So in honor of National Coffee Day, let’s take a look at how brewing coffee at home might help you get closer to your million dollar savings goal.Â
How does buying coffee tie into your spending for joy?
The first thing to ask yourself is how much joy does coffee bring to your life. Then you can give some thought to what it is about coffee that you enjoy. Is it the energy from the caffeine? A specific flavor or experience? The act of being social with others? That will help you decideÂ
If you like to have the caffeine but you donât need a fancy cup of coffee to bring joy to your day, consider brewing it at home or cutting it out of your life
If it’s medium, maybe you can find ways to balance how you treat yourself vs. how frequently you pick up a latte. You could cut the habit back to twice a week – perhaps reward yourself on Mondays for kicking off the week and on Fridays for closing it!
If coffee brings you a lot of joy, maybe it’s better to cut back on other things. After all, the whole point of a budget is to save money on things you don’t find important so you still have money left to spend on the things that are important to you.
Mint has worksheets that allow you to compare your spending in various categories to the level of joy you feel you got from that spending. That can help you decide if your budget is calibrated towards the things that bring you the most overall happiness.
How to turn your daily cup of coffee into micro investments
Could you turn your coffee habit into a savings habit? Auto-invest debit cards and micro investing might help you get the best of both worlds. Micro investing allows you to invest in super small increments by buying fractions of shares.â¨ This form of investing helps to maximize your moneyâs growth potential, so rather than your money sitting in a bank account with no return to lose value over time, micro investing can help give your money a chance to increase with inflation and retain or grow in value. Recently, micro-investing apps like Acorns have been growing in popularity by allowing users to easily invest and save starting with their spare change.
One feature of Acorns is the ability to round up your purchases to the next whole dollar and invest the difference. When you sign up to the Acorns Round-UpsÂ® feature, your spare change gets automatically invested into a diversified, ETF portfolio. This can be a great way to invest a small amount on a consistent basis and help build good financial habits. Acorns also gives additional bonus investments when you shop with one of their brand partners, including Bulletproof coffee, Peetâs and Coffee Bean, so you can save and invest more. Sign up for Acorns here to get a $10 bonus investment when you start.
How much could you get from investing your coffee money?
So, what does the actual math look like of compounding your coffee money in the stock market until you retire? While there are a lot of different variables involved, here are two examples.
Example 1: Ditching your fancy latte
$4 daily coffee â replacing it with nothing (drink water instead)
20 coffees per month
8% average annual return on investment
After 40 years, your coffee money has turned into $248,694.26! Not quite enough to make you a millionaire, but you’re well on your way.
Example 2: Rounding up
30 debit card transactions per month
Average of 50 cents of roundup per transaction, invested.
8% average annual return on investment
After 40 years, rounding up all of your transactions each month has netted you $46,630.17. Not bad for your spare change that you probably didn’t even miss.
While neither of these scenarios are likely to solve all of your retirement needs, that’s not what their intent is. Instead, plans like this allow you to be more focused on where your money goes and where you want it to go.
The Bottom Line
Coffee is something that many people drink on a daily basis and there are a large variety of different ways (and costs) to drink your coffee. Even if you don’t drink coffee, you may have other similar habits in your life â tea, soda, a daily afternoon snack or regular lunches out. None of these things are necessarily bad â instead, you just want to make sure that your spending is matching up with your overall life priorities. Using an app like Mint can help you regularly review your spending and make sure it’s helping you get where you want to go.
The post Could Brewing Coffee at Home Make You a Millionaire? appeared first on MintLife Blog.
Thanksgiving is about spending time with family – both the family you were born with and the family you’ve chosen. That’s why Friendsgiving celebrations have become more popular in recent years. They give adults a chance to sit down and share a meal with friends they may not get to see much throughout the year.
But these gatherings aren’t always such a blessing for the host. The holidays are already an expensive time, and putting together a feast for a large group isn’t exactly cheap. So how can you throw a Friendsgiving celebration without breaking the bank?
Ask for Help
When you start planning your Friendsgiving, the key is to pitch the idea as a potluck. If you can get your friends to each bring a side or dessert, your costs will be reduced significantly.
