Do you know what I found out? I discovered that only 5-10% of my income should be spent on food! I was shocked. I would say that in a really good month, I spend at least 15% of my income on food. In a month where I’m eating out with a lot with friends, throwing dinner parties, or maybe there’s an anniversary or birthday, I’m spending upwards of 25% of my income on food. Wow.
Digging a little deeper, I found out that one of the things I’ve been doing wrong is not setting a budget. Of course, I’m still going to keep spending money on eating out or buying a $10 block of specialty cheese from time to time. But if I want to save money, I need to know exactly how much I am willing to spend per week on food and then stick to it.
Some other money saving tips I plan to use:Plan meals and go with a list. If I plan ahead and I know about how much each item will cost, I can control how much I’m going to spend. This will also stop me from “splurging” on an expensive item.