Seeking ways to save money for debt repayment or to build an emergency fund? A good starting point is scrutinizing your refrigerator. The money you spend on groceries can be dramatically reduced with a little extra effort, not necessarily resorting to coupons or hunting for deals city-wide. A strategic plan is a crucial component towards shrinking your food expenses.
Here’s a guide to seven strategies to avoid exceeding your food budget:
1. CREATE A MEAL PLAN
Do you usually discard bags of leftovers or wilted vegetables by the end of the week? Or do you habitually open an empty fridge to order a pizza out of desperation? These are signs of poor planning which can lead to overspending on food. Jot down a list of your preferred meals or search online for inspiring ideas. Develop a practical meal plan alongside a corresponding grocery list. Before you leave for shopping, double-check your pantry for any existing materials to avoid overstocking. Remember, it’s easy to accumulate excess items such as spices, but pantry space is finite and even canned foods eventually expire.
2. HUNT FOR BARGAINS
Be deliberate in your shopping process to identify the best deals. Generally, the most expensive brands are placed at eye-level, consider looking on lower or higher shelves for less costly alternatives. Also, stock up on items frequently used when they are on discount. Keep in mind, some deals may require a store loyalty card, which you should register for if you haven’t already, as perks can include gas purchase credits or personalized coupons.
3. REVIEW THE UNIT PRICE
When shopping for a product available in multiple sizes, compare the unit price stated on each item’s shelf tag. Generally, the lower the unit price, the better the value. If the unit price isn’t provided, calculate it manually by dividing the product’s weight or volume by its cost.
4. SHOP SMART
Though it might be tempting, don’t succumb to the allure of sales items that you won’t utilize. For example, overstocking on perishables may lead to wastage, negating the benefits of any discounts. However, note that certain bulk purchases such as bread, milk, and cheese can be frozen to prolong their shelf life.
5. MINIMIZE SHOPPING TRIPS
The more times you visit the grocery store, the more you expose yourself to the risks of impulses buying. An ideal resolution is to restrict the frequency of your shopping trips. By planning your meals well, you can shop once or twice a month, which cuts down on opportunities for spontaneous purchases.
6. AVOID SHOPPING WITH KIDS
To resist temptation, consider shopping sans your small children. Often, children can distract you, undermining your shopping strategy or encouraging impulsive buying. If possible, consider arranging for a babysitter during your shopping trips, as the savings could offset the babysitting fees.
7. SHOP ON A FULL STOMACH
When you shop hungry, the likelihood of extraneous items sneaking into your cart increases dramatically. Consequently, ensure you eat before heading out to shop or pack a snack to eat immediately after shopping.
EXTRA TIPS
For those willing to invest a tad more time, the following methods can trim your grocery expenses even more:
1. UTILIZE COUPONS: Collect the coupons your grocery store hands out with receipts and redeem them on your subsequent shopping trips. If you have more time, explore extreme couponing strategies.
2. MAINTAIN A GROCERY STORE BINDER: If you have multiple shopping locations, keep a price list of items you regularly buy to keep track of the best deals. Keep these prices updated.
3. PLANT A GARDEN: Fresh produce can be a significant cost saver. If you’re keen, start a small garden. Or if space is an issue, try container gardening or participate in a community garden.
Cutting down your grocery bill requires some time, discipline, and a solid plan. And remember, resist the tempting chocolates and candy at the checkout counter!
What has worked best for you in reducing your grocery expenses? Do you shop with your children or use coupons? Let us know!
