If you want to be sure your bills all get paid when they are due and set aside some money for savings and retirement, you know that you need to establish a budget. Many expenses are fixed, such as a mortgage payment. However, your food budget and grocery budget may have more flexibility to it than you think.
One thing to remember is that the two terms are not necessarily interchangeable. Consider your food budget as the money you spend on real food. Think of your grocery budget as the total you spend at the store. Your grocery budget must include things besides food, such as laundry detergent, paper towels, and cleansers.
An unrealistic budget will fail, so you need to make sure your budget is attainable. This means that you must first determine how much money is actually needed. Begin with the items you buy weekly but which are not food. List the costs beside each item and include such things as over the counter drugs, soda pop, cleansers, and paper products.
Next, record food purchases that are made periodically, such as once a month. This category would include products like margarine, sugar, coffee, and flour. You will then need to set aside funds to buy them when needed. For example, if you normally buy them monthly, place one-fourth of the cost in reserve each week so that you can buy them without wrecking your budget.
Now you can determine how much of your budget will actually go for food. Count how many meals you need to cover. Allow twice as much for dinners as for breakfasts and lunches. To illustrate, if your budget for food is $100 per week, allot $50 for dinners, $25 for breakfasts, and $25 for lunches. Assuming three meals a day for seven days, this would give you an average of $7.14 for each dinner, $3.57 for each breakfast, and $3.57 for each lunch. With this number established, make a meal plan that will stay within these parameters.
Shop as infrequently as possible. Extra trips can quickly add up, since few people will actually leave a store with just the one or two items they intended to buy. Shopping for a week or so at a time will also let you take advantage of bulk savings. For instance, a ten pound package of ground beef will be less expensive per pound than a one or two pound package.
Maintaining a food budget and grocery budget takes planning and a little effort. But since it is one category that is subject to your control, it is not difficult to lower your costs. Watching your savings account grow is one possible reward that can make it very worthwhile.
One thing to remember is that the two terms are not necessarily interchangeable. Consider your food budget as the money you spend on real food. Think of your grocery budget as the total you spend at the store. Your grocery budget must include things besides food, such as laundry detergent, paper towels, and cleansers.
An unrealistic budget will fail, so you need to make sure your budget is attainable. This means that you must first determine how much money is actually needed. Begin with the items you buy weekly but which are not food. List the costs beside each item and include such things as over the counter drugs, soda pop, cleansers, and paper products.
Next, record food purchases that are made periodically, such as once a month. This category would include products like margarine, sugar, coffee, and flour. You will then need to set aside funds to buy them when needed. For example, if you normally buy them monthly, place one-fourth of the cost in reserve each week so that you can buy them without wrecking your budget.
Now you can determine how much of your budget will actually go for food. Count how many meals you need to cover. Allow twice as much for dinners as for breakfasts and lunches. To illustrate, if your budget for food is $100 per week, allot $50 for dinners, $25 for breakfasts, and $25 for lunches. Assuming three meals a day for seven days, this would give you an average of $7.14 for each dinner, $3.57 for each breakfast, and $3.57 for each lunch. With this number established, make a meal plan that will stay within these parameters.
Shop as infrequently as possible. Extra trips can quickly add up, since few people will actually leave a store with just the one or two items they intended to buy. Shopping for a week or so at a time will also let you take advantage of bulk savings. For instance, a ten pound package of ground beef will be less expensive per pound than a one or two pound package.
Maintaining a food budget and grocery budget takes planning and a little effort. But since it is one category that is subject to your control, it is not difficult to lower your costs. Watching your savings account grow is one possible reward that can make it very worthwhile.
About the Author:
In this day and age, everyone should have a Food Budget. Having a Grocery Budget is going to make you more financial stable. With the correct mind and software at hand, it is simple to do. You'll be surprised at the money you will be saving..
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