We all need to spend money on food, but how do you know if you are spending too much money on food? If spending money is something you need to justify then it might be time to take an in-depth look at your spending habits and see if you are spending too much on food. Creating a budget is always something I recommend but how much do you allocate for your food, this is always a difficult question to answer but I will attempt to guide you through the process of creating the right food budget for you.
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Are You spending Too Much Money On Food
You have to start somewhere and the best place is to just start where you currently are, working out how much you spend on food per week is a great starting point.
- Do you have a budget you stick to each week?
- How much do you spend?
- Do you pay cash or by card?
- Do you go shopping more than once a week?
- How often do you eat out each week?
- What do you throw away each week?
By answering these questions above it will give you the basis of how much you are spending and can give you an idea if you think you are spending more than you realized.
I always pay cash for my groceries, this makes me more conscious of how much I am putting into my trolley knowing that I only have a certain amount of cash, I can’t go over the budget!
If you pay by card it is easier to add a few extra items on to the bill, looking at the overspend later, this never happens.
Having a budget for your food is a great way to keep control of your grocery spending.
However, having the right amount of budget is important, a good way to tell if you are spending too much money on food, is if your food budget is your largest expense in the month, this is a warning sign that you might need to cut down the money in this category.
I think too much in your budget is just as bad as not having a budget. If you have too much money to spend on food the chances are you will buy more than you need and end up throwing out that food, this is a complete waste of money and food!
There are guidelines as to what different people allow for groceries, I know that when I worked in a bank we had a set amount for different family situations and this is different depending on the source of the information.
I personally only see these as guidelines and the best way to work your grocery budget is looking at what you need to spend and how many people you need to feed.
If you need more help when it comes to budgets, I love this author of this book, his ability to show you how to budget is amazing.
How To Create Your Grocery Budget
Don’t forget to include the lunch that you buy out, or the extra trip to the supermarket for other items during the week, these should all come out of your grocery budget, after all it is all part of the food that you eat.
Do this for a week or two, noting down how much you spend and then using this as a guide for building your grocery budget.
You might need to adjust this, bringing it down into line with what you feel is a reasonable about to spend on your groceries each week. There are times when you need to adjust that figure, if you have any celebrations or at certain times of the year when you have more people to feed. If you work this into your grocery budget it isn’t as difficult finding extra money all at once!
If you need to cut your spending in any area, your grocery budget is always the first place to go, it is easier to trim off the excess from this part of your budget; it might mean that you have to adjust your spending but it is often possible to eat really well for not as much as you might think. It just takes being more creative and thinking about the food that you are eating and the cost.
Forgoing a bought lunch each day is a great way to save money, it is cheaper to take your lunch with you! This can save a small fortune when it comes to working out how much you spend on groceries.
Eating Out More Than Eating At Home
Whilst it is very nice to have a meal out, it is not the cheapest way to save money. Spending too much money on food must include the amount of times that you eat out per week.
I know that some people have traditions when they get a take-out or go out regularly for something to eat, however, if you are trying to cut back on what you are spending by creating a budget, to spend on take-out food or eating out can highlight just how much you are spending in this area and adding this together it might shock you just how much you are spending on food.
Therefore, there are ways in which you can check to see if you are spending too much money on food. You might not like to see the total amount but without facing the true cost of your food, you won’t be in the position to tackle the problem at the source and create a grocery budget that works for you.
What is your best tip for knowing when you are spending too much money on food?
Looking for more articles on budgeting? Head over to the landing page where you will find links to other articles.
I wrote an article I think you will like. It’s Easy To Make A Budget.