My food budget challenge
Since the economy started sinking, my wife and I trying to save every penny. We stopped using credit cards and trying to pay off our debts. I never tracked how much money we spend on groceries and dining out, but it is time to keep track of this stuff more closely and set a budget for every spending.
I approximated that $600 per month should be enough for 3 of us (my spouse, 20 month old son and I). I took the cash out of our joint checking account and made 3 piles of $200 each. So every 10 days we shouldn’t go over $200. We also decided to put leftover money from the above “Food budget” on the side for a rainy day.
The benefits:
1. It should allow us to see how much money we really need monthly to feed ourselves
2. Less dining out and more cooking!
3. Saving extra money that we don’t spend
I’ll keep you updated on the progress.
