Over the last month or two, I've noticed in doing our cash flow plan that the amount of money Cindy and I allocate for groceries isn't going as far as it once did. I had heard that food prices were rising and the story I read in Kiplingers Personal Finance magazine confirmed it.
- Food and beverage prices are rising at a 4.4% annual rate
- Dairy prices are up 13% overall and up 26% for a gallon of milk. (That really hurts as my family goes through 3 gallons a week.)
- Meat prices are up 6%
- Bakery products are up 4.6%
Other than confirming the reason our food budget isn't affording us what it use to I'm sharing this to point out how important it is to have financial margin in your life. I know there's great financial pressure on people today and when costs rise on necessities it either cuts into your margin or it stress you out.
For me, having no debt except for my mortgage means rising food costs reduces my margin a little bit. The key is to eliminate your consumer debt ASAP!
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