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Author: Kevin Mogollon Cabellos Editor: Kevin Mogollon Cabellos Learn More: FoodAccounts.com
How to Budget Groceries?
It seems absurd to buy from only one grocery store without weighing other options 12 January/Feburary 2022
Finances has never been a enoyable task by any means. Having to balance a salary income between home, auto, health, food, and any unexpected costs can create one of the most frustrating gut-punching feelings that many people have to face unprepared. Unfortunately, this is the case for a majoirty of adults that had little to no financial literacy courses during high school or college. A grand total of 78 percent of people live paycheck to paycheck according to a CareerBuilder survey in 2019. With three out of five Americans not having a budget at all according to JP Morgan Chase. Another study according by FINRA Investor Education Foundation showed that there has now a distinct trend of declining financial literacy. This could lead to years of crippling debt building. One of the best ways to
avoid debt is to start a stable budget. An standard monthly budget typically looks like this: housing should be 20-35 perchent of overall income, next comes insurance at 10-25 percent. An emergency fund technically can count as a savings account, however, a majority of budgets set it apart and put around 10-20 percent of total income. Next comes transportation which should be around 10-15 percent, food takes a total of 10-15 of a budget, utilities such as the internet are around 10-15 percent, healthcare is 5-10 percent, with a final 5-10 percent for personal spending. Whatever is left is typically then used in an overall savings account. The example on the left gives a well rounded budget, something to rember is that budgets can vary drastically from person to person.
