Steps in Preparation of a Monthly Food Budget

Simple strategies will save you time and money on your food budget.

There are many things to consider when making your monthly food budget. A few items to consider when planning a monthly food budget are how often you and your family eat out, snacks at gas stations, coffee shop stops and lunch situations.

Establish Current and Desired Expenses

Begin by determining how much it costs to feed your family. Do this by taking your last three months of expenses and categorizing them according to the following: groceries and fast food (gas station stops and coffee shops can be included in this category). Many banking establishments offer this service through online banking.

You can add them up and find the average amount of money spent on these two categories by dividing your answer by three (for three months), then decide if you want to continue to spend this much money in these areas or if you would like to make changes. Establish your budget goals.

Make a Meal Plan

Determine how often you would like to shop for groceries each month. Make a meal plan for the time period determined. For instance, if you get paid bi-monthly and you wish to shop on the first and the 15th day of each month, prepare a meal plan for those days that fall in between. If you plan to eat out during that time, mark specific days that you plan to do so. Prepare a grocery list from that meal plan, taking into consideration the staples you have, what is in your freezer and any fresh fruits or vegetables you would like to buy.

Begin with your staples. Try to estimate what it will cost to replenish your staples for the month. Whatever is leftover divide by four. That will tell you the amount of money you can spend each week in perishables, such as meat, eggs, milk, cheese and produce. Check your pantry well and be sure you have what you need for the meals you have chosen---this will keep you from buying food you don't need.

Stick to Your Plan

When shopping, discipline yourself to only buy what you have written on your list. While you are at the store, you may remember something you meant to get, but forgot to write. If at all possible wait until the next grocery shopping time to buy it.

You can use these tips to help your dollars stretch: seasonal produce can usually be bought for a much lower price than other fruits and vegetables; buy in bulk to help cut out unnecessary costs; make twice as much and plan to save the leftovers for another meal to cut wasted food.

References

• Oregon State University: Planning Your Food Budget

Resources

• Read this Article in Spanish