According the Bureau of Labor Statistics, in 2008 the average American family spent $6,443 on food. To put that number in perspective, that “average” family consists of 2.5 people (not a nice mental image) with an income of $63,563. So from these numbers we can surmise that our average family spends about 10% of their income on food.
Depending on who you choose to believe (there’s some dispute about this) the average American family also carries a $5,000 balance on credit cards. If they’re paying 15% interest, that’s more than $750/yr.
Conclusion? We could materially impact two expenses simultaneously if we could convince the average American family to eat their credit cards.
But if that doesn’t sound like an appetizing solution, here’s another thought: If we can use some simple tips to shave 10% off the typical annual food bill, we can use the extra $50 a month we free up to help pay those credit card balances faster. With that in mind, here’s my attempt to fill your basket with more than 20 useful tips to slice and dice your grocery bill.
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