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15 Simple Ways To Save Money on Groceries And Still Eat Well

15 Simple Ways To Save Money on Groceries And Still Eat Well

Whether you only have to feed yourself, or you’re trying to provide cost effective, nutritious food for a growing family, buying groceries is one of the largest expenses for any household.

According to the USDA’s Center for Nutrition Policy and Promotion, the cost of feeding a family of four can be as much as $954.60 per month. And it’s likely to be much more for many families.

The good news, is that there are some simple measures you can take to slash the cost of your grocery bill. Here are 15 simple ways, that when combined, can cut your grocery bill by 50% or more.

1. Shop alone

It is estimated that about 65% of the items we pick up when we shop with others are unplanned. If you have children, I’m sure you’ll be acutely aware of this problem. Consider taking control of your weekly shopping and leave your spouse and children at home. Stick rigidly to your list and you’ll save yourself a small fortune as well as a minor headache.

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2. Time your shop intelligently

Is there a particular time of day that your local shop is likely to reduce the cost of certain items? For many, it is at the end of the day. For others, early in the morning. Perhaps a few forbidden items have a nasty habit of jumping into your basket when you’re feeling a little bit hungry? If so, then have a hearty breakfast and hit the store mid-morning. Your bank balance and waistline will thank you.

3. Slice and dice

As with buying prepackaged and precooked foods, buying sliced or diced ingredients means you’re usually paying for the extra preparation process. Instead, purchase hams, cheeses and fruits in their whole state and do the chopping yourself. More time consuming, certainly. But also far more economical.

4. Shop infrequently

It may be lovely to dream of perusing local shops at a leisurely pace and buying fresh produce daily, but it’s also unrealistic for many time-starved families. Get organized and you’ll stop popping into the grocery store every other day and picking up a few impulse buys while you’re there. The less you shop, the more you save.

5. Shop for your lunch

If you don’t plan your week ahead and make your list, you’ll inevitably be dashing to pick up an expensive sandwich or meal in your lunch break. This particular habit is the cause of much debt. And if there are two or three people in your household guilty of not preparing their lunches, it adds up to a significant monthly spending. Prepare sandwiches or fresh soups from home or cook larger meals so that you are able to take leftovers into work.

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6. Check labels

Purchase items as fresh as you possibly can. Rummaging at the back of the shelf to reach for hidden items can mean unearthing the produce that is freshest and with a longer sell-by date. If you lazily swipe the front items from a shelf, you’ll likely be getting the produce with the shortest shelf-life. This simple tip means far less going to waste as you’ll eliminate the need to discard spoiled items.

7. Pay with cash

If you doubt your ability to skip past the ‘freshly baked’ donuts or are easily diverted, it helps to leave the card at home. Although it is difficult to be completely accurate in terms of cost, once you have a rough idea how much you spend on your weekly shop, take the money out in cash and you’ll deny yourself the means of adding tens of dollars worth of unnecessary groceries to your basket.

8. Check for local sales

Check the websites of your local stores for any sales on particular items. There is often a particular meat that is on sale each week and it makes sense to buy in bulk and freeze any cuts that provide excellent value. You can also build each week’s meals around the meats that are available cheap at that time. Remember to also check any promotional flyers that often litter the entrances of grocery stores. And don’t neglect the cheaper cuts of meat that are often reduced. They provide great nutrition and value.

9. Purchase groceries in-season

Purchasing groceries when they are in season is a fantastic way to get the most nutrition from your fruits and vegetables. It is also a cheaper way of packing your diet with these healthy foods when they are at their cheapest. Foods that are locally available and in abundance are almost always cheaper than produce that is out of season and flown thousands of miles to land in your local grocery store isle. Research online sites for local food producers and familiarize yourself with the food seasons.

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10. Buy spices and condiments in bulk

Adding spices to your food is a great way of packing in the flavor without having to add too much fat, salt or sugar. Find stores that sell spices in bulk and by weight. Buying your favorite spices in bulk can save you significant money, and being able to purchase small quantities by weight can also help you avoid unnecessary expenditure on those ingredients you may only use very infrequently.

