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12 Ways to Save on Your Food Budget

12 Ways to Save on Your Food Budget

As the cost of living creeps up, more and more people are turning to new ways to balance their budget at home. Food is one of the biggest expenditures for most Americans, and maximizing your opportunities to get the most bang for your buck in that department can lead to more dough in your pocket and your oven. By taking a fresh look at not just what you eat, but how you eat, you can start saving from the start.

1. Start clipping coupons.

If there was ever anything to make you feel more like your grandmother, it’s clipping coupons. However, shows like Extreme Couponing and websites such as Couponing101.com are fueling the fire of consumers looking to save a buck. Be sure to buy your weekly Sunday paper and set aside some time out of your week to go through and clip coupons for things you use. It’s also good to know your local supermarket’s coupon policies, as there may be days or times where they’ll double your coupons. There are also tons of “coupon classes” online, such as the one above, to teach you the basics before you even pick up the scissors.

2. Get digital.

Have a particular item that you use a lot? Get digging online. More and more retailers are using coupons as a way to drive traffic to their websites, social media accounts, and blogs. Digital coupons are also huge with supermarkets, with most of them offering a range that can be clicked online and used in-store with a card or your phone number. Lastly, check with coupon sites online for additional coupons you can easily print from home and use when you hit the shops.

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3. Ask yourself not what you want to eat, but what you can afford to eat.

A common mistake that consumers make is to figure out what they want to eat, rather than thinking about their budget. When you start clipping coupons, try to tailor your weekly menu around what’s on sale. Checking with supermarket flyers and advertisements, as well looking into information on how to create healthy budget meals, is also a great way to start figuring out your weekly menu. Don’t forget to take a look at what you already have in your pantry, refrigerator and freezer, as these items are already paid for and ready to go.

4. Buy in bulk.

Hitting up your local wholesaler may mean you’re lugging huge boxes of pasta out to your car, but it can also mean significant savings. Buying in bulk is nearly always your best bet for saving more money on your food budget. Look for bulk buys on things you regularly use, as they’re less likely to sit around on your shelves and go bad. Great bulk purchases include pantry items, such as canned goods, pastas and grains–all of which can be used to make a quick, healthy and not to mention easy meals.

5. Put your freezer to work.

Your freezer is a great key to saving more money on your food budget. This is particularly true if you’re buying in bulk, as you’ll be able to freeze meats, dairy and produce for use later on down the road. Take some time to learn the best ways to freeze various food items so you’ll know how to maximize your savings, as well as how to prevent freezer burn and food wastage.

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6. When you can, make your own.

Still buying jarred pasta sauces and loaves of bread? Why, when you can make your own more delicious versions for much less? Making your own sauces and food not only means you know exactly what went into them, it’s also generally more healthy as it’s less likely to be packed with additives and preservatives. Cost-wise, it can’t be beat. For example, making your own bread costs, on average, $0.66 per loaf. Compare that to a good quality sandwich bread at $3.99 and there’s really no argument.

7. Pay more attention to leftovers.

Just made a roast chicken for dinner? Now it’s time to throw away that pesky carcass, right? Wrong. Learning to use or repurpose your leftovers to make additional meals is an excellent way to save cash while eating deliciously. Turn leftover meatballs into hero sandwiches, roast bones to make stock, and use those leftover egg whites to make meringues for dessert. The more willing you are to think creatively about your leftovers, the more you’ll get out of them.

8. Kick food waste to the curb.

When it comes to your refrigerator and freezer, your new budget-conscious mantra should be: “No food left behind.” Before you head to the store, see what you still have left to use. You can even make it a challenge to come up with new ways to use those few lonely carrots languishing at the bottom of the vegetable drawer, or what’s going to happen with that sad leftover chicken breast.

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9. Eat seasonally.

Craving a tomato during the winter? That’s going to cost you a bundle. Focusing on seasonal eating means you’re going to chow down on more delicious produce, as well as preventing your pocketbook from taking a beat down. Learn about what’s great in your area and when its at the peak of availability. Not only can you stock up and fill your freezer, but you can do it a lot cheaper.

