“That which nourishes me destroys me.” –Christopher Marlowe
Turkey, stuffing, Christmas cookies, things made out of pumpkin-so many good things to eat this time of year. How do your spending habits on food stack up to the average American? Let’s take a look.
Food accounts for 12.5%, or just over $7,000 in the average budget according to the Bureau of Labor Statistics.
And with so many good things to eat, and some many great places to do that eating, an incredible thing happened since that most recent survey from the Bureau of Labor Statistics; Americans began spending more money at restaurants and bars than they did on groceries. How you react to that information is probably telling regarding your eating behaviors.
And how does this fit into the 50 20 30 budget model? This is trickier than you might think because technically, food falls into the Needs category. But, going out to dinner at your favorite restaurant bleeds over into the Wants section. And when I say “bleeds over,” I mean it moves completely over to the Wants section. Therefore, for many Americans, the money they are spending on food has moved from the 50% Needs category, to the 30% Wants category, and without knowing the details of their personal budget, I’m going to assume it wrecks it.
Going out to eat is one of my favorite things to do, as it is for so many of us. It’s also a quick and easy way to wreak havoc on our budgets. Be mindful and strong this Holiday Season!