Asking for help will also make the experience more enjoyable for you since you wonât have to cook five dishes for 15 people. Plus, your friends may have their own Thanksgiving specialties. One may have an old family recipe for pecan pie, while someone else may be a mac and cheese expert.
You can use a free site like SignUpGenius to decide whoâs going to bring what. Insert the dishes youâd like people to bring, including appetizers, sides, and desserts. Friends who are a disaster in the kitchen can sign up to bring alcohol, plates, silverware, cups and other beverages.
Have the Event After Thanksgiving
To really save money on Friendsgiving, host the event a couple days after Thanksgiving. Many grocery stores will have major sales to push their pies, sides, and turkeys. Instead of shopping for TVs or clothes on Black Friday, you can hit up the grocery store.
Before you decide on this idea, make sure your friends will be around after Thanksgiving. This may work better if you go home for Thanksgiving and want to host a Friendsgiving for all your hometown friends.
Opt for Chicken
Turkey is the standard on Thanksgiving, but many of your guests will be fine with chicken. Ask your guests beforehand if they care if you serve chicken instead of turkey this year.
Chicken is usually cheaper than turkey, especially because turkey prices often spike right before Thanksgiving. You can also save time by buying a rotisserie chicken instead of roasting one yourself. Costco has a daily $4.99 rotisserie chicken deal, for example.
Ask about Dietary Restrictions
Dietary restrictions and special diets are more common these days, and itâs wise to ask your guests beforehand if they canât have a particular kind of food. Not only is it thoughtful, but it could also keep you from having too many leftovers or wasting money making something only a couple people will eat.
Dietary restrictions can also change your budget, so itâs important to plan ahead if this will be the case. For example, if you have a friend who eats gluten-free items, let her bring the gluten-free rolls.
Freeze Food Correctly
Depending on how many friends come to your event, you may end up with a bunch of leftovers. Instead of throwing them away or putting everything in the fridge, you can freeze dishes to save for later.
Before freezing items, divide them into individual serving sizes. For example, instead of putting all the turkey into a gallon bag, divide it into several sandwich bags. That will make defrosting easier and faster, and will make it more likely that youâll actually go through your leftovers.
Make sure to label the food with the date so you know how long itâs been in the fridge. Every couple weeks, defrost a new small batch of Thanksgiving leftovers.
Compare Fresh, Frozen and Canned
Brussel sprouts are priced differently, depending on whether youâre buying a fresh stalk or a frozen bag. The same goes for most types of food.
Before you buy what you need for Thanksgiving, make sure to compare the cost. Are frozen cranberries cheaper than fresh ones? Look at the price per ounce to compare things correctly.
Use Grocery-Saving Apps
Apps like Ibotta, Checkout 51 and BerryCart give money back when you scan the receipts from a shopping trip. You can also save money beforehand by checking the available offers before shopping.
Make sure to check for coupons and read the weekly ads before you go shopping. The differences may seem minimal, but they can add up quickly – especially if youâre the one buying most of the food.
Shop in Bulk
Some grocery stores have a bulk section where you can pick out spices, nuts, and grains from containers and jugs. You can measure out only as much as you need.
This is an easy way to make a recipe without wasting money. Hereâs an example: You need to make the stuffing, and you have to buy sage and thyme. You never cook with sage and thyme, so buying a couple bottles of dried sage and thyme would be overkill.
Instead of buying a full bottle that will go stale by the time next Friendsgiving rolls around, you can buy it in bulk and measure out exactly how much you need.
Bring the right measuring spoon with you to the grocery store. For example, if you need a teaspoon of nutmeg, bring a teaspoon along so you can measure out exactly how much is required for the recipe.
Shop at Different Stores
Start hunting for deals a few weeks before Thanksgiving so you can get the best discounts possible. Many items will be fine in the fridge, the pantry or the freezer. For example, butter, pie crust, a frozen turkey and cans of green beans will all keep until the day of the event.
You can also save even more by shopping at discount chains like Aldi or at a scratch-and-dent store. Make sure to compare prices before you buy. Sometimes itâs easy to assume that one store has better prices, but itâs always best to actually compare costs.
Compare Ingredients vs. Prepared Foods
Itâs almost always more frugal to make a dish from scratch, but there are exceptions. For example, making homemade stuffing means you need to buy a couple loaves of bread, celery, butter, onions and more. If you buy a box mix, youâll spend a lot less and wonât waste any food.