10. Don’t fear the cheaper cuts.

If you love meat-based dishes but aren’t sure you can afford it, then looking at the less lovely bits can be your ticket to carnivorous nirvana. As the nation’s food budgets become smaller, a new focus on cheaper cuts, such as chicken thighs, beef brisket and even offal, has become the hot new trend in American kitchens. Try focusing on a long, slow cooking with these meats to get the very best out of them. They also tend to freeze beautifully, making them a budget savior.

11. Start living like a veggie.

If you’re already working the vegetarian vibe, then you’re already on the path to saving on your food budget. Ditching meat from your diet, even just a couple of days a week, can offer significant savings to your bank account. Try signing on to the global Meatless Monday Challenge, or simply make a pledge to eat veggie for one meal each day. Not only is it a healthy way to live, you can also save some extra cash effortlessly.

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12. Grow your own.

Love fresh herbs, fruits, and vegetables? Even the tiniest of spaces can help support your food budget. Try growing a kitchen window box with your favorite herbs, planting a small garden in your backyard, or even just trying out a basic outdoor planter with a few carrots, onions and potatoes. You can grow a surprising amount of food, and once you’ve had it freshly picked, it’s difficult to go back to store-bought.

Featured photo credit: cpyles via flickr.com

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Last Updated on January 2, 2019

How Personal Finance Software Helps You Get More Out of Your Money

How Personal Finance Software Helps You Get More Out of Your Money

Do you know what mental health experts point to as the biggest cause of stress in the United States today? If you said “money,” then ding, ding, we have a winner!

Three out of four adults today report feeling stressed out about money at least part of the time. People are either worried about not having enough money or whether they’re putting the money they do have to use in the best possible way.

Your money is either in charge of you or you’re in charge of it, there’s no middle ground. Using some type of personal finance software can help alleviate some of that money stress and better allow you to manage your money effectively. Without it, you may just be setting yourself up for constant financial worry. Life is already tough enough and there’s no need to make it more difficult by simply hoping your money issues will all work out in your favor. Hint: they won’t.

This guide will help you to understand how personal finance software can better assist with both accomplishing long term financial goals and managing day-to-day aspects of life.

Whether it’s tracking the savings plan for your child’s college fund or making sure you won’t be in the red with the month’s grocery budget, personal finance software keeps all this information in one convenient place.

What Exactly is Personal Finance Software?

Think of it like the dashboard in your car. You have a speedometer to tell you how fast you’re going, an odometer to tell you how far you’ve traveled, and then other gauges to tell you things like how much gas is in the tank and your engine temperature. Personal finance software is essentially the same thing for your money.

When you install this software on your computer, tablet, or smartphone, it helps to track your money — how much is going in, how much is going out, and its growth. Most personal finance software programs will display your budget, spending, investments, bills, savings accounts, and even retirement plans, levels of debt, and credit score.

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How It Leads to Financial Improvement

It shouldn’t come as a surprise, but people who regularly monitor their finances end up wealthier than those who don’t. When you were a kid, keeping track of all of your money in a porcelain piggy bank was pretty easy. As we get older, though, our money becomes spread out across things like car payments, mortgages, retirement funds, taxes, and other investments and debts. All of these things make keeping track of our money a lot more complicated.

Some types of personal finance software can help make things a little less complicated, setting you up to meet financial goals and taking away some of the stress associated with money.

Even if you already have a Certified Financial Planner (CFP) some type of personal finance software can be of great benefit. Whereas CFPs focus on the big picture of your money, they don’t handle the day-to-day aspects that determine your overall financial health.

It’s also not nearly as complicated as you might think and can take out a lot of the tedium that comes with doing everything on an Excel spreadsheet or with a pad and pencil.

Types of Personal Finance Software

When it comes to personal finance software, it generally fits into two categories: tax preparation and money management.

Tax preparation software such as Turbo Tax and H&R Block’s software can help with everything from filing income taxes to IRS rules and regulations and even estate plans. Plus, there’s the benefit of filing online and getting your refund check a lot faster than if you were to mail off your forms after waiting in line at the post office.

For the purpose of this article, however, will be focusing more on the personal finance software that aids with money management.

