How to keep your family happy and healthy
Setting and sticking to food budgets is one of the best things you can do for your health and the health of your bank account, but that doesn’t mean it’s an easy thing to do. Figuring out a food budget can be complicated, and many people get discouraged if they fail to stick to their budget every month. Don’t fret; we have a few tips that will help you craft the perfect food budget that will leave your family both healthy and happy.
Determine What Your Current Food Expenditures Are
Sure, setting a food budget is essential, but if you don’t know what you are currently spending on food, it is almost impossible to figure out a viable food budget. Before you even begin to consider budgets, sit down and tally up how much you’ve spent on food in the last 60 days. Separate the spending into two categories; everyday food purchases, and atypical food purchases.
A typical purchase, for example, would be your weekly food shopping and takeout purchases. Atypical purchases are one-off expenses that don’t happen often; For instance, if you went out for a special birthday dinner, or hosted a large holiday at your home.
Once you see how much you typically spend on food, you’ll have an easier time honing in on a number that not only fits your budget but also fits your family’s eating style.
Figure Out What You Can Afford to Spend
Once you know how much you currently spend on food, you’ll need to figure out how much money you currently have available for a food budget. Believe it or not, the two numbers are unlikely to be the same. If you have less money to spend than you are currently spending on food, you’ll need to find ways to cut out some spending. For example, cutting back on takeout dinners from weekly to monthly can save you up to $150 per month. Packing a lunch instead of grabbing a sandwich on the go can save a pretty penny, too. Cut out the atypical spending and the convenience items first. If that doesn’t solve the whole discrepancy, consider looking at the food you purchase in the grocery store and finding cheaper alternatives.
Set a Monetary Limit Per Family Member
Setting up a dollar limit for food per family member can help you figure out how to incorporate different tastes and eating styles in your food budget. You can set up your food budget to include necessary household items, and then extra items for each member of the family. This is a great way to accommodate lunchbox treats, after-school snacks, and adult after dinner snacks.
Let your family members know how much they have to spend on additional food items and allow them to pick their items. Not only can this help you stick to your food budget, but it will also teach the youngsters a valuable lesson about sticking to a budget and picking items they want wisely.
Budget for the Month, but Plan for the Week
It is easier and less time-consuming to plan a food budget for the month, but that doesn’t mean you should only shop once a month. Set up a monthly budget and break it down into weekly or bi-weekly trips to the grocery store. Plan out your meals for an entire week, with a rough idea of what you’ll be eating for breakfast, lunch, and dinner before you head to the store. Not only will this help you avoid impulse purchases and Wednesday night takeout orders, but it will also help you spend your dollars more wisely.
Pick Your Priority Items
You know your family better than anyone else, and you know what food items need to be prioritized. If you have a picky child who only likes one type of juice, for example, that food item is a priority. It is essential to prioritize the necessities over convenience foods, and snack food wants. Not every budget can accommodate every item you want, so focus on the whole foods you need to produce meals on a daily basis and add the extras if and when your budget allows for them. Do not go over budget to accommodate random wants.
Avoid Buying Items Simply Because They are On Sale
Just because an item is on sale, doesn’t mean that it makes sense for your food budget. You may be tempted to buy items just because they are on sale, but if they go to waste, they are doing your food budget no favors. Avoid purchasing sale items just because they are on sale, instead look for deals on items that you know will be useful in your pantry.
Try out these money-saving tips in the new year, and don't forget to track how your food budget has changed from month-to-month. You can gain valuable insight about your spending just by monitoring it on a monthly basis.
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