11. Use a loyalty card and download coupons

It makes sense to accumulate loyalty cards for each store you visit. Sign-up to as many as you use in order to benefit from their loyalty programs. It also pays to use websites such as Coupons.com and print out any relevant coupons. Spending a few minutes searching coupon websites while you’re preparing your menu and shopping list can slash your monthly grocery bill. Be flexible with the brands you buy and you’ll be rewarded with a cheaper bill.

12. Skip prepackaged meals

Sure, prepackaged and precooked foods offer a tempting level of convenience. But they’re also far more expensive than if you were to buy the ingredients separately and cook them yourself. You also have little control of nutritional value, quality or freshness. Although time is scarce and convenience valued, it is far more economical to cook meals from scratch that can be chilled and portioned for subsequent meals.

13. Grow your own

We haven’t all got the space, climate or inclination to grow exotic fruits and vegetables. But we can usually grow our own herbs. Little shop-bought bundles of herbs can be rather expensive if you’re regularly buying a couple of varieties. By simply adding a couple of dollars to the initial cost, you’ll have a pot that will provide an ongoing supply of fresh herbs to snip at your convenience.

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14. Create your menu and list

Creating a weekly menu is one of the best ways in which you can save money on groceries. Having a clear plan of what you’ll be eating each day means that you can break down each meal into the exact ingredients and quantities you’ll need. Making a list of these items ensures that you don’t pick up groceries that you don’t need and it also means you’re far less likely to order a late night pizza.

15. Learn how to cook

If you refuse to cook, then the first three points are pretty redundant really. The importance of cooking your own meals, for taste, nutrition and value cannot be overstated. Cooking meals in the proportions you require affords you a scale of economy that buying ready-made simply cannot come close to. Learning the basics of food preparation enables you to cook quantities as small or large as you need, with little going to waste.

If you are not yet keeping track of your weekly shopping budget, these 15 tips are a great way to start cutting your monthly expenditure and start eating better food. By using your weekly list, tweaking your shop and tracking your spending, you may surprise yourself just how much money you will save on your grocery bill.

Featured photo credit: Bruce Stockwell via flickr.com

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Published on June 12, 2018

How Much Money Do I Need to Retire? Find Your Answer Here

How Much Money Do I Need to Retire? Find Your Answer Here

It is never too early nor is it ever too late to start planning for retirement. It ultimately depends on your way of life, where are you living, and whether you need to let go of anything. A successful retirement strategy is to have enough pay to cover your expenses with a little cash going into a savings account for sudden financial needs.

With regards to retirement, we all have an alternate vision in mind. In fact, some think about traveling throughout the world, while some think of a peaceful life with their grandchildren. Whether we get ready for it or not, we will one day turn to retirement age and so, we should be prepared for it. I’m going to tell you how in this article.

Benefits of early ventures for retirement

The way this works is you figure out where you need to live, the amount it will cost you to live there (rent/food/transportation), and the various expenses you will need to account for, like travel/insurance/medical bills and taxes. Many people are struggling to put aside money for their future savings and some haven’t started yet. Think you can put off thinking about retirement? The reality is that you need to start thinking about it right now, and putting aside some money from today.

There are a lot of benefits of taking early steps towards retirement. Utilize the power of compounding, low investment for targeted corpus and you can create more corpus investing the same money:

  • If someone saves $100 every month and starts investing for 30 years at 10% return, initially you will see that within 5-10 years, your investments will not multiply. However, after that period, the corpus will increase immensely with the impact of compounding. The investment period expands the extent of profits increments in the corpus.
  • Suppose there are two people, one aged 30, and the other 40. Both need to resign at 60 with the same retirement objectives of $300,000 USD each. Both will put resources into an investment with 10% of the return. Thus, to accomplish their retirement objective, the younger one needs to save $100 USD / month and the older one needs to collect $300 USD / month. Since the older one has started investing ten years later than the younger one, he will pay more than double what the younger one will pay.
  • If someone saves $100 USD every month and starts investing at 30 years old till 60 and gets 10% annual return, his corpus becomes around $170,000. Otherwise, if he starts the same amount spending at 40 years of age with the same 10% return, he will have around $57,000 USD. He can profit by just investing ten years early.

