How much should I spend on groceries
Ever being over budget on groceries? Yes, this is quite often the case. Maybe you moved out and started living on your own. In that case this situation is quite common to you, dealing with daily or weekly groceries. Well we are here to help you out of this situation with our article. There are few ideas on how much you should spend on your groceries. Grocery budget depends on many factors, for instance for how many persons you are shopping groceries for, from where you are buying your groceries, which brand you are buying from and a number of other things too. But your grocery budget should be planned.
Planning a budget is not a rocket science but sometimes when you keep shopping over your budget it may seem like a huge deal.
How much should I spend on monthly groceries?
Your monthly budget depends on several factors. Some of them include for how many people you are buying your groceries, whether you are buying online or in-store, from which brand you are purchasing your groceries. However, one basic rule is to always make a list of your essentials and never pick up random stuff from every shelf that appeals to you that later ends up being piled up in your kitchen cabinets. Always follow the list which you made, in that case there is very less chance that you forget anything.
What should the average monthly budget of my groceries be?
Always look into the receipts you get from the store in order to get an idea how much each item costs that will help you make your next grocery budget quite easily. You can also use a budget app to calculate your groceries.
What is the average cost of groceries?
According to the U.S Bureau of labor Statistics based on 2019 data, the average cost of U.S household groceries is $4,643, according to which per month groceries cost $387. During this Cov-id 19 the grocery spending has been increased as people are going out less. You can use these figures to get an idea on your monthly groceries however each household groceries may vary.
Use this 50/30/20 rule to make budget for your groceries
This rule will help you organize your income and spend on your groceries accordingly. According to this rule you will spend 50%of income on your needs, 30% on your wants and rest of the 20% on debt repayments and savings. Your groceries fall under the needs but every grocery item doesn’t qualifies the need category. If you are purchasing filet mignon for some special dinner then this would fall under “want” category. For instance if your monthly budget is $3,200 according to 50/30/20 rule you will divide your budget as following.
- For needs like groceries, transportation and housing you will put aside $1,600.
- For want like entertainment, hangouts with friends and travel, $960.
- Lastly for saving and debt repayments, $640.
It is very much likely that your budget may vary according to your needs and wants. But it will give you a better idea about your groceries budget. Your monthly budget of $1,600 depends on your other monthly cost. If one of your budget category amounts rises other categories will automatically fall. If you spend more on your needs then you have to cut out some of your “wants” in order to stay on your budget. For instance if you pay $850 for utilities and rent, $415 for your student loan and car payment, $200 in insurance, that will be $1,465 leaving behind $135 for monthly groceries.
If that won’t cover all of your needs then you definitely have to cut some of your wants to fulfill all your “needs”.
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