Marin Mommies is presents another great guest article by Marin mom and financial planner Katy Song, CFP®.
One of the wonderful things about living in the Bay Area is the excellent food. But spending at great groceries stores, farmer’s markets and restaurants can add up each month. Food related expenses tend to eat up a big part of a family budget, and one of the most frequent questions I get from couples is “How much should we spend on food?”
My answer to that question depends on the family’s specific situation. Ask yourself the following questions right now:
Do you know how much you spend on groceries, eating out, and coffee?
Is buying organic a priority?
Do you love eating out?
Answers to these questions will drive a big portion of your spending on food. If you cannot answer question #1, look at your spending for a couple of months and add up all the charges for grocery, eating out and coffee. Take the average of those months and decide if that number feels comfortable for your family.