that. If you like to experiment with new recipes, think about what ingredients you’ll need and add them to your list.
Before you head to the grocery store, check your fridge, cupboards, and freezer to see what food you already have. This will help you avoid buying things you don’t need and wasting food.
When you’re at the grocery store, stick to your list! It can be tempting to add things here and there, but if you want to stay on budget, it’s important to stick to what you need.
Use Cash or Debit Cards Instead of Credit Cards
When possible, try to use cash or debit cards instead of credit cards when purchasing food. This will help you stay aware of exactly how much money you’re spending and avoid overspending.
If using cash isn’t an option for you, consider setting up a separate bank account that is dedicated solely to your food budget. This will help keep your finances organized and make it easier to track your spending throughout the month.
Compare Prices and Shop Around
Before making any major purchase, it’s always a good idea to compare prices and shop around for the best deals. With food, this can mean anything from checking multiple stores for sales on specific items to looking for coupons online or in newspapers. By taking the time to find the best prices on the items you need, you can save yourself a lot of money in the long run.
Prepare Meals at Home
One of the best ways to save money on food is to prepare meals at home rather than eating out. Not only is cooking at home usually cheaper than buying restaurant meals, but it also gives you more control over the ingredients that are used and the portion sizes that are served.
If cooking isn’t your thing, there are plenty of other options for easy home-cooked meals that don’t require hours in the kitchen. Just do some research online or ask friends and family for their favorite recipes.
Include the Costs of Eating Out
Always include the costs of eating out at restaurants or getting takeout when putting your food budget together. If you know your family enjoys getting pizza every Friday, you need to add that to your budget. Consider if you have plans and might be eating out with friends, or you are going on a trip and your spending may be a little higher some weeks.
Review Your Budget Regularly
As your income or spending habits change, your budget should reflect those changes so that you can still stay within your desired spending range. Review your budget at least once a month to see where you can make adjustments. This will help ensure that your food budget is always accurate and up-to-date.
Additionally, don’t be afraid to experiment with different ways of budgets and tracking expenses until you find a system that works well for you and your family.
Conclusion
Setting a realistic food budget doesn’t have to be difficult or time-consuming. By taking a close look at your spending patterns and setting a monthly grocery budget, you can make sure you are staying within your means when it comes to food expenses.
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