Living frugally while regaining financial footing with bankruptcy

Those who have filed bankruptcy or are considering bankruptcy are usually looking to save money in any way they can, cutting out all unnecessary spending and giving up luxuries. One of the ways that people who are struggling financially can cut expenses that they may not immediately think of is in their food budgets. However, cutting food costs does not mean living only on bread and water. After looking at the cost of eating out versus the cost of cooking at home, people may want to make some simple changes in their eating habits that can result in big savings.

Fast food compared to cooking at home

Fast food can be a convenient lunch option, and many consider fast food to be inexpensive because they compare the cost of a fast food meal with the cost of eating out at full-service restaurants. However, a full meal at a fast food restaurant can cost between $6 and $10. A lunch that a person prepares at home and brings to work, on the other hand, can cost about $2 per serving with some careful planning.

Saving $4 may not seem like a big deal, but when added up over a year's worth of lunches it becomes a significant amount that can help people with debt problems.

Saving money while eating well

It may seem to some people that any cooking at home is more cost efficient way of eating than eating at restaurants, even fast food. However, just because a meal is cooked at home does not automatically make it inexpensive.

Saving money on food takes some planning. The first step is to plan out a week's worth of menus and then make a shopping list. People can search websites for easy and delicious recipes when trying to decide on meals for the week. An abundance of recipe blogs are on the internet, such as the blog called Budget Bytes, a blog aimed at sharing economical recipes that are "quick, simple and satisfying" according to the blogger.

It is wise to take into account the ingredients that are already on hand that need to be used up when selecting menus, so that they do not need to be thrown away - which is a waste of money. Another thing to consider when planning menus is what items are on sale at the grocery store. Additionally, people should stick to their shopping lists and resist the temptation to make "impulse buys" on items that are often costly and unnecessary.

Further steps

In some cases, no amount of cost cutting can help a person obtain debt relief. Credit card debt, medical bills and other debts may be too overwhelming to deal with by simply retrenching. People in such circumstances may want to consider bankruptcy as a way to get their heads above water so they have time to stave off creditors and reorganize their finances. If you have questions about bankruptcy as a debt relief tool, speak with a board certified bankruptcy attorney who can help you decide if bankruptcy is the best option for you.