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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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Published on January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

More Tips on How to Pay Off Debt

Featured photo credit: rupixen.com via unsplash.com

Reference

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