This post may contain affiliate links which may compensate us based on your interaction. Please read the disclosures for more information.
A family of four could receive up to $973 a month in food benefits for FY 2024. Learn more about the changes and how to make your SNAP payments go further.
Image source: Getty Images
Once a year, the USDA makes cost-of-living revisions to the amount that families receive in food benefits. It has just announced the new amounts households will receive for the 2024 fiscal year, starting Oct. 1, 2023. Under the new provisions, a family of four can receive a maximum of $973 a month, up from $939 in the current fiscal year.
The Supplemental Nutrition Assistance Program (SNAP) helps millions of low income American households keep food on the table. The Center on Budget and Policy Priorities (CBPP) says that, “SNAP reduces hunger by as much as 30% and is even more effective among children.”
SNAP benefits for 2024
The USDA bases food benefit payments on something called a Thrifty Food Plan, which it uses to estimate the cost of providing low-cost meals. SNAP benefits are calculated for each fiscal year, which is why the 2024 allocations kick off in October. The maximum payments for 2024 are up between 3.5% and 3.7% on the 2023 allocations.
The amount a household receives depends on a number of factors, including income and location. Payments are higher in states with higher living costs like Alaska and Hawaii. SNAP benefits are calculated by making deductions from the maximum payment, and many households will not receive the maximum amount. Broadly speaking, eligibility depends on income and the amount of money in your bank account.
Here’s how the maximum SNAP monthly allocations will change from 2023 to 2024 in most U.S. states:
Are SNAP benefits enough?
A monthly payment of $973 for a household of four equates to around $8 per person per day. While SNAP benefits aren’t designed to cover everything, it isn’t easy to feed a family on around $2.66 per person per meal. Indeed, research from the Urban Institute showed that the maximum benefits often don’t cover a family’s food costs. “Amid inflation, SNAP benefits did not cover the cost of a meal in 99 percent of counties in 2022,” said the report.
The new benefit amount — a monthly increase of $34 for a household of four — is roughly in line with cost-of-living increases measured by the Bureau of Labor Statistics (BLS). Its latest Consumer Price Index figures show that the cost of all items in June, 2023 was up 3% over the year before. However, inflation does not impact all aspects of life equally.
The BLS data also shows that food at home increased by 5.7% year over year. The new SNAP benefits do not match this. Hypothetically, a 5.7% increase in benefits for a family of four would mean a new monthly payment of $992, rather than the planned $973.
In addition, this year brought the end of the pandemic-era emergency food benefits throughout the country. According to CBPP calculations, this meant the average person received about $90 a month less in SNAP benefits. Even factoring in the increased SNAP benefit amount, many households have seen a significant drop in their food benefit amount, and the revised 2024 payments will do little to close this gap.
How to make your SNAP benefits go further
It can take time and energy to provide healthy food for your family on a strict budget. The challenge is that in a busy household, time and energy are also limited resources. Even so, if you can carve out some time to plan your grocery-shopping trip, it can make a big difference.
Here are some ways you might stretch your SNAP benefits a little:
Use cash back apps and coupons: Look for cash back apps that work in stores that take your EBT card. You’ll usually need to download an app and then scan your receipt after you’ve been to the store. Pay attention to coupons, whether in store or online as these can often carry hefty discounts.Always shop with a list: Planning your food shopping is one of the best ways to reduce costs. Even more so if you use a cash back app or coupons. Check what offers are available on items you normally buy before you go shopping. Mark the items that qualify for rewards or discounts on your list, so you don’t miss them when you’re shopping.Look for double up programs: There are Double Up Food Bucks or other programs in various states that essentially give you two for one on all produce at participating farmers markets and stores. It’s a great way to get more fruit and vegetables for your SNAP dollars.Buy in bulk and batch cook: It isn’t always easy to find the extra cash for bulk buying when you’re eking out every cent. However, if you can manage it, you may be able to save both money and time. You might, for example, batch cook a stew and freeze portions for future meals.
Unfortunately, food insecurity still impacts many American households. If you don’t have enough money to feed your family this month, look for additional help. Find out what food pantries and soup kitchens are operating in your area on which days, and whether you’ll need to present any documents. Call United Way at 211 for information about assistance programs in your area.
Alert: highest cash back card we’ve seen now has 0% intro APR until nearly 2025
If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.
In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
More from my site
I’ll Never Have a Perfect 850 Credit Score. Here’s Why I’m Fine With That
3 Reasons to Open Another CD Before the End of 2024
Is a Costco Membership Worth It for a Household of One?
Is $10,000 Enough Money to Keep in Your Savings Account?
I’ve Been a Costco Shopper for 18 Years. Here Are the Best Tricks I’ve Learned
I’ve Used Over 20 Credit Cards. Here’s What I Look for When Opening a New One
