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How to keep food costs down?

VacationForever

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Like to have.. what kind of a question is that...

He should be telling you that you have investable assets of x which should generate income of z... let's say your assets can generate 200k.. you say 105k..does he keep the 95k?

Is he fee based or earn money on comission? I would recommend shopping around and making sure you are dealing with a certified financial planner who is fee based. They should help you figure out what your needs are not the other way around. .

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It is commission based, less than 1 percent of our portfolio. My intention is to pass down unspent savings for my heir and charities. To the surprise of my financial advisor I emailed him a plan on how our retirement income will be generated - a mix of Social Security income, future income annuities and MRD, leaving non IRA savings untouched. Maybe I should let him drive it instead of my telling him.
 

Jason245

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It is commission based, less than 1 percent of our portfolio. My intention is to pass down unspent savings for my heir and charities. To the surprise of my financial advisor I emailed him a plan on how our retirement income will be generated - a mix of Social Security income, future income annuities and MRD, leaving non IRA savings untouched. Maybe I should let him drive it instead of my telling him.
There are tax implications to your decisions. I would consult with a fee based financial planner and a good tax attorney.

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spirits

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A second opinion would not hurt

We hear so much about people who are fooled into a false security with unethical financial planners. So many of them are single planners....in my opinion being with a larger company minimizes the risks.

Before I buy a car I do a lot of research, I get other opinions before I book a vacation......I would not trust a single person with all my finances....no matter how honest I think they are being.

For us, we have our money in two different financial organizations...one is forever asking us to merge (with them) and although we would get a better rate for the larger package we would have......I like having our money in two very different places.....

As you begin to think of retirement....your working plans change to living off your savings and investments.....personally I found this very stressful 6 years ago when I was considering my own retirement.

I educated myself on financial investing.....we never did change our investing style or methods...the only differences was....I had enough knowledge to know that what we had done was sufficient....and I did not rely on a financial advisor for that information....I learned it myself.

There are some excellent financial advice forums....sort of like TUG....I have 2 of them and over the 6 years feel very good about what I have learned from them. I cannot predict the future.....don't know what\s in store...but at least I have the serenity to know that I planned for my retirement the best way I knew how. Still working part time.....cannot let go yet (;
 

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Five thousand dollars a month for 2.5 adults? You must be consuming enormous amounts of food and drinks. My husband and I eat healthy foods, have always had workout programs, sports activities and have always been at healthy weights. We both drink some beer/alcohol, occasional sweets and snacks. But, our monthly in home food, dining out food and drink bill is +/- a $1,000 per month. Most of our meals are at home or made at home because it is healthier than dining out. Typically we eat out a couple of times a week. I cannot get my head around $5,000 a month food budget. That cannot be healthy.
 

VacationForever

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Spirits, whether I want to work part time for another 6 years is something that I am currently contemplating. After I retire, ie stop working, I will take 6 months off and then I will figure out if I want to go back to work.
 

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Do you really average $22 per person per meal for every meal of the month? I'm struggling to understand how that's even possible. Just last week, I made a family meal that admittedly was much more comfort food than gourmet, but I joked to my wife that I bet we spent less than $6 total to feed our family of 5 that evening.
Not trying to be rude or insensitive at all, just trying to understand how one spends that much??

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VacationForever

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Five thousand dollars a month for 2.5 adults? You must be consuming enormous amounts of food and drinks. My husband and I eat healthy foods, have always had workout programs, sports activities and have always been at healthy weights. We both drink some beer/alcohol, occasional sweets and snacks. But, our monthly in home food, dining out food and drink bill is +/- a $1,000 per month. Most of our meals are at home or made at home because it is healthier than dining out. Typically we eat out a couple of times a week. I cannot get my head around $5,000 a month food budget. That cannot be healthy.

What do you cook at home? When I cook, it is usually quite elaborate like paella or gumbo.
 

