How to Determine a Grocery Budget
8/17/2011How to Determine a Grocery Budget
This is definitely a question that I get asked on a regular basis. Determining a grocery budget in the beginning will save you a ton of money and frustration! Now let’s look at a few steps that I recommend you take when determining your grocery budget.
Step 1: Evaluate how much you spend each week. Take a look at what you have spent for the last 4 weeks. This will be a real eye opening experience if you haven’t done it before. Once you know how much you have been spending, take an average. Next you will want to figure out how much to save. I would recommend starting out at about 15% per week. This way you don’t sacrifice too much quality in your weekly menus. Also don’t set your budget at half right from the beginning. You need to set realistic expectations. If you set unrealistic expectations you are likely to get discouraged and give up. If you are new to couponing this is the easiest way to start to see a difference quickly.
Step 2: Pay attention to how much you throw away. I know this sounds silly but really think about how much you throw away on a weekly basis. Are you throwing away more bananas than you are eating? If you are throwing away items then you are really just throwing away money. Try cutting back on those items you are throwing away or maybe find a creative way to use them.
Step 3: Start Menu Planning. This alone will save you a ton because you will be buying what you need rather than buying what looks good. This eliminates those last minute shopping trips which results in over spending. In order to make meal planning successful, you need to plan each week’s menu based around what is on sale that week.
Step 4: Shop with Cash. It is much easier to justify over spending when you are using a debit or credit card. Put your weekly grocery allowance in an envelope each week. Then only use what’s in that envelope. When it’s gone it’s gone. You will see very quickly how easy it is to overspend.
Here is a good guideline to start your budget
1.) Week 1: Determine what you currently spend. Know your weekly budget.
2.) Week 2: Start to plan your meals – check what you have in your pantry and freezer then go to the sales ad to plan your meals.
3.) Week 3 and on: Start building your stockpile. Once your stockpile is complete you should only be purchasing needs and great deals each week.
Let me know how it goes! If you have questions or get frustrated – let me know! I am here to help you succeed.