How to Set a Monthly Budget for Groceries

Budgeting is something that no one likes to do, but everyone should do. There’s no point in not budgeting, because it’s going to keep you on track financially. Even if you don’t need to work with a budget, it’s a good idea to do it anyway. The more you budget, the more successful you will be in terms of finances. These tips are going to help you create a monthly grocery budget that works; and stick to it.

Figure out Your Necessary Expenses First

When it comes to making a grocery budget, it’s imperative that you first consider your other expenses – and this includes your savings. You should always pay yourself first. This will give you a good idea of what’s left over each month for groceries. When you do this, you will see that you can spend X amount of dollars on food and groceries.

Consider Your Family

When it’s time to create a budget for your family, you have to consider the size of your family. It’s probably unreasonable to assume you can spend $50 per week on groceries with a family of 6, so you have to consider how to make it work for your size. What do you like to eat and how many meals are eaten or packed at home?

 Break Down Your Grocery Budget

The next thing you need to do is break down your grocery budget. How many packages of diapers or formula or baby food do you purchase each day? How much of your spending is spent on buying things for your kids’ school lunches or your spouse’s lunch? When you break that down and budget a certain amount for each specification, it makes grocery budgeting easier.

Review Your Receipts

To figure out a good monthly grocery budget for your family, keep your grocery receipts for one month. This means keeping everything that you spend in the store. All receipts; even if it was for $10 because you needed basil. Now review those receipts. It will show you what you’re actually spending on groceries and what you’re actually wasting – and it will give you an idea of what you can budget.

See Where You Can Save

This is really for people who want to save more or are working with a really tight budget. You can set up a dollar amount for your groceries, and you can work really hard to make it work by cutting coupons. See what’s in your paper, online and in the mail. These coupons might not seem like a big deal, but saving $5 or $10 off your bill each time is a significant savings.

(Photo by Oli Scarff/Getty Images)


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