Including a food cost can be helpful staying on track within a budget. Note: Although dining out can be included in this cost, it is not uncommon to add an "Entertainment" category for dining out if it is a frequent activity.

Question

In this scenario, use $75
per week for the food budget.

1. What is the monthly budget for food/groceries?

2. Input this number on the Personal Budget excel spreadsheet for the food/groceries expense.
$75
$200
$300
$325

Answer 1

To calculate the monthly budget for food/groceries based on a weekly budget:

1. Monthly Budget Calculation:

   • A month typically has about 4.33 weeks on average (52 weeks in a year divided by 12 months).
   • Therefore, to find the monthly budget for food/groceries, you can multiply the weekly amount by the average number of weeks in a month.

   \[ \text{Monthly Budget} = \text{Weekly Budget} \times \text{Average Weeks per Month} = 75 \times 4.33 \approx 324.75 \]

Rounding to the nearest dollar, the monthly budget for food/groceries would be approximately $325.

2. Input this number on the Personal Budget Excel spreadsheet for the food/groceries expense would be $325.