Source: BALANCE Financial Guide
Your relationship with food is probably pretty complex. In addition to sustenance, you may use food for comfort, gathering with others, distraction or pleasure. When you really commit to tracking your food expenses as part of putting together a spending and savings plan, you realize food can be a complicated part of your financial life too. While meals are of course a necessity, take a look at your food-buying habits. Odds are that there’s room to save.
Eliminating “extra” expenses like dining out or buying pricey steaks is a good place to start. But also keep in mind that a successful food-purchasing plan isn’t just about cutting things out. It’s also about understanding your habits.
Going out to lunch at work
You may grab “a quick bite” at work because it’s easy. But it might actually take you less time at home to put together the same meal. Then you get to spend more of your lunch period at work relaxing, going for a walk or reading a book. Or you could just spend the time thinking about the hundreds of dollars you will save this year by brown-bagging.
Convenience store or check-out aisle buys
If you actually look at the prices, you realize that the mark-ups on the quick-grab items near store cash registers are incredibly high. But that’s just the thing. Stores realize you don’t stop to examine and consider prices in those situations. If you find yourself reaching for a pack of gum or some candy as you are about to check out, instead, make a commitment to stock up ahead of time and keep these items in your car or your purse or your desk. By buying them online or at a bulk retailer, you could pocket a bunch of extra dough.
The fast burger or taco for $0.99 sounds like the perfect recipe for our modern sensibilities; we want food in a hurry and we don’t want to pay a lot. While the speed of delivery may be enticing, the end price may not be all that great. Consider: how many times have you gone to
Our BALANCE Financial Guide is dedicated to helping you balance life’s important decisions.