A box mix may not taste as good, but itâs better than a Friendsgiving with no stuffing at all.
The post How to Host Friendsgiving on a Budget appeared first on MintLife Blog.
Meal prep services have become increasingly more common over the past few years. During the COVID-19 pandemic when people limiting their trips out of the house, food delivery services increased drastically. In addition to straight food delivery like DoorDash or UberEats, services that delivered meal kits became more and more prevalent. While these meal prep services aren’t a great fit for everyone, they can make sense for certain budgets.
What Is a Meal Prep Service?
A meal prep service, also sometimes known as a meal kit, provides you with a certain number of meals per week. You select the number of meals and which meals you want, and they will be delivered to your door. The ingredients are measured out in exact serving sizes, usually to make one to four portions.
It is common for meal kit services to offer a certain number of “free” meals when you initially sign up. The idea is that you can try out the meal service for less of a financial commitment to see if it’s something that will work for you.Â
One thing to be aware of is that these free meals usually don’t all come upfront. If you sign up for a deal that offers 10 “free” meals, you won’t just get 10 meals delivered to you for no cost. Instead, it might be a discount that is equivalent to 5 free meals for the first week, then 3 for the second week and 2 for the third week.
What Are Some Popular Meal Prep Services?
There are many, many meal prep services. Each of these meal kit companies shares several characteristics, though they sometimes differ in a few key areas. Here are a few of the most common meal prep services:
Blue Apron â Blue Apron has you choose from their Signature recipes, Wellness or Vegetarian. You can also pair your recipes with their monthly wine subscription. Cost is $63 for three meals a week for two people
Freshly â With Freshly, you can choose from 4, 6, 8, 10 or 12 meals per week, with each serving one meal for one person. The cost starts as low as $8.49 per meal, plus shipping
Home Chef â With Home Chef, you can choose from a variety of different meals each week based on your preferences and dietary restrictions. Meal plans start as low as $6.99 per serving. You can also find Home Chef meal kits at select Kroger grocery stores nationwide.
HelloFresh â HelloFresh has over 27 fresh recipes each week designed by chefs and nutritionists. Prices start at $7.49 per serving and you can easily swap, skip or pause your order at any time
When Does a Meal Prep Service Make Sense?
While a meal kit or meal prep service may be more expensive than cooking your meals at home, it may make financial sense for some people. If you find you are eating most of your meals at restaurants, a meal prep service could save you a significant amount of money.
The best way to figure out if a meal prep service might make sense for you is to take a look at your current food budget. How much are you spending each week or month on food? Is that primarily spent on groceries, single meal deliveries, or restaurants? Track your spending with a tool like Mint to figure out where your money is going now.Â
Then you can take a look at a few different meal prep kits and their prices to see if that might make sense for your budget. Remember that many of these companies offer introductory rates so you might even be able to try a few options to find one that works for you. Another thing to remember is that some of the meals might have large enough portions that they could work for leftover lunch the next day as well, further reducing your per-meal cost.
The Bottom Line
Using a meal prep service may be more expensive than buying your own food and cooking at home. But, if your culinary skills, time, or energy don’t allow that luxury right now, using meal kits might be cheaper and healthier than ordering delivery or eating at restaurants. You may even find preparing meal kits are a good first step to more confidence in making your own meals.
The post Does a Meal Prep Service Make Sense for Your Budget? appeared first on MintLife Blog.
Use the grocery calculator below to estimate your monthly and weekly food budget based on guidelines from the USDAâs monthly food plan. Input your family size and details below to calculate how much a nutritious grocery budget should cost you. Of course, every family is different. Some love coupons and leftovers, while others prefer fresh fish and aged cheese. Once youâve established your budget, use the slider to adjust your estimate to your spending habits.Â
Getting your food budget on point takes practice. With this grocery calculator and the right spending habits, youâll have enough for your living expenses and exciting financial goals like paying off loans or buying a house.
Grocery Budget Calculator
A moderate grocery budget will run you:
Weekly Grocery Cost Food costs per individual are based on USDA research regarding Dietary Reference Intakes and Dietary Guidelines for Americans, and follow MyPyramid nutrition guidelines.
