While $37,440 over 18 years may not seem overwhelming, the
per-year cost is highest when children become teens. What a
typical family spends varies, of course, depending on the
number of kids, household income and general eating habits.
If you’re wondering how you stack up against a typical
family, check out the USDA’s Cost of Raising a Child
Calculator, which enables you to enter your family profile. I
entered a sample family (middle income, two adults, two
teenagers aged 13 and 15) and determined that the average
family of this make-up spends $5150 per year (or $429/month)
on food just for their teens. This comparative information
can provide a guideline for budgeting and give you a sense of
what average Americans are spending – but the dollars and
cents are clear; feeding teenagers can become a major
expense.
(MORE: Paying for Grades: What to Consider Before Promising
Your Kids Cash for A’s)
Regardless of your income, it’s important to understand your
own expenses and to be smart about you’re spending so that
you can continue to save for your financial goals, even with
ravenous teens. Try these steps to help manage family food
costs.
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Create a monthly food budget. First and foremost, understand
what you can afford on food based on your monthly income and
other expenses. Remember that your overall food budget
includes more than just groceries- factor in how much you and
your kids spend at convenience or specialty stores,
restaurants, school lunches and special events. If you don’t
know what you’re already spending, track your costs for a
few months and then sit down and evaluate where your dollars
are going. Include your kids in this process to help teach
good money habits.
MORE: Guide: The 31 Healthiest Foods of All Time (With
Recipes)
