If you’re looking for ways to save a little extra money every month, your food budget may be a great place to start. The average American spends about $7,000 per year on food. According to the US Department of Labor, about $3,000 of that is spent eating out. That means the typical household is spending nearly half of its food budget on restaurants. We put together some money saving tips on cuts you can make to your food budget.
Plan your meals for the week. By spending an extra 30 minutes a week getting organized, you can save upwards of $50/week per person.
Shop smart. Junk food is the biggest spending category for food eaten at home. By cutting this type of food and purchasing more fresh fruits and vegetables, not only will you save money, but you will be healthier and help our environment by cutting down your use of pre-packaged products. It also helps to not shop hungry, and make a list before shopping that you stick to.
Cut out just two restaurant or fast food meals per week. The average two person household will save $100-$200 per month. Not to mention the health benefits.
Eat left-overs. According to a 2014 EPA study, Americans throw away more than 100 billion pounds of food every year, 15 percent of which is still unopened and within its expiration date. That is the equivalent of 40 percent of all food production, and more than $500 per household every year.
Brew your own coffee. If you made Starbucks a special occasion and made your own coffee two days out of three, you could afford a two-day cruise to Mexico every year, just on your coffee savings alone.
Implementing these small tips, even just a couple times a week, will help you eat your way to a fatter wallet.
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