Posted on Sunday 06 March 2016
You hear it everywhere you go, "groceries are so expensive," but have you considered the problem might lie within you and your own spending habits? Just what are you spending your money on? How many times have you arrived home, putting groceries away, only to then look at your cupboards and refrigerator and silently wonder where it all went? Do you think there are ways you could cut back and save?
Are there savings you're simply not taking advantage of? Now, it's important to keep in mind that a grocery budget is directly affected by the individual themselves. How much time and willingness a person plans on putting in to this matters. For example, saving and budgeting on groceries starts with planning in general. Meal planning is critical to your success.
How willing are you to plan and cook your meals versus spending excess money getting already prepared food? Another area to consider is how much excess are you wasting? In other words, are you making too much food when you do cook? Obviously even scaling back on the grocery budget takes some thought, but you'd be amazed at how much you can save once you have a system in place. Let's take a moment now to look at the best way to estimate your budget for groceries.
There are clear steps to establishing your grocery budget to stay on track and get ahead financially. Just to start, look at the three points we have listed for you below: You don't want to over budget either. Your goal should be to have just the right amount of food and other necessities to meet your needs in between pay periods. If you're wasting a lot of food then you're over budgeting. Whether you live in Regina or a small village somewhere, budgeting for food is always a good idea.
Being wasteful is not saving! If you're throwing away a lot of food, or it's spoiling before you can use it, you're going over--time to reevaluate! So, how do you decide what the most appropriate amount to budget is? It depends on your individual, or family needs! Start with a benchmark strategy! If you find you need to adjust various areas of your food budget , you should be able to do so after giving one method at least 30 days.
Eventually you'll find a proper method that works for you. Now, we would like to point out that if you're single in Canada, the right shopping methods will allow you to eat well for $50.00 a week. This means meeting dietary requirements for optimal health, but not splurging on junk food!
When you're trying to feed a family, these figures change. You might want to try a monthly food budget, versus a weekly one. The goal is to keep it around 10% of your income, and if you can trim it down a little more, that would be great. The main end game is to adjust your habits accordingly, which can take some time.
Take this in baby steps so you'll be able to stick to the goal for the long-term! Remember, the better you manage your money for this particular budget, the better you can manage other financial aspects in your life!
When your budgeting is dialed in, your finances are going to be great. For those times when you misstep, we're ready to help you out with a loan online. Contact us today, or visit one of our locations.