Are You Spending Your Budget On Food?

How’s that rule for budgeting work out for you in 2017? You know, the one that says we should all spend no more than 50 percent of our income on necessities, allow 30 percent for discretionary items and sock away at least 20 percent for savings? Did you know that some 69 percent of Americans have less than $1,000 in savings, and that includes many people near retirement age. Here are some tips to help you spend less on food this year. Studies have shown that people who use cash spend 12 percent to 18 percent less than those using a credit or debit card. The average person doesn’t eat 20 percent of the food he or she purchases, and every household throws away an average of $2,200 of food each year, so stop buying so much. The average household spends an average of $3,008 each year on dining out. Continue to dine out, but take steps to spend less when you do. Finally cut down on commercially prepared meals and delivery and you’ll see some extra cash back in your account….. Ed

Source: Ann Brenoff / Photo:Smartarts

Posted in All Stories, Ed McMahon

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