The recent COVID-19 pandemic had spread at an alarming speed, infecting millions and bringing economic activity to a near-standstill.
Businesses and companies closed up. International Borders were closed. Airports were shut and countries imposed tight restrictions on movement to halt the spread of the virus.
Tons of deaths have been recorded; about 1.41 million people are said to have died from the pandemic. The economic damage is already evident and represents the largest economic shock the world has experienced in decades.
As a matter of fact, some countries with developing economies are going to plunge into a severe recession by the end of the year.
Sadly, countries like Nigeria, Finland, Hungary, Spain, Mexico, Russia, Romania, Belgium, are already struggling as their governments have announced there’s a recession in the countries already.
I really took some time to conduct some meaningful research around this subject and it was quite alarming to find that the world has already lost $1.2 trillion to the pandemic and it’s projected to hit $2 trillion by the end of the year.
Now, it seems the world has somewhat recovered from the plaguing fangs of the dreaded virus.
But are we ever going to recover fully from the hit of the pandemic?
One of the hardest hit of the pandemic is that some businesses were not able to come back after phase 2 of the pandemic. They are currently closed and as a result, many have lost their jobs.
We’ve been forced to accept what looks like the new normal.
How really are we supposed to cope with the aftermath of the Covid-19 pandemic especially as it concerns our spending on groceries and supplies?
These are some of the thoughts I want to share with you in this article. Please do follow me keenly and read to the end.
So, let’s get in…
How has the pandemic affected the earnings of Americans?
A new Pew Research Center survey finds that, overall, one-in-four adults have had trouble paying their bills since the coronavirus outbreak started.
A third of the number has dipped into savings or retirement accounts to make ends meet, and about one-in-six have borrowed money from friends or family or gotten food from a food bank.
Among lower-income adults, 46% say they have had trouble paying their bills since the pandemic started and roughly one-third (32%) say it’s been hard for them to make rent or mortgage payments.
Job loss has also been more acute among certain demographic groups. Overall, 25% of U.S. adults say they or someone in their household was laid off or lost their job because of the coronavirus outbreak, with 15% saying this happened to them personally. Of those who say they personally lost a job, half say they are still unemployed.
As you can see, these are real-time data. The pandemic is really dealing a hot blow on the economies of men. Even the people that didn’t lose a job, had to reduce their work hours or take a pay cut due to the economic fallout from the pandemic.
With all of these economic fall-outs, an average American family is expected to learn new ways of managing all of their resources and to make do with what is available.
We sincerely have you in mind, that is why we’ve written you this article to help you tackle some of these emerging issues.
So what should your average grocery bill be like after the Pandemic? Find out in the lines to come.
How much does an average person spend on groceries per month?
According to the U.S. Department of Agriculture, as found on foxbusiness, the average cost of groceries each month for one person ranges between $165 and $345.
This data is from a trusted agency; the U.S. Department of Agriculture publishes monthly food plan that suggests how much money Americans should be spending on food.
What is the average grocery bill for a family of 2?
The average grocery bill for a family of 2 depends on a number of factors. The first is the age of the members. The second is gender, and the next is the location where they live.
You know, it is believed that young people in their mid age eat more than younger or aged people.
And it is also believed that guys eat more than ladies. I don’t know how true that is though. But I think there’s a connection between them anyway.
Anyway, here below is a table that shows how much a family should spend on groceries for different family sizes.
How to save money on groceries for a large family
Here’s an expert guide on how to help you save money especially if you have a large family. Do take time to read through.
#1: Audit Your Current Spending
If you don’t know your current spending on groceries every month, it will be difficult to figure out the areas where you could overspend.
Take out time and study your grocery spending and get an idea of how much you spend each week and month at the grocery store. If you eat out at restaurants, also include that.
Thay way, it will be easier to get an accurate picture of your spending habit, where you spend more, and which area you need to cut down.
Only you can identify what’s right for you for your monthly budget. So, it’s important to find out what makes your spending so you decide the plan to choose.
#2: Create A Food Budget
While making your new food financial plan, your aim ought to be to take advantage of each dollar you spend, particularly in this case you’re attempting to scale back.
Recognize some particular spending or sparing objectives that will influence your major shopping. Record it. Don’t simply focus on spending a specific sum or spending not as much as what you are present.
By having a particular financial plan spread out, you’re more averse to stray and succumb to financial plan busting spur of the moment purchases.
#3: Make a Plan
Going to the supermarket with a list will assist you with controlling hasty purchases, if you stick to it.
Abstain from perusing the store and just go shopping for food after you’ve eaten. As we all know, shopping while hungry can make you buy items, not on your list.
Despite the fact that it’s not generally possible, it can likewise be useful to go shopping for food without the children close behind. Children are exemplary drive purchasers; they see a thing they like and they must have it.
In such a situation, you can go shopping while they’re in school or with a babysitter.
Tips for Reducing Your Grocery Budget in a Month
The primary purpose of a budget is to help control your spending to save more money. And your grocery budget is not an exception.
There are a few different ways to reduce what you spend without stepping down the quality and taste of your food.
Managing your grocery spending plan can assist you to save money, at the same, get the groceries your family need.
#1: Shop with Coupons
Getting coupons from grocery stores is a great way to save money while doing your grocery shopping.
These days, you don’t have to get it out from newspapers. Coupons are very easy to find in malls, in-store, and even in Google search.
For example, most grocery stores are turning out couponing apps where you can just select the coupons you want to use. Then at the checkout, they will automatically apply them.
While one coupon probably won’t give you an enormous discount, you can save a lot when you have different coupons.
#2: Plan a Weekly Menu Ahead of Time
Planning your meals early will help decide the food items and amounts you need before you head to the market. This way you’re bound to purchase the specific things you require and can get ready for breakfast, lunch, and supper.
Also, you should have meals with the recipe in your weekly plan so you will have to purchase less.
Instead of randomly planning your meals each week, check the sales at your local supermarkets, and shape your meal plan based on them.
For example, if chicken laps are up for low sale at your local grocery store, plan some meals that contain chicken. If there are apples on sale, it could be a wonderful week to bake the apple pie you’ve been craving!
#3: Shop at a More Affordable Store
To reduce your grocery shopping, you can local farmers’ markets that will all offer various items at an affordable price.
Look at the grocery shops in your general vicinity to locate the best that will offer you low-cost and quality items.
A few stores may offer items in bulk, you can purchase from such stores. Picking less expensive staple goods like milk and yogurt can also have a gigantic effect after some time.
#4: Refrigerate Your Food
Freezing your new food before it turns sour helps your wallet and saves a lot of money for you.
You can prepare and freeze your food to spare time for weekday cooking, or if last week’s food remained, you can freeze them before looking to buy another.
Sometimes, frozen vegetables are incredible in soups and stews, and you can use fruits you preserved for sound breakfast smoothies.
Learn money-saving tips on how to save on groceries.
Read our article on How Much Should I Spend on Groceries?
Summarily, taking cognizance of the pandemic, you should cut down on your expenses and learn to make do with little resources.
The advice is to use the grocery calculator here to estimate your monthly and weekly food budget based on guidelines from the USDA’s monthly food plan.
Input your family size and details below to calculate how much a nutritious grocery budget should cost you.
Of course, every family is unique. Once you’ve established your budget, use the slider to adjust your estimate to your spending habits. Just do what works for you.
Getting your food budget on point takes a lot of learning and practice. So you’ll need to learn t and practice it.
So with these tips and the right spending habits, you’ll have enough for your living expenses and exciting financial goals like paying off loans or buying a house and you’ll actually live above the time.