Are High Food Prices and Poor Choices Killing Your Budget?

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Do you know how much you spend on food & incidentals each month? Do you think you have a pretty accurate idea? Or would you be surprised? Whether money is tight or not, everyone can benefit from trimming their monthly food costs. The little choices add up.

Spending $5 here and $10 there doesn’t seem like a big deal but those charges can really add up fast if you’re not keeping track of how often your spending. Things like packing your own lunch instead of eating out, or taking coffee from home instead of hitting the drive thru on the way to work can make a big difference, especially over time.

Consider this: If your average cost for eating lunch out is $6.50 and you eat 5 times a week you’re spending $32.50 per week. Contrast that with the average cost of a brown bag lunch ingredients of $12.50 per week and the difference in monthly savings is about $86 per month, or an annual difference of $1,040.

If you pay $2.29 for a 12 oz. cup of coffee, and you get coffee out 5 times a week, you’ll pay $11.45 per week. Brew your own? You’ll pay about $0.34 per 12 oz. or $1.70 per week. Annual difference in savings? $507.

It’s not just your choices about whether to got out for food & drinks vs. food & drinks from home. There are a lot of mistakes people make in their choices at the grocery store!

Shopping while you’re hungry. Don’t do it. You’ll make way too many impulse buys and overspend on junk food. Eat or snack before you shop. Trust me it makes a big difference!

Whether you’re the planning type or not you need a game plan. Shopping without a budget or list or general idea of why you’re there is like wandering around the department store randomly grabbing stuff off the shelves. You will end up spending more on things that may or may not fit your needs.

Learn how to recognize a Bad Bargain. Shopping wholesale does not always mean you’re getting the most for your money. It often does, but you have to be aware and pay attention because not everything at Costco is going to be cheaper than buying at your local grocery. Also consider a common problem I’ve seen and heard about over and over. You buy in bulk and are so excited about “how much you got” for the price, until 2 weeks later and your fridge is full of partially eaten food that is now starting to spoil. If you aren’t going to be able to actually EAT all that food while it is still fresh and you will end up throwing away rotten food, you’ve essentially trashed your “good deal” and your cash.

It’s a learning process and you’ll make mistakes. But learning how to do the little things now will save you more money and put you in that position to buy the flatscreen or cruise you’ve been dreaming about. Read more about 5 Easy Ways to Get More Food for Less Money.

Jack Vincent teaches you how to avoid the 17 pitfalls that lead to financial slavery and how to use the 23 principles that lead to wealth and prosperity. His book, The Way to Wealth Special Edition, is an updated, easy-to-read, modern day version of Benjamin Franklin’s, The Way to Wealth, originally written in 1758. His book has the practical wisdom you need to build wealth and gain financial freedom!


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