You can’t invest too much money in retirement during the early stage of your career since you may have different objectives. However, you can increase the investment gradually if you start investing just a small amount.

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Average retirement age

For many people who are nearing retirement age or recently resigned, one of their most significant financial regrets is that they did not focus on saving for their golden years. As per the Consumer Reports study, it demonstrates that only 28% of investors with the age of 55 years or older are pleased with the way they have saved for retirement.

As per the report, The Economic Policy Institute breaks down how much Americans have put away.[1] Since you know that when the majority of people retire, you can subtract your age from that more significant number and check down what number of more years you need to work.

But many retirees go back to work. Some of them do part time job while others do seek for a second career. Some even come back to full-time work and then retire again in a couple of years. So deciding their retirement age could be tricky.

Average retirement savings

To get retirement started, saving is pretty easy, though it can seem complicated. These simple five steps will make you go on retirement now. So, you don’t need to stress over having the same regrets as today’s retirees.

1. Invest 15% for your retirement

Your initial step is to save 15% of your income. This will depend on your gross income and does not include any coordinating assets you get through your employer’s retirement plan.

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It’s sufficient to enable you to achieve your retirement investment funds objectives, but not too much to keep you from enjoying your income today.

2. Utilize tax-advantaged retirement plan

Yes, we utilized the T-word; however, don’t daydream! Split your 15% retirement contributing budget between charge conceded retirement plans like your 401(k) or after-tax plans like a Roth IRA.

3. Invest your money around

To put it all in one place is the most significant risk that you can take with your retirement money. With mutual funds, however, you can invest in the biggest and most recognizable brands as well as that new organizations you’ve never known about but has a lot of growth potential.

Opt a growth-stock mutual fund with background marked by solid returns for both your 401(k) and Roth IRA speculations.

4. Stay with it

Since mutual fund investing is less risky than investing in single stocks, it is not risk-free. You can see your savings grow in the long term as long as you can leave your money where it is and keep adding to it.

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5. Work with an investing professional

It is essential to look for an investment professional, as you must have a lot of queries concerning your retirement plan during 30 or more years of investing,

Never make due with an investment professional who recommends or patronizes you to turn over all your investment choices to them. Since this is your retirement, nobody will think or care about it more than you do!

You might analyze or compare your savings against the average retirement savings for your age group to check whether you’re falling behind or getting towards of the curve. On the other hand, it might be conceivable to hang up the work boots and hit the shoreline with fewer savings if you live easily or below your means.

How to achieve your financial goals?

An ideal approach to achieve your financial goals is to stay focused on what you need for your future, ignore everything (and everyone) else that may divert you. There’s a significant business culture out there that requires you to stay in debt, live for the occasion and stress over your future later on.

You need to start planning for your future from now, not when you have more time or money to invest. You can even talk to a financial advisor for any help. Cooperate to set your money goals and make an action plan to reach them. You can retire younger than you thought you could if you create a project and follow up on it.

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Start planning for your retirement

A lot has changed in the last 30 years; our previous generation had an career goal and they would join either a large private company or a government organization immediately after school or college. Then they would spend the next 38 years in the same organization and the form of provident fund and gratuity. They would retire with a decent corpus and they would later spend the remaining time with their pension benefits. It’s a bit different now, but with the above information, you’ll be well prepared.

Whether you can afford to retire now or not, you need not bother with a retirement calculator to get a rough estimate. You should have the capacity to closely approximate your daily spending habits to figure out how much money goes out the door every year.

Featured photo credit: Pexels via pexels.com

Reference

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