TEMPLE, Texas — Just how much food do Americans waste? Here's some "food" for thought: While the world wastes about 2.5 billion tons of food every year, the United States discards more food than any other country: Nearly 60 million tons — 120 billion pounds — every year. And you pay for a lot of it. So, where are we wasting money? On this Money Talks, we find out.
Are you finding out that just before payday you are having to charge food or gas? Well, your budgeting might just be off!
"Somethings got to give and the behavior change is the biggest thing," Financial Planner Rolandus Johnson told 6 News. "And so, when we are looking at budgets and financial plans, the first place we look is 'discretionary spending' we call it. Discretionary spending, you know, that is going out to eat. I don't like saying entertainment is discretionary spending because I think that you should treat yourself and have a great time every once in a while, but the fast food meals on lunch break, you know, fast food used to be, for a meal at McDonalds was like five or six bucks, now it's 10 or 11 dollars."
So, maybe inflation has taxed your food budget. Well, other daily habits could be costing you a great deal of money and you may barely know it's happening.
"If you look at the average price of your coffee at Starbucks, or your Dutch Brothers or even some of the local coffee shops nowadays, you are looking at about six or seven bucks for a medium, you know, a small may be a little bit cheaper but everybody is going to get the medium for the most part," Johnson said.
You might be amazed to find out how much that adds up to yearly!
"You are looking at almost $2,000 a year just in coffee if you go on the 20 working days that we have in every month," Johnson told 6 News. "You are spending anywhere from $1700 to $2000 a year."
Johnson says that when he helps families budget, there is usually one major culprit when money runs low.
"Again, you look at those things where budgeting comes into play in the financial world, is, if we have a problem with our budget, where are we bleeding at?" Johnson said. "And a lot of times i would say about 75 percent of the time it's eating out, coffees here, just different things that we could probably do without."
So, if you're a coffee lover, Johnson has a tip on a small investment that will save a lot in the long run.
"Buy a Keurig for probably 50, 60 bucks," Johnson advised. "Go to HEB and every month or two, buy the K-Cups and you are going to save a ton of money and the coffee tastes just as good! "
How big is the coffee industry? Well, consumers spent nearly $110 billion on coffee in 2022.
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