From More In My Basket
Have you ever found yourself struggling to manage your monthly food budget? We all know it is important to do, but creating a budget can be time-consuming, requiring patience and attention to detail.
Managing your food costs isn’t about resigning yourself to a lifetime of deprivation. It is about shifting your mindset from reactive spending to strategic nourishment, ensuring your bank account stays as full as your plate. With that in mind, today we will go over some resources to ensure your food budget can last as much as possible through a food spending strategy.
Understanding the Difference Between Income and Expenses
The first thing to do when developing a household budget is to keep track of income and expenses. This will help you to see where your money is going and to consider if you want to make a few changes. Let's look at the components of a budget.
Income is money that comes into your household during the month. This can include wages from a job, child support, pensions, social security, and unemployment benefits. Income also includes non-cash benefit programs like Women, Infants, & Children (WIC) and SNAP.
Expenses are what you spend your money on, including any planned or recurring spending like rent or mortgage, food and utilities.
Needs vs Wants
Every family has needs and wants. This distinction could be different for everybody. What looks like a "want" to one person may be a "need" for another. A need is something that we must have, like shelter and food. A want is something that is not a necessity, but we would like to have or do.
Most of us cannot afford all our wants and still pay for our needs. When first looking at your income, determine how much money is needed to cover your essential expenses, and then see what is left over for other things that you want. Budgeting is a balancing act, but it is possible.
Look at what you are spending money on and see what you can adjust. For example, if you are buying coffee/tea twice a week, then try making the drink at home to save money. Another way to save money is to make a pitcher of flavored tea to chill and drink instead of soda. It’s all about thinking creatively, making choices, and prioritizing what’s important to you.
Strategies for Tracking Expenses
To get an accurate picture of your household’s spending habits, track what everybody spends money on for one month or more to understand where the money is going.
One method for tracking expenses is using a small notebook. Carry it around with you and write down every purchase. Take note of the date and how you made the purchase (check, cash, debit card, credit card). You can use a different page for each spending category to make calculating your total expenses easier.
Nowadays you can also use technology as a friend when planning your budget, such as creating an Excel spreadsheet or downloading budgeting apps. However, make sure you are tracking everything, including any purchases made with cash.
Creating a Food Budget
It’s important to develop a budget specifically for food since this is one category that is easy to overspend if you are not careful.
You can start by looking at your last grocery receipt to figure out if you are buying more processed foods that tend to be higher in price. Also consider buying the store/generic brand of food items instead of the more expensive name brand.
The primary goal is to obtain information about how much you are spending and what you’re spending money on to consider whether you want to make a change. For example, if you realize that you’re spending $20 a month on soda, you may set a goal to drink more water to save money.
The U.S. Department of Agriculture (USDA) developed a guide that provides an estimate of the amount of money a family might spend on food per week based on the age and gender of family members. There are guides representing food costs based on a Low-Cost, Moderate or Liberal Food Plan (see “Other Plans” button). You can find the guide and more information about food plans by clicking here. Remember, these are guides and your actual spending for food might be more or less. The guide is a starting point to consider what influences your grocery spending.
SNAP Benefits
Another great resource is SNAP, which stands for the Supplemental Nutrition Assistance Program. It was formerly known as food stamps, and it is available for low-income families who need extra help with their monthly food budget.
If you would like to learn more about SNAP or if you need assistance applying, contact the More In My Basket team. This is an NC State Extension program that offers free SNAP application assistance in English, Spanish and Portuguese Monday through Friday, 8 am until 5 pm. They are also happy to answer any SNAP-related questions you may have.
Contact the More In My Basket team toll free at 1-855-240-1451 (English and Portuguese), 1-888-382-7105 (Spanish) or visit their website at morefood.org.
Take these strategies, head into the aisles with a plan, and watch how quickly those small savings transform into a much healthier financial future. Your kitchen and your wallet will thank you.