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Money management personal finance software will help you to see the health of your cash flow, pay down debt, forecast for expenses and savings, track investments, pay bills, and do a host of other things that 30 years ago would have practically required a team of accountants.

When to Use Personal Finance Software

So far we’ve gone over what exactly personal finance software is and how it can be a benefit to your money. The next logical step in this whole equation is determining when it should be used and how is the best way to go about getting started using it.

Below are four of the most common and practical ways to use personal finance software. If all or any of these apply to you and your money, then downloading some type of personal finance software is going to be a smart move.

1. You Have Multiple Accounts

There’s a good chance that when it comes to your money, it’s in more than one place. Sure, you probably have a checking account, but you may also have a savings account, money market account, and retirement accounts such as an IRA or 401k.

If you’re like the average American, you probably have two to three credit cards as well. Fifty percent of Americans also don’t have loyalty to just one bank and spread their money across multiple banks.

Rather than spending hours typing in every detail of every account you have into a spreadsheet, many programs allow you to easily import your account information. This will help to eliminate any mistakes and give you a bird’s eye view of everything at once.

2. You Want to Automate Some or All of Your Payments

Please don’t say that you’re still writing out paper checks and dropping each bill in the mailbox. While it’s noble that you’re doing your part to keep postal workers employed, we’re 18 years into the 21st century and you can literally pay every bill online now.

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There’s no need to log into every account you have and type in your routing number either.

With personal finance software you can schedule automatic payments and transfers between all of your imported accounts. Automatic transfers will help to make sure you have the necessary funds in the right account to ensure all bills are paid on the appropriate date. Late fees are annoying and do nothing but cost you money. It’s time that you said goodbye to them once and for all.

3. You Need to Streamline Your Budget

Perhaps the best feature of personal finance software is that it allows you track everything going in and out of your virtual wallet.

Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you track every cent you spend or earn, should you choose. You might be pretty amazed when you see just how much you spent on eating out last month or if you splurged a little more than you should have on Christmas gifts last year.

Every successful business on the planet has a budget and using personal finance software can help you trim the fat on your spending in ways that affect your everyday life.

4. You Have Specific Goals to Meet

Maybe it’s paying off debt or saving for up something like a European vacation. Whatever your financial goal is, whether it’s long-term or short-term, personal finance software programs are one of the savviest ways to go about reaching those goals.

You can do everything from set spending alerts to notify you when you’re over budget to automating what percentage of your paycheck goes to things like retirement investments. The personal finance software that you choose should show you exactly how close you are to hitting those goals at any given time.

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How to Get Started

From AceMoney to Mint and Quicken, there ’s no shortage of personal finance software apps out there. Many of these programs are free to download and will allow you to pay bills, invest, monitor your net worth and credit profile, and even get a loan with the swipe of a finger.

Other programs may only offer you limited services and will require a one-time fee or subscription to unlock all that they offer. These fees can often vary from as little as two dollars to 50 bucks a month.

It’s best to start off with the free version and then gauge whether you’re able to accomplish everything you’d like or if it’s worth exploring one of the paid options. Often times the subscription programs come with assistance from financial planning and investment experts — so that can be a real benefit.

When deciding which personal finance software program to use, it’s also important to look at how many accounts you wish to monitor. Certain programs limit the number of accounts you can add. Be sure that if you have checking, credit card, and investment accounts to monitor, that you choose a service that can monitor them all.

Finally, when looking around for the right personal finance software that meets your needs, make sure that you’re comfortable with the program’s interface. It shouldn’t be expected that you recognize every single feature instantly, but if the features don’t seem readable and manageable to you, then you’re not as likely to use it and get the full benefits.

Final Thoughts

Personal finance software can go a long way in helping you to take control of your money and meeting your financial goals. It’s important to note, however, that some focus more on budgeting and expense tracking while others prioritize investing portfolios and income taxes. Explore several different programs and read reviews to find the one that’s right for you.

In this day and age, managing one’s personal finances in a secure manner that allows the user to have a real-time visual representation of their money is easier than ever before. With the numerous applications that are out there — both free and subscription-based — there’s no reason that every person can’t take control of their money and ensure they’re making smart money moves.

Featured photo credit: rawpixel via unsplash.com

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