So last week my wife and I were talking about our savings plan. Over the course of almost 3 years we have tracked our expenses through Mint.com.
Our number one expense has been our mortgage/rent. Number 2 has been our giving and donations. Number 3 has been Food and Dining.
Over the past 33 months, our food expense averaged $511/month and our groceries averaged $377/month. We spent almost $17k on food. This comes out to be about 13% of total income. My wife has done a great job over these years in finding great deals and I hope this trend continues.
Our goal hopefully will be bringing that number down to $400/month or about 10% of income. In any case, most of the big spikes in our food expense was due to eating out... and treating friends to nice meals. Mostly people from out of town who come in to visit or some other special occasion. So if we are able to save that 3% and put it into savings, that could go a long way.
What can a budget do for you?