Monthly Grocery Cost Food costs per individual are based on USDA research regarding Dietary Reference Intakes and Dietary Guidelines for Americans, and follow MyPyramid nutrition guidelines.
What kind of spender are you?
Does your estimate look right? If your spending habits don’t add up, explore these other budget options and choose what’s best for your lifestyle.
Thrifty This is the USDAâs estimated food budget for families that receive food assistance like WIC or SNAP.
Cost-Conscious This is an ideal budget for nutritious meals if youâre looking to save a little extra cash with leftovers and coupons.
Moderate This is the standard for affordable, nutritious, and balanced portions for most families.
Generous This budget gives you some spending wiggle room for finer foods or extra portions.
See where the rest of your budget is going Sign up for Mint
Monthly Grocery Budget
Ever wonder how much you should spend on groceries?Â The average cost of food per month for one person ranges from $150 to $300, depending on age. However, these national averages vary based on where you live and the quality of your food purchases.
Hereâs a monthly grocery budget for the average family. This is based on the national average and likely varies by location and shop. For instance, New York City grocers are going to be far more expensive than Kansas City shops. Additionally, organic grocery stores like Whole Foods are pricier than places like Walmart or Aldi.
Youâll also want to consider dietary choices, like gluten-free or vegan diets. These can significantly affect your budget, so consider planning your grocery list online to compare prices and find your preferred alternatives.
Finding a reasonable monthly grocery budget ensures you and your family have what you need, while not overspending. Look back at previous months using a budgeting app or credit card statements to see what youâve spent at the grocery store. Decide if you want to maintain your current budget or cut back.
Purchasing Groceries vs. Dining Out
Donât forget what you spend at restaurants when you consider your food budget. According to the U.S. Department of Agriculture, Americans spend 11 percent of their take-home income on food. It doesnât all go towards groceries, though. Approximately six percent is spent on groceries, while five percent is spent dining out â including dates, lunches with coworkers, and Sunday brunch.
With this framework in mind, you can calculate your total food budget based on your take-home income. For example, Rita makes $3,500 per month after taxes. She would budget six percent for groceries ($210) and five percent for restaurants ($175). So sheâll need a total of $385 for food each month. With a little practice, sheâll better learn her habits and be able to accurately adjust her budget.
Tips for Reducing Your Budget
There are several ways to cut back on what you spend without sacrificing the quality and taste of your food. Trimming your food budget can help you stow away more for your financial goals, such as building an emergency fund or saving for a dream vacation.
Coupons are easy to find in the mail, in store, in your inbox, and even in a Google search. Many popular grocery stores are rolling out apps that track your coupons and savings. Be sure to download and register your email for new updates and sales. These usually work in person or online, so you can shop when and how you like.Â
While a single coupon might not give you a large discount, you can save a lot with multiple coupons. Itâs also important you make sure you actually need the item youâre purchasing instead of buying it for the sale. This can quickly get out of hand and push you over budget.Â
Freeze Your Food
Freezing your fresh food before it goes bad helps your wallet and the environment. You can plan ahead and freeze prepared produce to save time on weekday cooking, or chop and freeze last weekâs produce before shopping for more. Frozen vegetables are great in soups and stews, and you can use frozen fruits for healthy breakfast smoothies.Â
Plan a Weekly Menu Ahead of Time
Plan your meals ahead of time to determine the food items and quantities you need before you head to the grocery store. This way youâre more likely to buy the exact items you need and can plan for breakfast, lunch, and dinner. Try to plan for recipes that use the same ingredients so thereâs less to purchase. You can also make larger meals and plan leftovers for lunch so you have less to plan and purchase.