Chrispee

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I thought our household food budget was way out of hand with 3 of us spending $2.5K per month. We eat only organics, and lots of vegetables (which really appear to be the same price as seafood/meat around here).

I honestly don't think you'll be able to make the lifestyle changes required to bring your food budget down in any meaningful way, so I'd like to suggest an alternative: Hire help.

For $2k you could easily have someone do your shopping, prepare your meals, and do some light housekeeping while only spending $2k per month on food. Find someone who loves to cook (and is good at it), and it will be like you're eating out at a great restaurant every night!
 

bjones9942

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Do yourself a favor and buy a crock pot. You can make a ton of meals in one, and not have to be on your feet to do it.
 

VacationForever

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Do you really average $22 per person per meal for every meal of the month? I'm struggling to understand how that's even possible. Just last week, I made a family meal that admittedly was much more comfort food than gourmet, but I joked to my wife that I bet we spent less than $6 total to feed our family of 5 that evening.
Not trying to be rude or insensitive at all, just trying to understand how one spends that much??

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Example of meals we had, off the top of my head... day before Christmas, whole turkey dinner from Mimi's. Christmas Day leftover turkey for lunch, dinner at Ruth's Chris. Blur in my head as to what we did between then and New Year. New Year's Eve we went to a military base for their New Year dinner. Brunch at Mimi's on our way back from Travis Air Base. New Year Day we fixed the rib roast from Costco. Today for lunch we had eel over rice (Japanese style), eel from frozen section of Asian store. Husband fixed eggs for himself since eel Is too sweet for him. Tonight we will finish up the rib roast. I fixed roasted cauliflower and mashed potatoes to go with the rib roast.
 
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rickandcindy23

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For $2k you could easily have someone do your shopping, prepare your meals, and do some light housekeeping while only spending $2k per month on food. Find someone who loves to cook (and is good at it), and it will be like you're eating out at a great restaurant every night!

Wow, that sounds great to me. I think I would be up to hiring someone for the two of us. I am not fond of cooking at all, and I really don't like housework. I could find some time for myself with help like that. I might even join the gym again.

I think Hazel is dead, though.
 

lizap

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Given your lifestyle (and food costs), I don't know if 105k per year, after taxes, is sufficient post retirement.


I think you got a good estimate there. I am looking at 105K after taxes if we keep food down to 3K and travel to 5K, or 130K if we continue to spend 5K a month on food.
 

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Most days for dinner we cook simple and healthy meals. Grilled poultry, fish or meat (4-6 oz.) with steamed or roasted vegetables. Sometimes we have healthy homemade vegetable soup or pasta with vegetables with a light tomato sauce. We like salads with romaine lettuce, spinach and lots of vegetables with a squeeze of orange for dressing. Light and healthy.

We have oatmeal, fresh vegetable/fruit smoothies (16 oz.), some type of protein most days for breakfast. Fast, easy and healthy. Lunch is usually a healthy sandwich (no mayo, no cheese) with some raw vegetables and maybe some baked chips. Again, fast, easy and healthy. Snacks are light popcorn, veggies and fruit.

But, we both like the occasional burger and fries or steak with baked potato with butter. And, we both like to have a really great dessert once in a while. Usually chocolate. 

If you have trouble being on your feet – why not make less elaborate meals? It’s easier, less expensive, less fattening and healthier.
 
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VegasBella

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First, if you aren't doing it already you might want to make sure you're buying all those groceries with credit cards that give high rewards for grocery purchases. You could at least cut back on spending by earning some money back.

Not saying you should be a vegeatrian but if you filled in more with fruits and vegs then that would begin to reduce your meat spend. Lets not forget about grains, and legumes as well. Split peas...MMMmmm.
This is true. The average vegetarian/vegan spends less on groceries AND is 10-20 pounds lighter than the average nonveg person. There are exceptions of course, but on average eating lower on the food chain is better every way you look at it - better for animals, better for the environment, better for your health, and better for your pocektbook as well.

