Your grocery budget probably needs a little revamping like mine does, and so I came up with a few tips for creating what I believe, is a functional grocery budget. This method of dividing up your expenses will help you to make sure you aren’t overspending, and of course, help you to make the most of your money.
3 Steps to creating a grocery budget:
Track your grocery spending. Track your spending over a couple of months and come up with an average. Or look at your receipts from the last couple of months to figure out an average. You will want to look at what you are spending at the grocery store and restaurants. It will be a big help to have these separated so you can see where you need to cut down your spending most.
Set your grocery budget – Because you now know the average amount you spend at the grocery store and restaurants each month, you can set your goal for your grocery budget. For example, if you’ve discovered you spend on average $800 a month, you might want to set your goal at $700 by cutting down on restaurants and prepackaged grocery store food. I don’t recommend drastically trimming your grocery budget right this instant. Give yourself some slack and don’t put pressure on yourself to come up with an impossible-to-stick-with number. You’ll get discouraged and may end up giving up.
Make your grocery list with your new grocery budget in mind. Having a plan for your grocery budget is how you are going to succeed. Pick recipes and ingredients that are simple. Plan for leftovers to stretch the budget.
In addition, here are some practical tips to help you stay within your newly created grocery budget:
Don’t forget to budget for all meals and snacks, not just dinner.
Many menu plans include only 1 meal a day – the evening meal. This doesn’t help you to create a shopping list or functional grocery budget when it doesn’t provide for breakfast, lunch or snacks. You need to focus not just on the menu plans that give you low budgets for one meal a day, but also plan for your breakfasts, lunches and snacks.
Make healthy foods a priority.
One thing often seen in a grocery budget is not enough room for healthy foods. If you are sacrificing your health to save a few dollars each month, it isn’t worth it. Feeding your family great nutrient-dense meals and snacks isn’t an option – it is a necessity. Consider the 40/30/30 rule when shopping for groceries. 40% of your grocery budget is fruits and vegetables. 30% of your grocery budget is lean meats and dairy. 30% of your grocery budget are things like dry beans, rice, spices and other items to fill in gaps in the menu plan.
Use coupons only on items you need.
While I’m a fan of couponuse, when it comes to your grocery budget it is important to not get carried away. The thrill of the coupon hunt can quickly become a reason to spend more money for the sake of the “deal”. Make sure you are couponing for items that truly are needed and the best deal possible. Just because there is a coupon available doesn’t mean that they should be used.
Plan meals that can be used multiple ways.
Not only do you want to plan low-cost meals, but you want to plan for things that will provide you with leftovers for lunches or a second evening meal. You may also want to look for meats and protein sources that are versatile. Things like a roast or hamburger can be used in multiple recipes making them easier to buy in bulk packages and stretch further. A roast cooked on Monday can have leftovers used in a quick beef and vegetable soup, stew or even tacos or chili. A whole chicken can be shredded and added to soups, casseroles, salads and sandwiches. Using every bit of the cheaper cuts of meat throughout your weekly menu plan can easily make your grocery budget manageable.
Follow your local sale cycles to stockpile as needed.
Sometimes it’s beneficial to buy extra of select items when they are at their lowest prices. This could be vegetables and fruit in the summer months to freeze for later, or could be canned goods in winter months. Watch your local stores’ sale cycles and stock up accordingly to provide your family with food at the best prices possible year round.
These tips for creating a functional grocery budget are just the beginning. To really do well you also need to take into consideration your area, sale cycles and your family needs. A functional grocery budget is one that provides your family with great meals while staying within the expense plan you can afford.
If you are able, living below your means to pay off debt is a great way to make sure you are financially secure for years to come. This is truly one of the easiest ways to maintain a healthy financial outlook. Learning to live below your means gives you the ability to focus on bettering your life, saving for the future and become satisfied with what you already have.
Don’t upgrade even if you can afford to in your budget.
This is truly the biggest part of living below your means. When you can afford an upgrade, it’s hard to resist doing it. The truth is, very few upgrades are needed. A larger home is almost always unnecessary. A new phone every time the latest version is released is rarely necessary. Even new shoes, pants or seasonal wardrobes aren’t really needed for most people every year. Stop competing with those around you. Truly focus on buying only what you need instead of what you want.
Upgrades to avoid when you’re paying off debt:
New vehicle when your existing one is sufficient and/or paid for and able to be repaired for less.
Upgrade to larger or nicer home or apartment when your current home is sufficient for your family size.
Upgrades to cellular phones, televisions, gaming systems and other electronics
Upgrades to adult wardrobes when clothing owned is in good condition and wearable. Kids grow fast and upgrades are expected. Most adults can wear the same items for much longer than children.
Never pay full price for anything.
I’m always trying to share the best deals with you and of course, trying to encourage coupon use. Before you buy anything, from groceries to new clothing or a car, check for sales, coupons, rebates and any promotional discount available.
