Why You Need to Setup a Grocery Budget
One of the leading causes of financial waste, in my experience, has always been on groceries. So many people don’t plan appropriately, and as a result are spending a lot more money then they should be on groceries. In some cases, you buy too much food and end up wasting it and throwing it away. In other cases, you didn’t buy enough and end up eating out – which ads up quicker than most people think.
So whats the solution? Setup a weekly grocery budget and plan your meals. Let me say that last part again, but it is the secret ingredient: plan your meals! I know what you’re thinking. How could I possibly expect you to spend 20-30 minutes each week planning what you will have for lunch and dinner. I mean, there are only 10,080 minutes in a week. Who has 20 to spare?
What you need to do is sit down (with your significant other, if appropriate) and decide what days you’ll be cooking and what days (if any) you’ll be eating out. My wife and I open up the six or seven cookbooks we have, page through them and decide what sounds good. From there we analyze the recipes to figure out which ones we have most of the ingredients for already. That way we help limit the costs of buying random ingredients we won’t end up using on anything else. Ever.
You literally need to write out each day and what the meal will be. Either go old school and write out a physical grocery list or use one of your hip technology gizmos to put one together for you. This way when you go to the store you can stick to the list. If you don’t have a list you’ll start buying things you didn’t actually need and/or you’ll forget a critical ingredient. Make sure you have a backup meal like spaghetti handy for those unexpected long work days or those days you just don’t feel like cooking.
Like everything finance-related, the key is to stay disciplined. When you go to the grocery store stick to the list. If you didn’t plan for it originally, than you probably don’t need it. Wouldn’t you rather spend the money on something fun than on a bag of chips you never end up eating? If you play your cards right, this can also help you eat healthier which is especially needed during the holiday season.
Happy shopping!
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