Food: Saving On The Food Budget

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Saving On The Food Budget
Friday, February 24, 2006

Spending less on food can help to free up a good amount of money in your budget. Many families find that they are spending more on food that they had hoped, but they are unable to determine where the money is going. Unless you are eating steak or lobster every night, you probably are not buying exactly what you want. Still you may find that food is draining your pocketbook. Here are some basic steps for getting your food-related spending under control.

For starters, look at your receipt. I mean, really look at it. Give it a day or two after you go to the store. First, look at the big ticket items. What are they? Are they necessary? Could you get by without them or use generic?

You should have a pen and paper out for this exercise. If you could save money on any of the items, then write down the savings. For example, if your family drinks soft drinks without abandon, then consider whether or not you could cut back on the number you have. Perhaps you could substitute other drinks or just limit what you have available. If you buy all name brands, you could at least use coupons. You preferably would go generic.

Then look at what you buy that is not food. Many people shop at mass merchandisers or super centers, so there are plenty of non-food items on the receipt. Write down those prices as well. Once you have completed this initial run-through, add up what you have knocked off the budget. While you will need to buy the non-food items anyway, you need to keep them out of your grocery total so that you can see what you are really spending.

The average American family spends roughly $40 per person on food every week, including restaurant food. Are you near that number? Decide how much you want to cut back, and then we can get to work.

The first place where you can cut is by eliminating as much junk food as possible. Think about whether or not you could make your own cookies. It does not take long and will cost less than buying cookies. You also should consider substituting more nutritious foods, and you can cut costs there as well. Do not look only at unit prices. For example, some nuts may look expensive. If you have them for a snack, however, you will find that they last longer than potato chips. You will be saving money in the end. Write down two substitutions that you can make this week to save money.

Next look at going meatless at least one night a week. What are you spending on meat? Even if you are buying less expensive meats, you are probably spending $2 a person on meat every night. You can cut that down by having a vegetarian meal once per week. While you may been saving only $1-2, it all adds up in the end.

Then think about any convenience foods you buy. Are you buying frozen pizza instead of making your own? Would it be worth it to you to save the money in place of the time (and nutrition)? The answer for you may be that it is not worth it, but you have to make that decision consciously. I know that as my family makes more money, there are conveniences we opt for over the cash savings. For example, my husband loves salad but hates the process of chopping fresh spinach or romaine. It is worth it to him to pay for the pre-cut bags of lettuce although they are more expensive. While we could not do that when we were in graduate school, we can do it now, and we do it gladly.

You will have to make these types of time versus money choices for yourself. You may find in the end that there is little fat (no pun intended) that you can trim from your food budget, but you may just find that you can explore your options and have more variety while spending less. Just be open to trying out new dishes or to trying to make some dishes from scratch that you previously bought already made.

By Julia Mercer

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