Welcome to Tip 5 of our budgeting challenge. How much money do you think you can save on food each month? How much money do you currently spend at the grocery store each week? Do you have a budget for dining out? Let's talk about your food budget.
How much is food really costing you?
Food is an expense that can be hard to afford, yet hard to cut back. Depending on the size of your family and how often you dine out, your food budget might make up a good chunk of your monthly expenses. Starting now, try to track your food spending. Don't change your habits, eat as you normally would, and really keep track of the cost. If you stop at a convenience store and grab a Red Bull and some snacks, write it down. If you dine out, write it down. For 1 week keep track of every penny you spend on food and beverages.
How much did you spend?
Once you have your spending journal complete, take a good look at it and see where you can make changes. Challenge yourself to reduce your food spending. Make a reasonable goal and when you reach it, make another. It can be as simple as cutting out expensive coffee once or twice a week. Start somewhere.
I save at least $100/week with coupons and money saving apps. What could you do with an extra $400 every month? How quickly could you pay off your debt without making any other changes? How quickly could you have for that vacation you've been wanting or a downpayment on a house? Leave a comment below and let me know what your goals are.