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Here’s How to Divide Your Food Budget

Let’s talk about food! Do you ever think about how much you spend on food each month and want to start a food budget? Guess what?! We got you covered. Philip Michael from Bold Business shares a few helpful tips on creating a budget that ultimately will save you money and keep that extra dollar in your pocket!

It’s not just the average American

The USDA claims that the average person spends anywhere from $150 to $350 on food each month. Look, we can all agree that food is necessary, but, over time, a lot of overspending takes place. With any budget, you need to set aside money to meet your needs while giving yourself a little extra on the side just in case. One thing Michael recommends you do is to separate the budget into three categories: eating out, groceries and food delivery. Now, there is no shame in going out to eat, whether that is you going by yourself, meeting friends or even going out to have a social life to better your mental health. Whatever the case is with you going out, never feel guilty for doing so. But it’s effortless for you to slip up on your budget, so just make you’re not overdoing it.

Don’t be afraid to go for the cheaper option

Let’s talk about grocery shopping. One fundamental way you can save money is not to buy the name brand item and try to go for the store brand. You get something similar, but it’s half the cost. Michael can relate to this since his first job was at Lego, and at the factory, he saw the difference between name brand and store brand: It’s the same packaging but with different branding and pricing! So keep that in mind when you go shopping. Another tip is planning your meals ahead of time. Buy whatever you need without going out of your budget, and save time with meal prepping! It’s a win-win! Finally, if you’re a busy person, getting your groceries delivered to you is one option. It can help you stay within your budget because you’ll be able to see what you are spending and what the delivery fee will be. Overall, just try to stay mindful of what you spend and keep within your brand new budget! 

To find out more about creating a budget click here

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