Bring Lunches to WorkÂ
A $13 lunch out might not seem like much, but it can blow your food budget fast if it becomes a habit. Push your monthly food budget further with delicious lunches from home. Salads, sandwiches, and leftovers are all easy, inexpensive, and nutritious.Â
Buy Store BrandsÂ
Many packaged products have a huge price disparity between brand name and generic items, and store brand items tend to be cheaper without sacrificing much quality. You can easily save 10 cents to a dollar per item, which adds up quickly over many trips.Â
Shop at a More Affordable Store
Your local farmers market, chain grocery, and organic store will all offer different specialties and sales. Check out the different shops in your area to find the best combination of quality and price. Some stores might even offer bulk items â great for your favorite products and those with a long shelf-life. Choosing cheaper staple items like milk and yogurt can also make a huge difference over time.Â
An accurate food budget that works for you helps you feel more confident and in control of your finances. Build a budget, learn your spending habits, and keep a grocery list to keep you on track and responsible so you can reach bigger goals, like a new vehicle or a down payment on a house.Â
Sources:Â USA Today |Â EurekAlert | Persistent Economic Burden of the Gluten-Free Diet
The post How Much Your Monthly Food Budget Should Be + Grocery Calculator appeared first on MintLife Blog.
Itâs no secret that you can be healthy on a budget, but the real secret lies in how you can stay healthy and on budget.Â Just like adapting to a new diet, staying on budget is all about behavior change.Â In my previous article, I shared tips on eating healthy on a budget, and this time around, Iâm digging a little deeper into how to stay on budget on a shopping trip.Â Since I get groceries at least once per week, both for work projects and for my personal family shopping, I consider myself an expert in saving money at the grocery store.Â Here are my top 10 tips for shopping at the grocery store on a budget, and donât be surprised- some of these tips start even BEFORE you hit the store!
1. Check mail for coupons and ads
Cutting coupons may seem like a blast from the past, but if cutting out little pieces of paper can save $5 for my future, then Iâll be clipping away!Â Each week, your mail includes ads from local grocery stores and coupons from major brands, so tossing that mail out is like throwing away money. Instead, look through that mail to find deals on your frequently used items, and anything special coming up.Â Shopping ads especially help me to plan food for holidays, like for this budget-friendly spread for Fourth of July.
2. Make a grocery list.
I suggest planning out weekly meals and making a grocery list for it. This not only saves a lot of money, but will also save time in the grocery store and help reduce food waste (which is basically wasted money).Â Going into the store with a list makes me feel more prepared and in control of what I spend. Itâs pretty easy to say no to those extra treats in the cart if theyâre not on my list.
3. Shop where you bag your own groceries.
If you have a grocery store in town where you bag your own groceries, chances are that store has the best prices since the savings on staff can be reflected on your receipt.Â Plus, I like to bag my own groceries, as it gives me a final run-through of my purchase to make sure I didnât forget anything, and I get to bag them exactly how I want.
4. Eat before to avoid impulse and unhealthy buys.
The biggest mistake in overspending at the grocery store is going shopping when your stomachâs growling.Â That extra bag of chips gets half-way eaten before check-out at the register, and guess what?!?! It wasnât on your grocery list, in your budget, OR on your meal plan.Â Prevent that mistake by eating before a trip to the grocery store and it will be easier to stick to your plan.
5. Buy seasonal fruit and vegetables.
There are so many reasons why eating seasonally is better- less impact on the environment, more nutrients, and better taste- but buying produce in season is actually a great way to save money and eat healthy. â¯You donât have to spend extra on foods that are imported from different regions when itâs growing in season in your area.Â When produce is in season, itâs in abundance so farmers are able to give a better deal.
6. Buy frozen veggies.
While I stress that fresh is best, there are some times when it just makes sense to buy frozen veggies.Â One reason would be because of cost. If there is a good sale on organic frozen peas, Iâll go ahead and purchase some ahead of time since I can store it in my freezer.Â Another reason to buy frozen is because of seasonality. There is plenty of fresh and juicy corn available in the summer, but when it comes to winter months, I like to pull corn straight from my freezer.
7. Buy deli meat and cheese at the deli.
There is so much emphasis on how pre-packaged foods are more convenient, but these foods are not convenient on my wallet or my diet. When you buy foods that are already packaged, youâre paying for that extra packaging and all the costs that go along with that (from advertising, to transportation, to even stocking it on the shelves).Â On top of that, buying food already packaged up can mean you end up wasting some of that food if you donât use it.
That being said, I am all for soliciting the various departments of the grocery store and getting exactly how much I need, which means I pay for only that.Â I get my sandwich meat and cheese from the deli and what I love is that I can tell them how much to slice, how many slices, and even how thick to make my slices.Â Gone are the days of moldy cheese because I ran out of bread- now I know to shop for exactly what I need.
