Here is how much you should be budgeting for groceries every month (2024)

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Here is how much you should be budgeting for groceries every month? ›

A general guideline is to allocate 10-15% of your income for food expenses. Consider factors such as dining out, groceries, and meal prepping when determining your food budget. Adjust your food spending based on your financial goals and priorities.

For a low-cost budget for a family of four, you can plan on spending $243.80 a week or about $1,055.80 a month. Moderate-cost plan. For a moderate budget for a family of four, you would spend $302.80 a week for groceries or $1,311.50 a month. Liberal budget.

As of March 2024, the USDA recommends a family of four on a thrifty budget spend $976.60 monthly and $1,585.20 for a liberal budget.

Those will become part of your budget. The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

You will need 3,600 - 4,500 calories for 3 days; 16,800 - 21,000 calories for 2 weeks; 33,600 - 42,000 calories per month; and 403,200 - 504,000 calories per year.

To stick to a budget of $100 a month, or $25 a week, you'll have to eat for less than $4 each day. For breakfast, try a bowl of oatmeal with half a banana and a scrambled egg, which should cost less than a dollar. Get into the habit of repackaging ingredients from dinner for lunches the next day.

How Much Do Americans Spend Eating Out? Americans spend an average of $3,639 eating out each year—roughly $300 each month. And those fast-food meals and restaurant tabs continue to add up. In fact, Americans spent 20% more eating out in 2022 than they did in 2021.

The average adult spends between $212 and $405 per month on groceries. This range encompasses all financial brackets and is indicative of a realistic monthly grocery budget. A single adult male spends between $264 on a thrifty plan and $405 on a more liberal plan.

On average Americans of all ages per day spend $11.95 on groceries and another $9.22 on eating out for a total of $21.17.

How to make a monthly budget? ›

The 40/40/20 rule comes in during the saving phase of his wealth creation formula. Cardone says that from your gross income, 40% should be set aside for taxes, 40% should be saved, and you should live off of the remaining 20%.

50% of your net income should go towards living expenses and essentials (Needs), 20% of your net income should go towards debt reduction and savings (Debt Reduction and Savings), and 30% of your net income should go towards discretionary spending (Wants).

A general guideline is to allocate 10-15% of your income for food expenses. Consider factors such as dining out, groceries, and meal prepping when determining your food budget. Adjust your food spending based on your financial goals and priorities.

How much does the average household spend on groceries per month? The average American household spends an average of $475.25 a month on groceries, according to the most recently available dataset from the U.S. Bureau of Labor Statistics from 2022. That's a total of $5,703 spent on groceries in a year.

The US spends the least at 6.4%, Singapore spends the second lowest amount at 6.7%. Canada spends 9.1% on food, while Australia spends 9.8%. Nigeria spends over half of household income on food, and there are nine other countries that spend over 40% on food.

As the family grows, so does the average grocery spend. Two-person households spent $5,635 in 2022 on groceries, or food at home. That's up from $5,145 in 2021 – a $490 difference, or $254 per person. Between 2021 and 2020, two-person households saw a $354 increase ($177 per person).

And when it comes to a family of four, the average cost for their monthly grocery bill is about $975. Those averages might seem low to you, spot on or crazy high. So many factors come into play here: like where you live or how many special dietary needs you have.

Average Expenses for a Family of Four

According to the most recent data, U.S. households that consist of four people spent an average of $8,640 per month in 2022. In 2021, the average four-person household spent $7749 per month. This works out to average annual expenditures of $101,514 in 2022, up from $92,989 in 2021.

Creating a budget can help keep costs in check. On average, a family of five spends anywhere from $922 to $1,488 a month on groceries, according to USDA monthly food plans. If you're looking to curb your spending, consider meal planning, buying in bulk, and shopping at more affordable grocery stores.