FOOD SPENDIN G PLAN 6 02 WARMUP 52319

FOOD SPENDIN G PLAN

6. 02 WARM-UP 5/23/19 Failing to list fixed expenses on a spending plan may cause a family to: a. b. c. d. Have more money to put in savings Have insufficient money for its fixed expenses Have too little food Have a discrepancy between its checkbook and its account balance

HOUSEHOLD BUDGETS • What is/are…. • • • A budget? A meal manager? Income? Fixed Expenses? Flexible Expenses? Food Spending Plan?

A BUDGET IS …. • a plan for budgeting money

A MEAL MANAGER IS… • someone who uses resources to plan, prepare, and serve food.

INCOME IS… • money received.

WHAT ARE SOME WAYS YOU GET INCOME? • Working a job • Allowance • Selling things that you own or have created • Winning the lottery

WHAT ARE SOME EXPENSES THAT WE HAVE? What is the difference between fixed and flexible expenses?

FIXED EXPENSES ARE… • a fixed amount of money paid on a regular basis such as rent and installment loans.

FLEXIBLE EXPENSES ARE… • regularly recurring costs that may vary in amount such as utility bills, food, and clothing.

A FOOD SPENDING PLAN IS… • a method to help you spend your food dollars wisely. • This means: • Getting the most for your money • Getting the highest quality for your money • Getting the most nutrition for your money

HOW DO I BUDGET? • List monthly take home pay • Subtract fixed expenses • Subtract flexible expenses • Total = leftover income after expenses for food and savings

WAYS TO STRETCH THE FOOD DOLLAR • Use a shopping list to help you save time, resist impulse purchases, and avoid forgetting items. • Buy only what you need or can properly store to prevent food waste due to spoilage. • Use nutrition labels to help you choose the most nutritious foods for the money you spend. • Use unit pricing to help you determine which brands, sizes, and forms (fresh, canned, frozen, or dried) of products are the best buys. • If the quality of house brands and generic brands will meet your needs, choose them over national brands. • Check open dates on products to help you choose items that will stay fresh until you plan to use them.

WAYS TO STRETCH THE FOOD DOLLAR • Read store ads to take advantage of advertised specials. Ask for rain checks when advertised items are out of stock. • Compare prices in different stores. Shop in the store(s) that give you the best overall quality and value. • Take advantage of coupons to save money on products you normally buy. • Avoid buying health and beauty items, cleaning supplied, and other household products at the grocery store if they are less expensive elsewhere. • Limit your purchases of convenience products if you have time to prepare foods from scratch. Foods prepared from scratch are often less costly and more nutritious than convenience items. • Buy fresh fruits and vegetables in season • Choose dry beans, peas, and lentils as low-cost alternatives to meat. In addition to being less expensive, these items are lower in fat and higher in fiber than meat.

WAYS TO STRETCH THE FOOD DOLLAR • Use nonfat dry milk in place of fresh milk for cooking. • Plan how you will use leftovers to avoid waste and stretch your food purchases. • Avoid shopping on an empty stomach. • Shop by yourself to keep friends and family members from encouraging you to buy unnecessary items. • Become familiar with regular prices for items you buy often. This will help you recognize bargains and price increases. • Make sure items are rung up correctly at the checkout.

6. 02 WARM-UP 5/24/19 An example of a fixed expense is________. Rent, car payment An example of a flexible expense is ______. Clothing, utilities

SURVIVING THE SUPERMARKET Successful shopping means that you get _______________________. When is the best time to shop for food? _________________________ When packages are dirty, rusty, leaking, or otherwise damaged, what should you do and why? _________________________

If you are buying frozen food, what should you avoid? Why? _________________________ For what sort of price to you want to be looking? _________________________ What does the “sell-by-date” tell you? _________________________

When is cost per serving a better guide to food costs than unit cost? _______________________________ What are the two kinds of coupons? _______________________________ If a store accepts cash, checks, automated banking cards, or credit cards, which should you avoid to maintain your food budget? _______________________________ If a charge on your receipt seems incorrect, what should you do? _______________________________

STOP AND THINK Failing to list fixed expenses on a spending plan may cause a family to: a. Have more money to put in savings b. Have insufficient money for its fixed expenses c. Have too little food d. Have a discrepancy between its checkbook and its account balance

STOP AND THINK What is an important money saving strategy to consider when shopping for food? a. Buy beauty products and cleaning products at the grocery store b. Buy national brands only c. Never shop when hungry d. Use whole milk instead of other types of milk

FOOD SPENDING PLAN PROJECT Work in groups up to 4 You are planning 21 meals for the week for the Jackson family. Be sure you do not go over budget. Must be at least 6 ad pictures for each day. Must have an itemized list of each food that will be eaten each day and about how much it will cost. Example: Bag of apples cost $4. 00. . there are 14 apples. 2 apples will be used each day. $4. 00 / 7 = $. 57 per day You will have today and tomorrow to work.

STEPS Step 1: create grocery list Step 2: find grocery ads with prices Step 3: Add up all of the food in your “cart” make sure you have stayed within the budget Step 4: cut out at least 6 ads of food for each day (42 total pictures) Step 5: Create 3 meals (breakfast, lunch, dinner) for each day Step 6: Write out the food, cost of each food, and the total cost for each day.