8. Buy bread and baked goods in the bakery.Â
Speaking of bread, I also buy baked goods at the bakery.Â Not only are these items usually made fresh in stores, they also skip all the fancy packaging and trickle all those savings to you.Â If youâre seriously on a budget, some bakeries even sell day-old goods for a fraction of the cost.
9. Buy meat in bulk, cut and freeze.
While youâre visiting the different departments of the grocery store, donât forget to make a stop to the butcher.Â I like to buy meat in bulk and cut it to freeze for later. Itâs so much cheaper to buy meat like this, and I love the convenience of having options to use in my freezer.Â My biggest tip is if youâre going to make chicken, get the whole chicken because thatâs considerably cheaper than one thatâs cut. Aside from using just the meat, you can also make a delicious chicken broth with the carcass, which is a great way to use the whole animal and also save money even more!
10. Buy Bulk Bin items.
You know those bulk bins at the grocery store?Â That section is like gold to me since every time I visit it, Iâm saving money!Â Since Iâm usually developing recipes, itâs just easier to purchase the exact quantity of something, that way I know exactly how much something costs.Â Whatâs even better is that I only have the amount needed for the recipe, and that leaves me with less food to waste each month. I absolutely dread throwing away food, because itâs like throwing away money, so by buying some ingredients in bulk, I know Iâm using up what I need.
Using ingredients from bulk bins, Iâm going to make aebleskiver, or Danish Pancakes.Â Ever since I got a special pan, Iâve been obsessed with making these fun-size pancakes.Â I usually donât purchase separate pans for specialty foods, but I really got my moneyâs worth for this pan since I use it a few times each month.Â Yes, I could buy these ingredients packaged up ahead of time, but itâs happened where I think I have enough flour for a recipe (usually after I already mixed up the other ingredients), but I donât have enough so I have to waste my time with an emergency trip to the store.Â But ever since I started using bulk bins, I know I have enough for my recipes every time, and when it comes to eating healthy on a budget, everything adds up!
The post Best Tips for Shopping at the Grocery Store on a Budget appeared first on MintLife Blog.
If youâre a gardener, chances are you know how rewarding growing your own food can be. Whether you run an at-home farm, tend to a small patch of blueberry bushes, or have an apartment window herb garden, you know how satisfying that harvest of something youâve grown is. Gardening has been linked to some serious health benefits, tooâeven significantly lowering levels of cortisol and feelings of stress.
Turns out, growing your own food at home offers much more than a chance to get outside and get your hands dirty. Growing your food can be an incredibly cost-effective hobby, with a 600 square-foot garden producing about 300 pounds of fresh produce worth around $600 annually. When packs of seeds cost around $3 each, the opportunity to grow your investment, literally and figuratively, is clear.Â Â
Just by planting and tending to tomatoes, lettuce, or potatoes, you could save some serious money as a result. The average American spends close to $6,800 a year on food, which equals 12.6 percent of their total spending. Of that, $760 is spent on fruits and vegetables. By spending under $100 to build up your own plot of fruits and veggies, you could save around $800 a yearâmoney that you could then save or invest in more seeds to save even more at the grocery store!
You donât need a green thumb to see how that math adds up. If youâre worried about a black thumb ruining your chances of saving some serious green yearly, learn more about gardening tips that will turn even the smallest of garden plots into a bountiful harvest. Plus, read up on the many benefits of gardening on your health and overall happinessâyouâll be grabbing gardening gloves and mulch before you know it!
Sources: Country Living | An Oregon Cottage | Balcony Garden Web | The Penny Hoarder | Earth Easy | PSECU | Good Housekeeping | AARP | MoneyÂ
The post Gardening Tips That Save You Green appeared first on MintLife Blog.
Have you ever sat down to go over your budget only to find out that youâve outrageously overspent on food? Local, organic, artisan goods and trendy new restaurant outings with friends make it easy to do. With food being the second highest household expense behind mortgage or rent, our food choices have a huge impact on our budget. Using this monthly budget calculator can also help guide how to budget for food.Â
You may be surprised to find out that the most nutrient-dense foods are often the most budget-friendly. Itâs not only possible, but fun and easy to eat nourishing, delicious food while still sticking to your budget. Here are 11 ways to help you learn how to budget groceries.
