Personal finances can be tricky, and the biggest part of any personal budget is food spending. When you are alone, it can be quite tempting to go out and save time or just try to cut corners and stick to the usual ramen noodles. But in trying to maximise comfort and savings, there’s always this question: what is a reasonable food budget for one person? The answer comes down to your dietary needs, location, and lifestyle choices. Let’s break down each element one by one to set you up with a food budget that’s more realistic and manageable.
Average Monthly Food Budget for One Person
On average, a person in the US spends about $250 to $400 per month on their groceries. But this estimate also varies from one location to another, since food costs are not the same. For example, a person living in New York spends about $150-300 on groceries per month while another person living in California may spend up to $500 on their groceries.
According to the US Department of Agriculture, an individual on a thrifty plan will spend $241.40 – $309.90 per month on groceries, which is at the lowest end. On the other side, an individual on the liberal plan will spend up to $400.80 – $451.80 for their groceries.
Breaking Down the Budget
According to the US Department of Agriculture, an average consumer spends about 11.2% of their disposable income towards food. This means that for a salaryman with an income of $1000 per month, the food expenses can come to around $110 per month. This makes it necessary to create a feasible food budget that doesn’t strain one’s budget.
To create a reasonable food budget for one person, it can be helpful to break things down into weekly or daily costs to understand how much you are spending. Let’s say you aim to spend $300 per month on food. When you break it down daily, it comes to around $10 per day. For some, it might seem impossible to survive on just $10 per day, but with a little planning, you can find out it’s actually doable.
There are plenty of food options you can choose from that comes to less than $10 for a whole day. Let’s do the math:
Breakfast Options (under $2):
- Oatmeal with Fruit – $0.50 for oats, $0.50 for fruit (banana or apple) = $1.00
- Egg and Toast – $0.40 for two eggs, $0.30 for toast = $0.70
- Greek Yogurt with Granola – $1.00 for yogurt, $0.50 for granola = $1.50
Lunch Options (under $3):
- Tuna Sandwich – $1.00 for canned tuna, $0.50 for bread, $0.50 for mayonnaise or veggies = $2.00
- Vegetable Stir Fry – $1.00 for rice, $1.00 for mixed veggies = $2.00
- Peanut Butter and Jelly Sandwich – $0.50 for peanut butter, $0.50 for jelly, $0.50 for bread = $1.50
Dinner Options (under $5):
- Chicken, Rice, and Veggies – $2.50 for chicken breast, $1.00 for rice, $1.00 for veggies = $4.50
- Spaghetti with Marinara Sauce – $1.50 for pasta, $1.50 for sauce, $0.50 for parmesan = $3.50
- Chilli with Beans – $2.00 for beans, $1.00 for ground beef (small portion), $1.00 for spices/veggies = $4.00
Here’s an example of how much 3 meals might cost for one day based on the options given above:
- For breakfast: Oatmeal with Fruit – $0.50 for oats, $0.50 for fruit (banana or apple) = $1.0
- For lunch: Tuna Sandwich – $1.00 for canned tuna, $0.50 for bread, $0.50 for mayonnaise or veggies = $2.00
- For Dinner: Chilli with Beans – $2.00 for beans, $1.00 for ground beef (small portion), $1.00 for spices/veggies = $4.00
- Total = $7.00
*These are rough estimates based on the average costs for ingredients in the US. Actual costs may vary slightly from the one given above.
The trick comes to planning your meals in advance, buying your food in bulk, and setting limits to your spending no matter what. You can still mix and match and add more options and variety to make it more pleasurable to your eyes and gut.
What is a Reasonable Food Budget for One Person: Dining Out vs Cooking at Home
Here comes the big question: dining out or cooking at home? When it comes to setting a reasonable food budget for one person, cooking at home is the go-to choice. You can save almost 75% of your food expenses just by buying groceries and cooking your meals at home.
Think about this, an average cost for a single meal at a good restaurant can cost anywhere between $12 to $20. Now if you add an alcoholic beverage to the mix, it can drain your budget faster. Compare that to cooking at home, which can be as less as $3 to $5 per meal. Over time these differences add up and give you huge savings that can be used elsewhere.
To put things into perspective, let’s say you spent $15 on lunch 5 times a week. That’s $300 that you are spending a month on a single meal of the day. Comparing that to the average food spending, you are spending your entire food budget on just weekday lunches.
That doesn’t mean that you shouldn’t dine out. It all comes down to balance and setting limits to how much you are willing to spend. For a reasonable food budget for one person, dining once or twice per week with an expense of $15 or $20 per meal can be considered ok for most times.
What is a Reasonable Food Budget for One Person: Conclusion
To wrap it up, a reasonable food budget for one person is all about balance. You don’t need to limit yourselves to dollar noodles or spend huge bucks on lavish meals every single day – it’s about knowing your income, setting a strict budget, planning your meals, prepping them in advance, and tracking your expenditure over time. As the saying goes, watch the pennies and the dollars will take care of themselves.
Sources:
- https://www.numbeo.com/cost-of-living/in/New-York
- https://www.rocketmoney.com/learn/personal-finance/average-cost-of-groceries
- https://www.ers.usda.gov/data-products/ag-and-food-statistics-charting-the-essentials/food-prices-and-spending/
- https://spero.financial/feeding-your-family-on-a-budget-ten-healthy-meals-under-10/
- https://finance.yahoo.com/news/see-much-average-american-spends-150022067.html
