Is the cost of food giving you sticker shock these days? Costs are rising wherever you look, and food can be a big chunk of your spending each month. If you’re starting to feel the squeeze in your wallet, here are some actionable tips to help keep those expenses down.
It Pays to Pay Attention
Do you actually know how much your household spends on food each month? For most people, the answer is no. The first step in getting a handle on your expenses is to pay attention to where your money is going. Take a 30-day snapshot of your spending (from all sources – cash, debit card, credit cards) and pick out the items that are for food spending. This includes grocery store purchases, restaurants, fast food, snacks at the gas station, or anything else related to food.
Once you have the baseline established of what your normal food spending is in a month, now you can measure your progress as you implement changes.
5 Tips to Lower your Food Spend
- Cook meals at home. Yes, groceries are expensive, but they are still cheaper than eating out at a restaurant or ordering takeout. Take some extra time to think ahead and plan meals so you have the ingredients on hand. This will help you avoid the “I don’t know what to do about dinner” dilemma, instead of ordering takeout or going to a restaurant.
- Be mindful if you choose to eat out. If you decide to eat at a restaurant, there are still some ways to cut costs. Ordering drinks (even sodas) get expensive quickly. Instead, consider sticking with water (it’s healthier anyway). Skipping the appetizer will also cut down on your bill. Usually, meals come in such large portions that you don’t need the extra food anyway.
- Stick to the list. Before grocery shopping, plan the food you will need for that week’s meals. Make a list of the items needed and stick to the list. Many times, we end up getting distracted once in the store and picking up extra items we really don’t need.
- Shop the sales. Always look for the BOGO (buy one, get one free) or other discounts. An even better strategy is to check your grocery store’s sale flyer and plan your meals for that week around which items are on sale. If you are buying meat, this can give you significant savings.
- Utilize the apps. Most grocery stores have an app where you can clip electronic coupons, get cash back, or accumulate points for savings. Taking a couple of extra minutes to check the app could save you some money. There are also apps where you can scan your receipts for points, which can be redeemed for gift cards. My personal favorites are Fetch and Upside.
Take the Time
These may seem like common sense, but they are good reminders because most of us don’t take the extra time to think about some of these strategies. I encourage you to take a few extra minutes to pay attention – pay attention to how much you’re spending. Pay attention to the opportunities to save a few dollars here and there. It all adds up. Challenge yourself to see how much you can reduce your food spending. Making it into a game can sometimes give you the determination and motivation to stick with it. You’ve got this!
