Calculating the grocery cost per person helps you to budget wisely.
If you have a large household, you know the challenge of keeping everyone properly fed and satisfied while trying to convince your children that cookies are not part of the food pyramid. With food prices rising, it's a good idea to get a handle on how much money you spend on groceries each month and where your money is going. This allows you to budget accordingly and makes for wiser spending. Staying on top of your grocery budget helps you to compare and shop for the best prices.
Instructions
1. Gather your grocery receipts for the month. You'll need to perform the average cost of groceries calculation over several months to make good use of the information.
2. Add your grocery bills for the month. Categorize your grocery bills based on food items to calculate different averages, such as keeping an average for how much you spend on meat, fruit and vegetables as opposed to household supplies like toiletries and paper products.
3. Divide the grocery bill by the number of people in the household. For example, if your monthly food bill totaled $923.17 and there are 4 people in your household including yourself, divide $923.17 by 4 to arrive at an average cost of groceries per person of $230.79.
4. Repeat the calculation over several months. Compare the results on a month-to-month basis to track your grocery spending. This allows you to identify trends and budget accordingly.
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