My word for 2018 is Frugal. I've never had a word for the year before and am not a word for the year type, but someone asked what my 2018 focus Word was and Frugal came to mind. For the first time ever, I am honestly (rather than halfheartedly) budgeting using the Every Dollar app. One of the budget items is groceries. I haven't a clue what I spend on groceries in a month. First identified what all the grocery budget would be spent for. This will include toilet paper, Kleenex, make up, shampoo, toothpaste and laundry detergent. It will not include meals out (restaurants) or pet food/supplies.
I decided to budget $100 a month and then began to wonder what the suggested budget amount was for groceries. Per a Life Hacker article Americans spend 9-12% of our income on food, which is less than any other country. Life Hacker suggests one budgets 14% of their income for food. One hundred dollars is below the 14% suggestion and I began doubting the amount I had decided. Per the article, a thrifty food budget for a family of two under 50 years of age is $373.30, a liberal food budget for the same would be $743.10! Seven hundred dollars for groceries?!? I can't begin to imagine!
Anyhow, I'm sticking with $100 month on groceries for now. It can always be changed at a later date. I have a well stocked pantry and freezer which will help keep the amount spent low for at least a few months.
No comments:
Post a Comment