Are you aware of how much you spend each month on food? If you are like many other students, the answer to that question is no. That is not a financially-wise position to have. When you are a student, you must live frugally. Your income potential is low at this point in your life, and your expenses will be high. You do not want to get saddled with massive amounts of debt before you even begin your adult life.
1. How Much Do College Students Spend on Food
Too many people do not even think about how much money they spend. Most people assume they do not spend that much. When you eat out, it rarely costs that much for one meal. However, if you eat out multiple times a week, it will add up. It adds up even more quickly if you eat out multiple times a day.
Calculating Your Food Expense:
Go through your bank statements over the last month. Look and see how much you spent on eating out for the entire month. Divide that total by 30. That gives you your average daily food cost. Then multiply that by 365. That’s how much you will spend this year if you continue eating out the way you are.
How Much Do People Spend on Average?:
The easiest way to determine how much you spend eating out is by calculating the amount you spend weekly. Then multiply that by 52. That will give you your yearly food expense.
2. Tips on How to Cut Your Food Bill in Half
If you are not happy with the number you got by using the calculations above, here are some tips to help you cut your food bill by as much as half. The best thing about the advice below is that they can be used in combination with each other. It will help you save more money.
You do not need to buy brand-name products. Most generic brands are not that different in terms of quality from their brand-name counterparts. However, the price tag could be substantially different.
Shop the Perimeter:
When you are at a grocery store, you should not go down the middle aisles. Most grocery stores place their most highly processed products on the interior aisles. These will not only be more expensive but also more unhealthy. The exterior aisles of the store normally contain meat, produce, and dairy products. All of these are fresher and contain fewer preservatives. They are also the most affordable, typically.
Produce is Cheaper:
When you are at the grocery store, the cheapest and most nourishing thing you can buy will always be produce. Meat is going to be more expensive. The healthiest and least expensive diet you could eat would be a vegetarian one. You do not need to become a vegetarian, but it will lower your monthly food expense if you eat more vegetables.
You need to become a frugal shopper. Coupons are a great way for you to reduce your monthly food spending further. They can get you money off of products that you were already going to buy.
If you are confident that you can pay back your credit card by the end of the month, it could be wise to use a cashback card. These cards give you a certain amount back every time you spend money with them. If you pay off the card before the end of the month, you will not have to pay interest.
You should also cook food using an instant pot. These appliances are convenient, and they are energy-efficient. That way you can cook food without increasing your Reliant Energy utility bill.
Minimizing Your Monthly Food Budget as a Student
When you are a student, you need to be extra conscious of how you’re spending your money. You do not have the life experience that comes with age yet. But, that does not mean you can’t make good decisions.