Dining in or out? Take a bite out of food costs
There are ways to cut back and eat well at the same time
In this week’s installment of USA TODAY’s Taming Your Budget-Busting Bills series, we look at how to cut your food costs and still eat well.
Food can take a serious chunk out of your budget, whether you’re a college student or you’re cooking for a family of five. The average American household spent about $600 a month on food in 2016, according to the Bureau of Labor Statistics. About 44% of that was spent outside the home at restaurants and bars.
Americans are spending more on food each year and may soon spend more on dining out than groceries. Millennials in particular have been criticized for prioritizing avocado toast over home ownership. The good news is your food budget is a lot more flexible than fixed costs such as rent.
Plan your meals
If you want to cut down your grocery bill, planning ahead is the only way to do it. Start small by planning out your meals one week at a time. Joanie Demer, co-founder of a couponing site, recom- mends building a menu around the sales and coupons already out there. Check websites such as Demer’s The Krazy Coupon Lady and Coupons.com and apps such as Ibotta.
Shop strategically
Be selective about what you buy: Go for generic instead of name brands and only buy organic items that are the most perishable. Once you enter a store, look for the coupons and the latest deals. Annette Economides, co-author of Cut your Grocery Bill in Half with America’s Cheapest Family, recommends buying sale items in bulk and locking in the discount price by stocking both your pantry and freezer.
Dining out: Cut back
If you’re going to eat out, lunch deals and happy hours are often much cheaper than regular dinner prices.
Demer recommends sites such as Restaurant.com and Gift Card Granny that sell discounted gift cards to major eateries.
Set a budget for dining out and stick to it.