What you do or don’t do in your kitchen could have more of an impact on your household budget than any other discretionary expense. Food spending continues to be an area of focus with the majority of my clients, especially with rising food prices in the last few years.
According to the Consumer Price Index, the average cost of eating food at home has risen 11.4% in 2022 vs 2021. The cost of dining out has gone up too.
Below are some tips and strategies to help you become more mindful with food spending. As always, please take what resonates and leave behind what doesn’t. Each of us has a different relationship with food, so please keep your specific needs in mind when considering implementing any of my suggestions.
1) Track your food spending, as it might surprise you. Break up your food spending into categories. I find the most helpful breakdown is: groceries, to-go food, restaurants and sometimes also coffee.
Once you know how much you are spending on restaurants, for example, you can decide if that amount is aligned with achieving your other financial goals, or if you want to reduce how much you eat out. You can’t change what you don’t know.
2) As you track, notice your emotions- are you spending more when happy, sad, celebrating or bored? Getting an idea of the patterns of how you spend can help you be proactive and plan.
For example, if you tend to get a lot of take out when you are under the weather, you could freeze some nutritious home cooked meals so they are ready for you when you aren’t up for cooking. Or do you always tend to catch up with certain friends over an expensive meal, and could you do something else instead?
3) Does your food spending align with your values? For example, if one of your values is health, and once you start tracking your food spending, you notice that a lot of your monthly food budget is going to fast food, you may decide its time for a change.
4) Before grocery shopping, take an inventory and make a list. The frequency of how often you shop can also effect your budget. About once a week works best for most households. If you end up at the store every few days or every few weeks, you are more likely to overspend.
5) When you get home from the store freeze what you can— like meat in portions, bread, and some cheeses. Unwrap fruits and veggies and store them in a seal-able container to retain freshness.
6) Try batch cooking. Batch cooking can save you time and money. One of the best ways to approach batch cooking is to make a base recipe that can be adapted to different meals later.
Mindful food spending could help you save money and live a healthier life.