It is time to make some adjustments to your budget. Why?
Well, I hate to be the one to tell you this, but your groceries are going to be more expensive this year. Major food giants Mondelez, Nestle, Unilever and Coca-Cola have all announced they will need to hike prices in 2019 to offset higher freight and ingredient costs.
Food is a budget category that people often underestimate. Add to that an increase in food costs, and you can see where things could go off track in your budget. Instead of giving up on your budget when the numbers don’t work out, just make a few adjustments. Your budget should actually be changing pretty regularly when expenses are added or taken away every now and then.
If you have adjusted the numbers to accommodate for increasing food prices and you’re still having trouble staying within your budget, it could be time to try Dave Ramsey’s envelope system.
Whichever budgeting system you use, just be sure it’s one that works best for you.
If you still haven’t jumped on the budgeting bandwagon, maybe an increase in prices will make you want to at least try it. Here is a Coosa Valley Credit Union blog post with some helpful budgeting tips to get you started.