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Factoring food and beverages into your total travel budget is something that people often overlook, but it can put you in quite a pinch if not carefully monitored.
Set your itinerary to the best of your knowledge. If you're more likely to do things on a whim and leave your schedule open to adventure, you'll need to budget a little bit more for each meal just in case you find yourself with few food options.
Do some research on normal food costs in each location you'll be visiting. Look into the cost of restaurant meals versus buying food from a grocery store. If you're really trying to cut down on expenses during your trip, plan to buy from a grocery store at least half the time.
Keep in mind that locals at your vacation spot live on a budget as well. The best way to save money is to eat what and where the locals eat.
Budget according to how you eat. You'll probably need three meals a day and snacks for every person in your trip. It's better to have more money available than to have a lack and end up hungry.
Tips & Warnings
Remember to add in beverages. In some places, charging for water is standard.
Avoid thinking that you'll eat the least expensive item on the menu every time. When researching, take a median price for a sit-down meal as what you'll likely pay for each meal you eat out.