An essential part of managing the monthly budget is calculating how much to spend on groceries, but it's not always that easy. Making a list before going shopping can help you stick to the budget on your food bill. But how much exactly should a family of four spend on groceries?
How Much Should a Family of 4 Spend on Groceries?
Setting a limit for grocery shopping isn't that simple. Every family is different; some may have special diets; some tend to eat out while others prefer home-cooked meals. And then there's the matter of the income. But overall, the general opinion is that a decent amount to buy groceries for four members is around $800.
An average family of four usually spends about $1000 on monthly groceries. To be more precise, and decide what amount is right for you, consider your view on spending money. If you are thrifty, your budget will go even lower than suggested. If you are a moderate household and eat out once in a while, the calculations will be different.
Fortunately, you can do things to reduce the cost of groceries: you can track your weekly purchases, eliminate the unnecessary elements, stick to the shopping list, avoid prepared foods, buy in bulk whenever possible, plan and pre-cook for the entire week.
As for eating out, you must reduce it if you want to cut down on expenses. Otherwise, you may find yourself applying for a loan with private lenders just to be able to get through the month. Cooking your meals is much cheaper, especially for a large family, even with the inherent food waste.
How Do You Calculate the Grocery Budget?
To calculate the grocery budget for a family of four, you must consider each member's different necessities. Children need smaller quantities than adults, but it also depends on each child's age. You must also consider how many meals you have at home, as lunch is usually at school or work; if any of you has an allergy or a special diet, that also influences the budget.
Using a thumb rule, you should calculate the monthly budget by adding at least $250 for every adult and $150 for every child. That means a minimum of $800 per month. However, you will probably have to add more if you want some organic products, for example. If you use coupons or buy in bulk non-perishable foods, you can also fit a few meals in a place with reasonable prices once in a while.
Overall, it's a good idea to assign at least 10% of your monthly budget for groceries and eating out. Of course, that percentage can be adapted. If you don't have to pay rent, you can increase the grocery budget and indulge yourself.
How Much Does a Family Spend on Groceries per Month?
The amount you need to set for groceries per month depends on what type of spender you can afford to be. If you plan to set money aside, you may have to keep the grocery expenses under control, even with a higher income. Here is the amount a family of four should be spending, depending on the monthly budget level:
• Thrifty: about $650
• Low-cost: up to $850
• Moderate cost: around $1,000
• Generous cost: up to $1.300
If you want to keep the grocery cost as low as possible, you can avoid pre-packed foods, not buy anything that's not on the list, use a credit card that offers cashback, choose farmer's markets, buy frozen vegetables, and cooking at home and with less meat. There are plenty of ways to eat healthy on a budget.
To avoid the extremes and be as realistic as possible when planning your monthly budget, an amount between $900 and $1100 is more than sufficient. Of course, a reasonable cost of groceries is one that fits into your overall budget, so all calculations must start from the net income.
What to Do if You Need Extra Money for Groceries this Month?
In an ideal world, you will have no problem sticking to the budget every month. Unfortunately, you cannot always plan everything with precision. If your family income doesn't allow you to set some money aside as a reserve, an unexpected expense can render all your calculations pointless.
Unanticipated events happen all the time, especially when you aren't financially prepared. A dental care bill, a car repair, or your computer breaking down can put you into a hot spot. How can you cover the emergencies and the basic expenses as well? Even if you cut the grocery budget to the minimum, you still may not have enough until the next paycheck.
There is a simple and hassle-free solution to such situations such as taking a loan from direct lenders online to cover short term expenses. Even if you try to avoid borrowing money in general, when you have to make sure you can pay for the groceries your family needs, you can make an exception.
The good news is there are better ways to get funding online. Private lenders are much less risk-averse and have requirements you can easily meet.
iCASH a trusted lender where you can apply for a payday loan online 24/7. You will have the advantage of reasonable terms, a speedy and simple online application process, and no minimum credit score limit to qualify.
You can apply whenever you want, without having to go there in person. The best part is you will know if you qualify immediately, and if your loan is approved, the money will be in your hands that same day. It's like taking a cash advance on your paycheck.
Joggling with monthly expenses is not easy when you have a limited income or want to set money aside for retirement or other projects you may have. But groceries are an essential and cannot be ignored. It can, however, be adjusted or supplemented with a quick loan when necessary.
When you’re dealing with personal finances, it’s important to work with lenders that you can trust, that provide transparent, reliable service with honesty and integrity. We believe very strongly in these Canadian values, and offer online loans that are backed by ethical, responsible, and transparent lending practices from a Canadian financing company.
There are no hidden fees or surprises. Everything is clearly spelled out in plain English as part of the loan application and agreement process. If you have any questions or issues, a team of friendly and knowledgeable Customer Experience Advisors are available by phone to help, 7 days a week.
There are no restrictions on how you use funds from your instant payday loans. Once you have been approved and received your money, you can do with it what you like. Most people use it to pay bills, pay for unexpected expenses, emergency repairs on a car or home, replacing an appliance that has broken down, and so forth.