In the past week I was talking with a friend about Dave Ramsey. During the discussion the comment was how, if it was needed to pay the back up bills a family would need to go on a diet of rice and beans until those bills were paid.

A 2 pound bag of rice will run $1.77 making 20 servings. A 2 pound bag of beans will cost $1.73 making 25 servings. Then you add things like tomato sauce which is 48 cents per can. Then a couple chopped strips of bacon that cost 25 cents. That makes the cost of 22 cents per bowl.

What gets most of us in trouble financially is when we buy groceries, clothes and other things. Then when it comes to paying bills, and putting money in savings is almost an after thought.

In a society were we are encourage to live above our means. Spend our money on what we think we need, as opposed to what we do actually need. There comes a time where there needs to be an adjustment.

In the last few years, what has been termed “The Great Recession” people are having to start to learn to live on what they actually make, not what they think they should have. Even if this includes eating rice and beans.

The average family of four spends $10 to $20 per meal. Going out to a fast food place like McDonald’s or Burger King will cost on the average family $25 to $30. Eating out for lunch or dinner at a family restaurant will run $20 to $40 per person.

Most businesses charge some kind of interest rate on unpaid bills. This could range from 20% to as little as a 1%. This can add up to a few hundred dollars in no time.

Just by planning a budget to where essentials like utilities, and shelter are listed. Then bills are paid. Finally, food and clothing are added. This may seem like a hard cold way looking at life, but think of all the money you will be saving.

The average family has a credit card debt is between $7,000 to $8,000. The conservative interest rate is 10%. that is a yearly lost of $700 to $800. Adding rice and beans for a few meals can save you big money.

Tags: credit card, Debt, Rice and Bean