When you pay off a debt, apply that payment toward other debt.
One way to continue living below your means is to put any “extra” money toward other debt or savings. When you pay off one debt, it may feel like you have extra money to spend. Instead of looking at that money as more you can spend, look at it as if it is more to save. You can apply that money toward other debts, or directly into your savings account if debt has been alleviated. You can then continue as you are in your monthly budget, effectively living below your means and saving more for future needs.
Have extra wages directly deposited into savings.
If you receive a raise, or have extra funds in your paycheck each pay period that don’t apply directly to budgetary needs, then ask your employer to direct deposit part of your paycheck right into your savings account. This way you can create a quality savings account to help pay off debt or to be there for an emergency fund in the future as needed.
You can easily begin living below your means to help pay off debt even if your budget is paycheck to paycheck. Focus on what you can save and put as much as possible toward your debt payments to create a better financial future for yourself.
I’d love to hear your tried and true ways that you have used to pay off debt. Let me know in the comments!
Here are 7 Frugal Living Tips For Single Income Families
When it comes to much needed frugal living tips, those with single income households will love the ideas in this post. The tips are designed for the family that is working to make ends meet on one income but still wants to live nicely. It can be tough, but living a frugal lifestyle doesn’t mean you can’t have savings accounts, vacations or even nice presents at the holidays. It simply means you work to make that happen in new and different ways.
Meal plan consistently.
I cannot say this enough. Your grocery budget can make or break you. Not only does a meal plan act as one of the best ways to eat healthier, it keeps you from eating out as often and ensures you don’t waste the groceries you already bought. It’s really a win-win. If you know what you are cooking, then there is no need to spend the extra money on takeout or throwing away spoiled food because you didn’t have a plan for it.
If you really struggle with meal planning, then try out $5 Meal Plan. It happens to be my favorite meal planning service. It’s just $5 a month (the first two weeks are free!), and you get meal plans sent straight to your email along with the exact shopping list you need in order to create the meals. Each meal costs around $2 per person or less. This service allows you to save time because you won’t have to meal plan anymore, and it will save you money as well! If you are interested in joining for free, click here.
Coupon as much as possible.
Obviously, I’m already an advocate of couponing, but it has to be said. Using coupons along with sales in your local stores is a great way to save money in your household budget. Coupons are excellent for not just grocery items, but also household cleaning supplies, health and beauty products and even mainstream retail shopping discounts. If physical coupons aren’t your thing, then you might really enjoy cash-back apps like Checkout 51.
Pick the splurge you really want.
Someone once said that when you are on a diet and want a splurge, pick something you can’t have just any day. Make it a splurge you really want. There are many conveniences that cost money, but what is the one splurge or convenience that is truly important to you? Perhaps your spouse wants the extra television channels for sports, or you just really need that night away on your own to make you a better wife or mom. Don’t splurge on fast food or convenience items that aren’t truly special. Make your splurges count. Fewer splurges and better splurges will save not only money, but feel much more rewarding in the end.
Shop everything second hand.
This is one of the frugal living tips I often implement! Second hand shopping is amazing for kids clothing, books, movies, furniture and even some electronics. Whether it’s buying kids clothing gently used or grabbing a refurbished laptop for half the cost, second hand can give you the things you want – even name brands – at a fraction of the cost.
Make it yourself.
This is probably one of the most popular frugal living tips out there aside from couponing. You can make so many items yourself. Laundry products, meal kits, homemade breads and cakes. You may even be able to craft and sew clothing and create home décor for half the price. If you can make it yourself for less money, then do that instead.
Utilize online rewards programs.
There are a ton of amazing online rewards programs to choose from. Some offer cash back on purchases you make, and others are simply websites you use to earn points or money to redeem for gift cards. This can give you extra cash for splurges, or money in the bank to pay for bills. Some of my favourites are Honey, Rakuten, Swagbucks, Checkout 51 and mail in rebates for free products.
Downsize as much as possible.
This is tough, but if you are a one income home, then you are likely only in need of one vehicle. Smaller homes to rent or buy are another option, but don’t forget simply purging things from your home. You can create a large amount of liquid cash just by going through closets, bookcases, and video collections. Sell these items in local Facebook buy & sell groups or on online classified and auction sites. A minimalist life is one that is much more affordable and often much more emotionally satisfying.
These practical frugal living tips are ideal for any family – not just those that are living on one income. No matter what your income and budget are, you can use these ideas to create more funds for paying off debt or simply saving for the future.
Budget meal planning is vital to the health of most household budgets. Nobody looks forward to rice, pasta and beans for every meal, but sometimes a financial strain means you have to really look closely at your food intake as a place to eliminate extra expenses. These tips for busy moms to help budget meal planning become easier, are perfect for keeping you well fed and your finances in order.
Stick to what your family loves.
