In case you missed my last post on the topic (The Year I Ate $12,965), I’ve come to realise that I’ve been spending excessive amounts of money on food. In light of this, last Monday I started the first of my many experiments to see if I could cut my food bill in half. This post today is an update on how it all went down.
I challenged myself to cut my food bill in half within a week.
The rules I set were pretty straightforward. There were no drastic changes. All I had to do was follow what was set out below. I had to:
- Cut out junk food – No Burgers, Fries, Pizza, etc.
- Stop eating out – No restaurants.
- Cut out alcohol – No pubs or clubs.
- Eat three square meals a day – Three simple square meals a day.
I wasn’t quite sure how doing these four things would impact my spending. However I was pretty sure that it would at least have some impact on how much I spent a week. Sure enough it did.
Last year I spent an average of $269.84 a week on food and alcohol. I was eating out quite frequently and always managed to find the time to have a drink or five whilst out and about.
So how did I fare? Queue the drumroll please.
I spent a total of $174.70 on food this week by following those four simple rules.
I managed to save $95.14 in a week alone! Not too shabby hey? If I followed these rules for an entire year I would’ve saved $4,947.28. That works out to be a 38.1% reduction from last year. Now look, I’m no statistician but I’m pretty sure that’s statistically significant.
The bad news is…I didn’t hit my target. In order to have had cut my spending in half I would’ve needed to reduce my spending to $134.92. I was $39.78 short of my target. There are however, some areas that I could’ve tightened up in.
I had a coffee with a colleague, that set me back $10 (coffee prices in the CBD are insane). I could’ve also reigned in my spending on sports supplements. $5.50 each protein shake can definitely add up over time. There are some minor possible tweaks, which more than likely would’ve put me within reach of my target.
There’s always room for improvement. I was a little bummed I didn’t hit my target and quite frankly I think with a few more tweaks I could definitely achieve it. Rest assured. I will halve my food budget!
One enlightening fact I took away from undertaking this experiment was that it’s definitely possible to save money just by making a few minor adjustments. There weren’t any major lifestyle changes. All that it involved was making a few minor tweaks. Whilst I didn’t hit my target I was still pretty happy with the results. I managed to achieve $95 worth of a savings in a week. It just goes to show the impact small changes can have on your budget and your spending!
How much could you save by following these rules?