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Aussies drop $15k a year on food and drinks
Despite spending $272 billion on food each year, only 40 per cent of Australians can stick to an allocated food budget, new research has found.
Aussies drop $15k a year on food and drinks
Despite spending $272 billion on food each year, only 40 per cent of Australians can stick to an allocated food budget, new research has found.
Insurance giant Suncorp has found the average Australian individually spends nearly $300 dollars a week on food.
According to Suncorp’s behavioural economist Phil Slade, the findings indicate that when it comes to food, instincts are driving spending decisions.
Suncorp revealed that food delivery services are the item people are most likely to overspend on.
“Most of us agree regularly spending money on takeaway food and barista-made tea and coffee is an unreasonable expense, yet we’re spending $140 a month on these items,” Mr Slade highlighted.
The behavioural economist said that the busier consumers become, the more money they throw away on “painful problems” like hunger or boredom, which can be easily solved.
“While the rise of food delivery services is perceived as making life simpler, they’re also giving us another outlet to spend money in moments when we’re experiencing pain (hunger), which in most cases hasn’t been budgeted for,” Mr Slade continued.
The report found 29 per cent of Aussies are also overspending on groceries (29 per cent), eating out (25 per cent), takeaway (24 per cent) and alcohol (23 per cent).
The most common food-related expenses included groceries ($135), eating out ($52), alcohol ($31), takeaway ($22), coffees/teas ($13), food delivery services ($12), supplements ($12) and health foods ($11).
To combat such overspending, Suncorp offered up five budgeting tips to help Australians reduce their unnecessary spending on food.
Five budget tips
- Plan meals – Thinking about meals a few days in advance and doing one grocery shop is the single most cost-effective way to get the most out of a budget, the report said.
- Shop online and don’t shop when you’re hungry – You’re more likely to purchase unnecessary snacks when you’re hungry.
- Shop around – Different shops have different specials on any given week, so it’s worth taking the time to tailor meals around sales items.
- Value leftovers – Using leftovers for lunch the next day can effectively reduce food bills.
- Grow your own food – Space constraints can limit food growing opportunity, but an herb or vegetable garden might shave a few dollars off the weekly bill, with cherry tomatoes, lettuce and broccoli particularly adaptable to apartment living.
nestegg has previously queried whether Uber Eats and Afterpay habits are making Aussies poor.
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