Budgeting is both an art and science. It requires certain simple calculations and methods to do it correctly.
At the same time, it also requires a creative bent of mind to plan it in ways that it is effective and helpful.
Many find it difficult to develop the habit of creating a food budget and in case they plan it, it is not that easy to implement it.
The only thing to know about food budget is that it is a simple comparison of your income kept aside for your food requirements and your grocery expenses.
The latter has to be lesser than the former. All it requires is to keep certain balances related to time, income, personal needs, supermarket prices, seasons, etc.
It is not as complicated as it sounds. Here are 10 easy tips to create a monthly food budget:
1. Stop or reduce the number of times you eat out
If you start keeping track, you would know that the worst enemy for a food budget is eating out. If it happens way too often, it is going to ruin all your plans to maintain and manage a monthly budget for your food requirements. Reduce the number of times you eat out. You can actually limit it to special occasions or when you are hanging out with your friends after long.
2. Stock during a discount sale but cautiously
It can be a fervent need to buy your food items in bulk during discount sales in your nearest supermarkets. Sales are a good way of stocking certain food products that you use in large quantities as per your budget. But sales are a way of duping customers into buying more than they need because of a supposedly good deal. Go ahead and buy items that will stay good for a long period of time but do not splurge without thinking.
3. Make a list of your primary food needs
You do not require all kinds of food items for your primary needs to have a healthy and balanced diet. So, it is good to prioritize those items which are absolutely necessary for you. Mostly, this would consist of fresh produce like fruits, vegetables, eggs, and meat, and some processed items like flour, sugar, and spices. After spending on these products, you can spend the rest of your budgetary amount on other items like herbal tea, dessert items, etc.
4. Make a budget for the month but plan for the week
Most of us prepare house budgets for the month. Similarly, make your food budget for the entire month because it is easier to keep track of and stick to the bills accrued over the month. While doing that, also make a weekly plan for your meals. This rough idea of what you are going to eat for your three meals would help you in shopping and limiting your expenses.
5. Do not throw away the leftovers
Another valuable tip to maintain and limit your food expenses is to stop yourself from throwing away good leftovers. They can be wonderful for meals especially when you have spent more than what you had planned by the end of the month. Leftovers can be heated for a quick meal. For that, make some investment in airtight food storage containers which would make your food last longer and retain its flavour.
6. Keep a track of how much you actually spend in a month
The primary thing to know before you make your food budget for the month is to have an idea of how much you spend usually. Keeping a track on a spreadsheet or in a diary would help you in dividing your myriad expenses. You can then divide the expenditure in the form of separate lists for drinks, fresh produce, packaged food, etc. This would be very supportive in your budgeting.1Keep a list of your requirements on the fridge
For a thoughtful budgetary spending on your food, keep a list of your requirements on the fridge or anywhere it is easily accessible and in plain view. Otherwise, you would forget what you are running short of when you go for shopping and end up spending more on items that you do not require at a particular point of time.
7. Go for a variety of items in your list
Generally, we eat out when we are bored of eating the same kind of meals at home everyday. You can overcome that need and demand by going for a variety of items in your grocery list. Go for budget-friendly meals but plan a diverse set of items to try out new recipes and for enjoying different sets of meals. You can eventually develop a habit and rotate your meals for months.
8. Execute your plan in a consistent manner
After making all your plans and budget divisions, it is time to execute your plain in a manner which is consistent and methodical. You can match your food spending when you receive your income and measure if you have spent only as much as you expected. Go for course correction if that is not the case for the next month. This is how you can protect yourself from overspending
9. Keep a list of your requirements on the fridge
For a thoughtful budgetary spending on your food, keep a list of your requirements on the fridge or anywhere it is easily accessible and in plain view. Otherwise, you would forget what you are running short of when you go for shopping and end up spending more on items that you do not require at a particular point of time.