One of the biggest budget meal planning blunders around is trying out too many new recipes each month. Unfortunately, what looks great on a blog, television or in a magazine may not meet your families taste preferences. Stick mostly to those tried and true recipes and flavors you know everyone will eat so you aren’t wasting money on food that ends up in the garbage. Try 1-2 new recipes a month and if they are enjoyed, add them to your rotation. Here’s a list of our family’s favorite meals.
Keep accurate track of what you have on hand.
A pantry and freezer list is a must when you are budget meal planning. Your meal plan should include items you have in stock in your pantry. Knowing what you have on hand keeps you from spending too much on items you don’t need. Basically, it will keep you from making last minute stops at the grocery store and spending extra because you forgot an ingredient.
Get to know your butcher.
Whether you use a traditional butcher shop or your local grocery store meat counter, knowing the butcher is a great way to find the best deals on meats. Not only can you talk to them about the end pieces of meats that are perfect for stews and chili, but you can find out when they are running a sale, or when something is about to be marked down because it is near the end of its shelf life. These little things can save you a ton of money on meat purchases.
Create a core base of ingredients.
Many families like specific flavor profiles more than others. When you figure out what your family tends to gravitate toward, you can easily start shopping for those items in bulk. Whether it is a type of meat, produce or base like pasta or rice you can find most groceries in bulk for less than individual servings would cost.
Plan meals for leftovers.
One of the best ways to save money while meal planning is to actually plan your menu for leftovers. Not only can larger batches of some meals save money on a second evening meal, they can save money on your lunch expenses. Soups, casseroles and many one pot meals are perfect for leftovers. If your family doesn’t like eating the same thing multiple times in a row, you can easily create the double batch and store it in the freezer until later in the month. Then all you have to do is thaw and reheat in the oven or slow cooker.
These budget meal planning tips are perfect for moms who are busy juggling kids and work. Not only will they help you stay on budget each month, they will provide you with great meals your entire family will enjoy.
Moms, how do you stay on budget each month when it comes to groceries? What are your tips for making food stretch further?
Everyone wants to cut back on household expenses and these tips are perfect for seriously cutting your household expenses in half. Some are easy to accomplish while others may be drastic measures that only a few families can manage. All will help to cut back on the money you are spending each month to maintain your home.
Downsize as much as possible.
While this may seem obvious, many families overlook the bigger ways to downsize as they feel they are impossible. Things like moving to a smaller and less expensive home, selling the second family vehicle or simply decluttering items from your home that are no longer needed can easily create more money in the budget.
Limiting extra curricular activities can also be a great way to cut household expenses. This can mean limiting the number of teams your kids play on, your own gym memberships or even your weekly nights out with friends. You don’t have to eliminate everything, but you can downsize your activities to a more manageable amount.
Start couponing regularly.
Simply Frugal brings you tons of coupon deals on a regular basis, and using these to save money on everything from food to household supplies can greatly cut back your household expenses. Just make sure to not get carried away and spend more than normal just because you have a coupon for something. Utilize coupons for the best deals on products you would already normally be purchasing.
Cut out extra expenses.
Check your household budget for things you are spending money on that can be eliminated. (Even if it’s temporary.) This can be eating out, new clothing splurges or even special channels on cable television.
There are a lot of little purchases made each month that can add up fast.
You may also consider spending time calling insurance companies, policies and banks to try and eliminate any unnecessary monthly fees. Check your credit cards and pay off or transfer balances on those that have higher interest rates so you save a little more money each month on expenses.
Make your own household products.
One easy way to cut household expenses is to begin making your own products to use around the house. Homemade laundry detergent, fabric softener, stain remover or even homemade body scrubs and lotions can all be made for less than store bought products, and you will like the fact that they contain fewer harsh chemicals.
Monitor utility expenses and cut back when possible.
Usually next to mortgage/rent and food, utility expenses are the highest monthly bill. You can monitor these regularly and cut back by conserving water, adjusting your thermostat or even investing in solar panels or better energy efficient utility systems.
Grow your own food.
A garden is a great way to save moneyon your grocery budget. It can also be a wonderful way to cut household expenses by providing not only for the current food you need, but year round.
Can or freeze fresh fruits and vegetables you grow to use throughout the off seasons. In urban areas you may also consider raising chickens to provide your family with eggs and chicken to eat later in their lives.
Have one spouse become a stay at home parent.
This is a drastic choice, but it can easily lead to household expenses being less. If you are paying a lot each month in childcare expenses, take out or even someone to come clean your home, then it may be even more financially beneficial for one parent to stay home with the kids instead. The savings on daycare will be huge, but you can also save by being able to menu plan, keep the household running smoothly and perhaps doing some work at home projects.
These tips to cut back on household expenses are just a few of the many ways you can work your way to being more financially free. Reducing expenses is the number one way, which is obvious. How to do that can be difficult depending on your individual situation. Think outside the box and your household expenses can be cut in half.
