UNV-103-RS-T6_FoodBudgetExercise
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Name: Noah Conn
Course: UNV-103
Date: 10-11-23
Instructor: Kathia Antillon UNV-103 Topic 6 Food Budget Exercise
Financial literacy is essential for your overall wellness and self-care. By understanding your short-term financial situations, you can be better prepared to reach your long-term financial goals. This exercise will guide you through a current short-term financial situation that can assist you in making optimal decisions about your personal finances, health, and nutrition.
Whether you have a GCU Meal Plan or buy your own food, it is essential to budget for food each
week. God designed our bodies to keep us healthy and help us thrive. He created us with an appetite so that we could eat multiple meals each day to get the proper nutrition. In this exercise, you will create a food budget for the entire semester that will fuel your health, nutrition, and financial wellness. Exercise 1
– Current weekly meal spending.
In the table below, enter the dollar amount for each meal or snack you purchase. You may use previous purchases for this exercise. Day of the Week
Breakfast
Snack
Lunch
Snack
Dinner
Snack
Daily Total
Monday
$5
$2
$7
$2
$8
$2
$26
Tuesday
$5
$2
$7
$2
$8
$2
$26
Wednesday
$5
$2
$7
$2
$8
$2
$26
Thursday
$5
$2
$7
$2
$8
$2
$26
Friday
$6
$3
$8
$3
$12
$4
$36
Saturday
$6
$3
$9
$3
$13
$4
$38
Sunday
$6
$3
$8
$3
$12
$4
$36
Weekly Total
$204
Reflection: In 50-100 words, summarize your daily and weekly food expenses. Were there any surprises in your meal spending habits? I typically spend $29 on meals throughout the week and $37 on weekends. This comes to about $204 each week in total. My expenditure rises over the weekends, probably as a result of
eating out or engaging in social activities. The $10 daily difference between weekends and weekdays startled me. This distinction emphasizes the value of setting aside money for relaxing weekend meals or trips.
Exercise 2
– Calculating food budget.
Assume you are living on campus for at least 16 weeks. How much money per day should you budget for meals? This includes snacks and beverages. 1.
Calculate the average for your daily food expenses.
a.
Add daily total for Monday through Sunday.
$26 + $26 + $26 + $26 + $36 + $38 + $36 = $214 for the week.
b.
Divide the total by seven to determine the daily food expense average.
$214 ÷ 7 = $30.57
c.
What is your daily food expense average?
$30.57
2.
If you have a GCU meal plan, locate the total dollar amount. If you don’t have a GCU meal plan, consider using one of the GCU meal plans for this exercise. Go to https://www.gcu.edu/admissions/tuition-and-financing.php
and scroll down and click on “Housing and Meal Costs.” 3.
Divide the meal plan total by 112 days to determine how much per day can be allocated for meals. What is the total?
$2400 ÷ 112 = $21.43
Exercise 3
– Comparison of current weekly meal spending versus food budget.
1.
Enter the results from Step 1 and Step 3 in the boxes below.
Your daily food expense average from Step 1.
Your meal plan expense average from Step 3.
$30.57
$21.43
2.
Is the daily food expense average from Step 1 above or below the daily meal plan expense average from Step 3? The daily food expense average from Step 1 ($30.57) is above the daily meal plan expense average from Step 3 ($21.43)
a.
If it is below, fantastic! You are on the right track to having enough food for the entire semester. How would you mentor a classmate who is challenged with managing their spending? (50-100 words) I would advise a classmate who is having trouble controlling their expenditures to
start by keeping note of every purchase, no matter how minor. This will make it clear where their money is being spent. Setting a budget and following it strictly are critical. Consider buying non-perishables in bulk to save money over the long term and place a higher priority on essentials than indulgences. Furthermore, weekly meal preparation can lessen the desire to eat out or purchase pricey last-
minute meals. Offering advice and sources for inexpensive, wholesome recipes can also be helpful. Urge them to periodically evaluate and modify their spending patterns.
b.
If it is above, refer to Exercise 1 and reflect on what expenses could be adjusted to
ensure you have enough dining and snack dollars to last the entire semester? (50-
100 words) It is clear that spending is significantly higher on weekends. One could think about cooking meals at home on the weekends, minimizing eating out,
and refraining from impulse snack purchases to guarantee there is enough money for meals and snacks throughout the full semester. Moreover, meal planning and buying in bulk can both reduce everyday spending. To become more aware of where the money is going and make any modifications, it might also be helpful to establish a weekly budget and keep track of spending.
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