1. Track Current Spending
Before you figure out what you should be spending on food, itâs important to figure out what you are spending on food. Keep grocery store receipts to get a realistic picture of your current spending habits. If you feel inclined, create a spreadsheet to break down your spending by category, including beverages, produce, etc. Once youâve done this, you can get an idea of where to trim down spending.
2. Allocate a Percentage of Your Income
How much each household spends on food varies based on income level and how many people need to be fed. Consider using a grocery calculator if youâre not sure where to start. While people spent about 30 percent of their income on food in 1950, this percentage has dropped to 9â12 today. Consider allocating 10 percent of your income to food as a starting point, and increase from there if necessary.
3. Avoid Eating Out
This is the least fun tip, we promise. Eating out is a quick and easy way to ruin your food budget. If youâre actively dating or enjoy going out to eat with friends, be sure to factor restaurants into your food budget â and strictly adhere to your limit. Coffee drinkers, consider making your favorite concoctions at home.
4. Plan Your Meals
Itâs much easier to stick to a budget when you have a plan. Plus, having a purpose for each grocery item you buy will ensure nothing goes to waste or just sits in your pantry unused. Donât be afraid of simple salads or meatless Mondays. Not every meal has to be a gourmet, grandiose experience.
5. Keep a Fridge Grocery List
Keep a magnetized grocery list on your fridge so that you can replace items as needed. This ensures youâre buying food you know youâll eat because youâre already used to buying it. Sticking to a list in the grocery store is an effective way to keep yourself accountable and not spend money on processed or pricey items â thereâs no need to take a stroll down the candy aisle if itâs not on the list.
6. Eat Before You Go to the Store
If your mother gave you this advice growing up, she was onto something: according to a survey, shoppers spend an average of 64 percent more when hungry. Sticking to a budget is all about eliminating temptations, so plan to eat beforehand to eliminate tantalizing foods that will cause you to go over-budget.
7. Be Careful with Coupons
50 percent off ketchup is a great deal â unless you donât need ketchup. Beware of coupons that claim youâll âsaveâ money. If the item isnât on your list, youâre not saving at all, but rather spending on something you donât truly need. This discretion is key to saving money at the grocery store.
8. Embrace the Bulk Section
Not only is the bulk section of your grocery store great for cheap, filling staples, but itâs also the perfect way to discover new foods and bring variety into your diet. Take the time to compare the price of buying pre-packaged goods versus bulk â itâs almost always cheaper to buy in bulk, plus eliminating unnecessary packaging is good for the planet.
Bonus: a diet rich in unprocessed, whole plant foods provides virtually every nutrient, ensuring optimal health and keeping you from spending an excess amount on healthcare costs.
9. Bring Lunch to Work
Picture this: youâre trying to stick to a strict food budget, and one day at work you realize itâs lunchtime and youâre hungry. But alas, you forgot to pack a lunch. All the meal planning and smart shopping in the world wonât solve the work-lunch-dilemma. Brown-bagging your lunch is key to ensuring your food budget is successful. Plus, it can be fun! Think mason jar salads and Thai curry bowls.
10. Love Your Leftovers
Would you ever consider throwing $640 cash into the trash? This is what the average American household does every year â only instead of cash, itâs $640 worth of food thatâs wasted. With millions of undernourished people around the globe, throwing away food not only hurts our budget but is a waste of the worldâs resources. Tossing food is no joke. Eat your leftovers.
11. Freeze Foods That Are Going Bad
To avoid wasting food, freeze things that look like theyâre about to go bad. Fruit thatâs past its prime can be frozen and used in smoothies. Make double batches of soups, sauces, and baked goods so youâll always have an alternative to ordering takeout when you donât feel like cooking.
Sticking to a food budget takes planning and discipline. While it may not seem fun at first, youâll likely find that you enjoy cooking and trying a variety of new foods you wouldnât have thought to use before. Being resourceful and cooking healthfully is a skill that will benefit your wallet and waistline for years to come.
Sources: Turbo | Fool | Forbes | Medical Daily | GO Banking Rates | Value Penguin
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Weâre living in an age of convenience. Groceries can be delivered, clothes can be picked out for you and just about every TV show and movie ever made can be beamed straight into your living room. If I had the money, I could get pretty much everything I need without ever leaving my house.
