It is time-consuming to pack your lunch every day, and for many dropping by the nearest fast-food chain to pick up something to eat is a quicker option. It helps take a little break from the office too and relax before resuming your duties. However, buying food from these restaurant chains does get expensive sometimes, and one may think of ways to narrow it down a bit. In 2015 a survey was conducted to see how much Americans spend on food per week and discovered that one American citizen spends an average of $20 on food every week. That does not include take-outs or meals from home, but if we take that into account, the amount sums up to $50 per week ~ $3000 a year.
If we decide to calculate, most people will be surprised at how costs add up with money spent on food weekly. But buying food could spare you a few hours to focus on your goals, go to the gym, and spend time with family or just rest.
How To Figure Out Your Weekly Food Budget
Sometimes it’s hard to keep track of how much you spend on food because it is a daily necessity; therefore you shouldn’t get shocked to find out that you spend way more than you need to. There are a few ways you can apply to figure out the overall weekly food budget.
Calculate The Right Percent For Food In Your Overall Budget
While setting up your overall budget food usually falls into the variable expenses category. Most Americans spend 10% of their disposable income on food, 5% is the amount spent on home food and 4.7% spent on taking away foods. To prove this point, compare your past spending to see how much of your take-home salary goes to food takeaways and groceries. An average person will spend about 10% of the net income on food which makes it 2.5% a week. Spending more or less than that could mean different things depending on one’s lifestyle and income.
Make Comparisons To Other People’s Food Budgets
The USDA suggests food plan spending on four different levels for one to use on a weekly and monthly basis. The food plans are a product of (SNAP) Supplemental Nutrition Assistance Program previously known as food stamps. These food plans are regarded as the estimated cost of a nutritious diet for homemade meals at low cost, economical cost, liberal cost, and moderate cost. You can adopt one plan depending on your earnings and compare it to others with similar food plans to see how much you spend.
Track Your Spending Regularly And Update The Budget
The best way to have a good tracking record is to start from scratch instead of making estimates of an amount that feels right. Take the whole month to do so if necessary and see how one week’s budget varies from the other. Once you’ve accomplished that, you can calculate the average weekly budget. The result obtained is the amount you should start using for other weeks to come. If the amount is too big, you can take measures to reduce it and set the right amount for you.
Tips For Making A Food Budget
- Apply the national food average cost which will help you set a budget from your take-home income
- Buy foods that you can afford
- Reduce your dining budget
- Consider your current spending and always put everything in writing
- Stick to your budget by using cash so that you don’t use your bank card when you need money. Committing to your budget will not only help you know your spending but also save you money
- Always review your actual food spending and make a regular comparison to get the average amount that you can set as your permanent food budget
- Use the U.S average plan which provides for weekly and monthly costs designed on age and gender basis
For those who choose to stick to buying fast foods and plan to set up a weekly food budget that sits right with their earnings, it’s best to know food items that won’t leave you bankrupt. We
used Real Menu Prices for the data to help you go through what most fast food restaurant chains are offering. The long list comprises your favorite restaurants and their real menu data. Through them, you’ll be able to find out cost-effective meals fit for your budget.