The average American family spends a large percentage of their income (about 13%) on groceries. That translates into an average of $160/month per person. For a family of 4 children and 2 parents, that means average food expenditures total roughly $1000/month. Research has consistently shown that, through appropriate planning, families can save more about 50% of the amounts they spend on food. To be conservative, we will assume that a family saves only 25% of the amount they have been spending on food. If a 30 year old couple with four children decided they would implement the simple suggestions necessary to save 25% of their food bill, this decision could be worth over $1,600,000 by retirement. Start at these useful links to find some of the best, easiest strategies for reducing the amount your family spends on groceries and make a Million Dollar Decision today.
- Online Calendaring Tool Set up your meal plans well into the future using a very intuitive tool. Planning ahead using this tool will help you avoid last-minute meals and impulse buying, saving you tons of money!
- Save at the Grocery Store This neat, free site that allows you to sign up, compare local stores and their sale prices, and then immediately search for coupons you can use to reduce prices even further. If you click on details underneath a product it shows its price history. Best of all, it is completely free of charge!
- Estimate How Much You Can Save on Food Bills Estimate how much money you can save by following six easy tips, none of which involve coupon clipping.
Click here to view original research completed by Professor Marsh's students that documents potential savings of up to 52% from following a nutritionally adequate two-week meal plan. For a family of 8, this could mean savings of as much as $12,345/year.