No, you don't have to become a vegetarian but what about vegetarian for breakfast and lunch? Save the expensive foods for dinner. It's worth a try.

Spending habits is an issue but we try to eat healthy too plus we have food restrictions. One needs to be gluten free and the other diabetic, so we eat more meat protein and less grain/carb than most families. We should eat more vegetables but we don't like vegetables and we don't cook as often as we should.. It is a struggle to keep cost down.
Plant-based proteins are on average much cheaper than animal-based proteins. For example, red beans and rice is far cheaper than a steak. Lentil soup is cheaper than a chicken breast. Split pea soup is less expensive than salmon. Peanut butter and jelly is cheaper than turkey and cheese on rye. Pita and hummus is a great snack that's cheaper than bagels and lox.

I understand you don't really like many fruits, veggies, or grains. But how about beans/legumes? There are tons of different kinds that can be prepared all different ways. They've played an important role in virtually all human societies through human history and are a staple food around the world for a very good reason: they're cheap and healthy and tasty. Get to know more beans.

In regards to taste, many people are overly afraid of salt. Granted, you should avoid highly processed foods with lots of sodium, but table salt is really just fine. Feel free to put it on your veggies. They will taste much better and you will eat more of them with just a dash of table salt right before you eat them.

In regards to cooking, the easiest and healthiest way to prepare most veggies is to steam them. This can be done quickly on a stove top, in a steamer, or in the microwave. It can take just a few minutes and you can even just use frozen veggies. Super quick and easy. Just try for two weeks to add steamed veggies to each lunch and dinner meal with a dash of salt and then after that decide if it's something you can keep doing.


It is my problem. We should be more "cheapskate" but hard to change 2 people who grew up in different families and yet are similar in the way we spend and eat for the last 40 years.
Yes, habits are hard to change but you won't be successful until/unless you try. Studies suggest the most effective method is to do new habits in fairly small bits. For example, don't do a complete overhaul of everything tomorrow. Pick one or two ways to change and work on creating that new habit (example, adding more veggies to your diet) and set a realistic achievable goal. When you reach that goal, set another new realistic achievable goal and set off on that one. Keep going, keep moving forward.

I also think that at least some of this is about household items that are getting categorized as groceries but aren't actually food. So maybe actually track your spending more closely for a few weeks to see where it's all REALLY going. $5k per month is excessive for so few people without any clue about where it's going. I know people who spend that much but they are also foodies who go out to eat expensive tasting menus all the time and have specialty foods shipped to them regularly. They know where's it's going is what I'm saying.
 

Elan

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Example of meals we had, off the top of my head... day before Christmas, whole turkey dinner from Mimi's. Christmas Day leftover turkey for lunch, dinner at Ruth's Chris. Blur in my head as to what we did between then and New Year. New Year's Eve we went to a military base for their New Year dinner. Brunch at Mimi's on our way back from Travis Air Base. New Year Day we fixed the rib roast from Costco. Today for lunch we had eel over rice (Japanese style), eel from frozen section of Asian store. Husband fixed eggs for himself since eel Is too sweet for him. Tonight we will finish up the rib roast. I fixed roasted cauliflower and mashed potatoes to go with the rib roast.
Thanks for the explanation. I guess if I was hitting Ruth's Chris frequently I could spend that too. I love to eat out, but I also love to cook. To be honest, I like the social aspect of eating out more than the food, as at least half the time I feel like I could make the meal better at home.
If you don't feel like you can change your habits, then my only advice would be to tone down your tastes. If you continue to eat out, but every meal out cost 30% less, that's $1500 right there. When it comes to dining out I seldom find great correlation between price and quality. YMMV. Best of luck!

