How much should you spend on gadgets and food?

By Daniel Chubb - Jul 10, 2010

It’s an interesting question that will differ not only for types of income, but also for those that have different values about money, food, gadgets, and saving. How much should you spend on gadgets and food?

Are you a material person? If you love to have the latest gadgets you may find yourself falling into the trap set by gadget makers. Televisions that change specs faster than needed, a new label and design on a phone just to sell more, or to make you upgrade to what is considered fashionable.

I personally fell into this trap with a new shaver, after buying the latest model for an upgrade, only to find it was exactly the same with another color, great marketing. Have you been tricked like this?

When thinking about how much you should spend on food and gadgets, its not about the money you earn, but more about the way you spread the costs as a percentage of your earnings.

Liz Pulliam Weston from MSN money puts it like this, “the 50/30/20 budget”. You can read more on this here. Another article on Money Central gives you 40 ways to save on almost anything; you can read about this here.

What we want to know is how you budget your money when it comes to gadgets and food? Do you spend more money on good quality food, or do you prefer to spend on the good things in life, like those latest tech upgrades? PR readers, let us know in the comments below, or vote in the poll.

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Also See: Create a Savings Plan: Calculator And Formula Apps