Are you wondering how to budget for groceries? Have you ever asked yourself the question: How much should I budget for groceries?
With prices on basic goods such as fresh produce and meats going up, anyone who wants to find a way to limit their monthly shopping list will benefit if they have a general idea of how much common items cost. That way, if you have more than you can afford left over at the end of the month, you can cut back accordingly the next.
Read on to learn about how much you should budget for groceries depending on many factors.
Average Monthly Grocery Budget
Assuming you’re eating at home and not dining out or ordering in, the average monthly grocery budget for one person is $165, or $4.58 per day, according to the U.S. Department of Agriculture. This figure is based on the “thrifty” food plan, which is the cheapest of the USDA’s four food plans.
While you can use this average as a benchmark for your own grocery budgeting, it isn’t the best indicator of how much you, or others, can actually afford. Learn more about grocery shopping tips here.
What Should My Monthly Grocery Budget Be?
To get an idea of how much you should budget for groceries, take a look at your eating habits and see where you can cut back or make substitutions. For example, if you eat out several times a week, you can reduce your grocery bill by cooking more meals at home. Or, if you typically buy prepackaged meals, you can save money by cooking from scratch.
In general, fresh produce, meat and fish, and dairy products are the most expensive items at the grocery store, so if you’re trying to save money, you may want to focus on reducing your consumption of these items.
How Much Should I Budget for Groceries?
How much you should budget for groceries depends on a few factors, including the size of your household, your eating habits, and where you live. If you live in an urban area, you may need to budget more, as prices for fresh food and other staples are usually higher in cities.
If you or someone in your household has special dietary needs, that may also affect your budget. The best way to figure out how much to budget for groceries is to track your spending for a few weeks to get an idea of what your typical grocery bill looks like.
You may consider using the 50/30/20 rule to budget for groceries, click for more information.
Create a Grocery Budget That Works For You
How much should I budget for groceries? We are quite sure you asked that question. After reading this article, it is evident that there are a few key things to consider when budgeting for groceries.
It is important to calculate how much you typically spend in a month on food. Also, you need to consider the cost of groceries in your area. Finally, you need to be aware of common ways to save money on groceries.
By following these tips, you can ensure that you are staying within a grocery budget that will work for you.
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