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WinniWoman

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$5000?!!!! Are you kidding me?!!! Hell, we are 2 people and even when our son lived home we spent about $600. We do not eat out except in rare situations and that includes take out. We eat out 2 or 3 times when on vacation. That's it! I make a big salad for my lunch for the week and I take the dressing on the side. That's right - I eat salad for work every day. My husband takes turkey and ham and cheese with him- sometimes in a sandwich sometimes not. And maybe some grapes or a banana. Bkst home as well. No coffee stops.

I stock up 4 times per year at Sams club. I have a pantry and an extra freezer. And when I shop I always stock upon sale items we use a lot.

Every Sunday morning I cook up 4 meals for the week. Monday is Crock pot and Friday is pizza. Sat and Sunday I cook our meals in as well. I try to cook extra and freeze.

Meals don't always have to be gourmet. Simple is good.
 
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RonB

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I agree with Chrispee - hire someone to do the cooking for you. You should be able to eat well at home, pay the individual, and still save money. Have the person come in once or twice a week and fix multiple meals while there ~ Ron
 

falmouth3

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For $2k you could easily have someone do your shopping, prepare your meals, and do some light housekeeping while only spending $2k per month on food. Find someone who loves to cook (and is good at it), and it will be like you're eating out at a great restaurant every night!

Exactly what I was thinking. You could hire a person who discusses menus with you and prepares meals in your home - or at some other kitchen. They can prepare a week's worth of food and refrigerate/freeze meals so you have them in advance. Or if you can afford it, hire a daily cook.

There are other services that send prepared meals, with everything in a box, and everything is chopped and ready for cooking. One that comes to mind is blueapron.com. I think with that one, you do need to chop and cook, but everything is in the box.

How is husband's health? I'm sure he can learn to cook. It's not really that hard.
 

VacationForever

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I agree with Chrispee - hire someone to do the cooking for you. You should be able to eat well at home, pay the individual, and still save money. Have the person come in once or twice a week and fix multiple meals while there ~ Ron

The word is hire. You don't want to get into an employer-employee situation. Hard to find someone who has a business license who will do this for $2K a month, coming say, 3 days a week. But it is a great idea, Chrispee. I will look!
 

VacationForever

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Exactly what I was thinking. You could hire a person who discusses menus with you and prepares meals in your home - or at some other kitchen. They can prepare a week's worth of food and refrigerate/freeze meals so you have them in advance.

For a while, we used a food delivery service. Saved a ton of money but the food quality went from good to mediocre to bad and we stopped. They delivered once a week and since prepared food should not be kept in the fridge for more than 3 days or so, we ordered for 5 days and froze 2 of the meals for consumption later in the week.
 
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falmouth3

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For a while, we used a food delivery service. Saved a ton of money but the food quality went from good to mediocre to bad and we stopped. They delivered once a week and since prepared food should not be kept in the fridge for more than 3 days or so, we ordered for 5 days and froze 2 of the meals for consumption later in the week.

These services are popping up like mushrooms. One of them that I found by googling sends one shipment a week and they say that they guarantee that by individually packaging and sealing, the food lasts 7 days. If you don't like one, try another.
 

bnoble

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This is pretty simple. To cut your food costs, you need to change your lifestyle. If you aren't willing to change your lifestyle, it won't suddenly get any cheaper to eat the way you eat now.

Only you can decide whether you are wiling to do that. Some folks have made suggestions, but you've told us why those won't work. In other words, you aren't willing to change your lifestyle. Yet.
 

lizap

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Food costs as well as other costs can be reduced. The problem that I see is that you are entering your golden years where you should be able to at least maintain your current standard of living. I agree with the recommendation to talk to a fee-based financial planner. It may be that you may be able to increase your disposable income in retirement through investments or working a year or two longer. I'm thinking it might be wise to reduce your expenses now ( as you have suggested) and invest that money for retirement. We are in our mid 50s and would love to retire in 5 years, but will not until we are able to at least maintain our current standard of living and hopefully increase it.

UOTE=sptung;1842069]Hence my issue....[/QUOTE]
 
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