But unfortunately, I donât have the money. Do you?
As our society has collectively fallen in love with subscription services, many of us have let them take over our budget. Because these are recurring expenses, itâs all too easy to sign up and forget about your card being charged every month.
Itâs time to finally ask yourself -are all of these subscription services worth the money?
Are You Spending Too Much on Subscription Services?
Before you can decide if meal subscription and delivery services are eating up too much of your budget, you have to figure out how much youâre spending on them. This is a very subjective and personal question that depends on your income, total spending and other goals.
Look at your monthly subscription and food delivery spending in Mint, checking to see if the numbers align with your budget. Take the time to sort and categorize the transactions if you havenât done so in a while. It may help to look through several monthâs worth of expenses, because some subscription services like FabFitFun only ship once a quarter.
Spending may also vary based on the seasons or other external factors. You may spend more on food delivery services during final exams because youâre too busy to meal plan. If the seasons change and you donât have any clothes, you may spend more on personal styling services.
Once you have an accurate account of how much you spend, compare it to your income and other expenses. Spending $50 a week on a meal kit service doesnât mean anything without context. You need to know how that compares to your other expenses.
How to Cut Down on Subscription Services
If you found that youâre overspending on subscription services, it doesnât mean that you need to cut them out entirely. Think about how much value each service provides to your life, and prioritize where your money is going.
Make a list of all the subscription services you currently have and how much you spend on them each month. Then rank the subscription and delivery services from most important to least.
Write down how often you actually use the products or services. Be honest with yourself. The goal is to keep the boxes and services that you actually use, love and enjoy on a regular basis. This can help you identify which services donât fit into your lifestyle – or budget.
Try to be as objective and ruthless as possible here. Yes, you may love getting the monthly Stitch Fix box in the mail, but do you actually keep the clothes they send? Learning to cook with Blue Apron may be a worthy goal, but do you actually like the meals they send?
Once you have a list of essential subscriptions, look at your budget again and determine how much money is left for those services. If the available amount is greater than the total cost, youâre in the clear.
However, if the amount is more than you can afford, itâs time to go back to the drawing board. If you absolutely canât bear the thought of parting with your subscriptions, youâll have to look at cuts you can make in other spending categories.
How to Save on Subscription Services
Chances are, youâre paying more for some of your subscription services than is absolutely necessary. Most video streaming services let you watch multiple screens at once so you can split it with friends or family. Some even have student deals if you have a university email address. Your school may even have its own special agreements with certain providers.
If there are a lot of subscription services you want to keep, consider alternating which ones you use throughout the year. Most subscription and delivery services make it easy to cancel and resubscribe later.
For example, if you have a beauty box subscription and a bathroom full of toiletries, quit the service until youâve used most of the products. Many of these products expire, so youâll be saving money and cutting down on waste.
If you subscribe services but only use them during a particular season, like a streaming service tied to a seasonal sport, get rid of them and reactivate when youâre ready. You can also do this with streaming services that only have a few shows youâre interested in. Once youâre done watching Stranger Things, for example, you can deactivate your Netflix membership for no penalty.
Seek Alternative Ways to Save
Looking for cheaper versions of your favorite services can also help you avoid overspending. Some grocery stores now have meal kits similar to Blue Apron or HelloFresh. Itâs not as convenient, but itâs a much more affordable alternative.
Many companies give customers referral codes they can send out to friends and family. When people use your referral codes, youâll earn free credit or cash. For example, Barkbox provides a free month if someone signs up for a six or 12-month membership through your referral link.
Sometimes companies will have a special coupon for new customers that use referral codes, like Stitch Fix who provide a $25 bonus for both the new customer and the one who referred them.
You can share these links on social media, by text or through email. Some programs have a limit on how much you can earn with referral codes, but it never hurts to try. If you end up exceeding that amount, you can apply for their official affiliate program to earn cash instead of credit.
If you do cancel a program, check your bank account to make sure youâre no longer paying for it. Some services are guilty of occasionally charging former subscribers even after theyâve quit.
Which subscription service are you going to cut back on this year? Let us know in the comments!
The post Are All the Food Delivery and Subscription Services Worth It? appeared first on MintLife Blog.