See also: Can You Live on One Income? Child Care; Can You Live on One Income? Insurance and Auto; Can You Live on One Income? Taxes Explained
Food is a necessity, whether you are one one income or not. Not matter what else you may give up to stay home, you will still need to eat. Food can account for a very high percentage of your budget. The good news is that staying home can significantly reduce this expense, requiring less income to feed your family. And, it isn’t all about just eating beans (although go ahead if you want to–they are cheap and nutritious).
Let’s talk about how your foods costs may change when you shift to one income, and how to calculate the difference.
First, let us take a look at the cost for eating out. Statistically, those with two incomes eat out more often than those who have one partner at home. It is hard to find the time to cook when you both work late and may still have to pick up children from child care. If you already have this number in place in your budget, then this calculation will be easy. If not, consider how many times you eat out in a week and the average price for those meals.
I’ll be conservative with my numbers, so you may actually be spending more than I have listed here. Or, if you like to cook, you could be spending less. Let’s say that you have dinner out three times during the week (the average dual income family eats out 4-5 times a week). You don’t usually do anything fancy and it costs your family of four about $40 each time, or $120 a week. Add to that lunches out at $12 each for two people five days a week or another $120. Do you grab a bagel, muffin on egg sandwich and a coffee on the way to work? We’ll add a conservative $3 for each of these breakfasts, again times two for an additional $30. I won’t add any extras like goodies from the snack machine, but be sure to include them if they apply. Also consider school lunches, bottled water, contributions to office lunches and anything else that might apply.
Check back later today when I’ll talk about how your food bill can be reduced on one income without reducing the amount or the type of food you eat.
Mary Ann Romans writes about everything related to saving money in the Frugal Blog, technology in the Computing Blog, and creating a home in the Home Blog. You can read more of her articles by clicking here.
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