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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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Last Updated on July 10, 2020

The Definitive Guide to Get out of Debt Fast (and Forever)

The Definitive Guide to Get out of Debt Fast (and Forever)

Debt can feel crushing, like a weight that is always weighing you down. Looking at those numbers, it can feel as if you’ll never get out from under it. However, if you really want to learn how to get out of debt, it is possible with a great deal of focus and self-control.

Getting out of debt isn’t impossible. Like any big goal, all that it takes is an action plan to identify where you are and creating a plan to zero out your debt.

Identifying All of Your Debts

The first part of paying off your debt is getting a complete picture of what you owe. When you have everything written out in front of you, it makes it much easier to create an action plan. Depending on how much you owe, it might also help you realize it’s not as bad you might have originally thought.

Here’s how you can get started identifying your debts:

1. Own Your Debt

Before you start identifying all of your debts, take a moment to process that you have debt but want to get out of it.

Forgive yourself for any past mistakes, missed payments, or overspending. It might be painful to accept how much debt you have at first, but you must own it.

2. Make a Debt Tracker

It’s astonishing how few people ever created a tracker to understand their total debts. Most likely, it comes from not wanting to accept the guilt of having debt, but, if avoided, it can make it nearly impossible to get out of debt.

Open up a new Google or Microsoft Excel sheet and list out all of your debts. Start with the name of the creditor, interest rates, total balance, loan term length (if any), and the minimum amount due each payment. This will include student loans, credit cards, and any other type of debt owed.

3. Get Your Debt Number

Once you’ve made your debt tracker and taken the other steps, identify your total payoff number. This is crucial, as you will have a starting point and a clear goal that you are trying to achieve.

Prioritizing Your Debts

All debt is not created equal. It’s imperative to understand that there are different types of debt.

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1. Understand Bad and Good Debts

Bad debts are usually paying for things you want instead of always need. While there might be some emergencies that max out your credit cards, often times it’s excessive spending[1].

There are three main types of bad debt:

  • Credit Card Debt: The average American household owes over $16,000 in credit card debt!
  • Auto Loan Debt: According to CNBC , the average auto loan in the US is $30,032!
  • Consumer Loan Debt: Consumer loan debt isn’t as common as credit card and auto loan debt, but it’s still considered bad as interest rates are usually between 10-28%.

Good debt is identified as investments in your future. Here are three common types of good debt:

  • Student Loan Debt
  • Mortgage Loan
  • Business Loans

2. Decide Which Debt to Pay off First

Once you know each type of debt and their interest rates, you can begin to pay off debt quickly.

Focus on paying off bad debt first, regardless of if it is a credit card or auto loan. Start by paying off the loan with the highest interest rate first.

If you have several credit cards with different interest rates, you want to focus on the one with a higher APR. You will actually save more money by eliminating the card with the highest interest rate.

3. Don’t Pay the Minimum Amount

Paying the minimum amount digs you into a hole as interest rates will offset your payment. Even a small amount more than the minimum can help you pay off debt much faster.

Removing Obstacles to Pay off Debt Quickly

Creating a debt tracker and prioritizing a plan is simple, but avoiding temptation can be difficult.

1. Set a Reminder to Track Your Debt

“If you can’t measure it you can’t manage it.” -Peter Drucker

It’s so important to track your debt to ensure that you get it paid off quickly. Similar to working out and measuring your results, you need to track your debt constantly. Start with a weekly reminder, where you sign on and log your updated number. Did you increase, decrease, or stay the same?

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Regularly tracking your student loan balance can be incredibly motivating, as well. You will get a huge confidence boost each time you see your total debt amount decreases.

Set weekly and monthly goals so you can have short term wins and keep the momentum going.

2. Hide Your Credit Cards

If your biggest debt is credit cards, you need to eliminate temptation and remove them from your wallet.

Some people have gone to extreme measures by freezing their credit cards. Why? This would create an ice block around your card, which would require you to chip away at it slowly. This will give you time to think if it’s the best idea to buy that thing you’re about to buy.

3. Automate Everything

Willpower can be a huge downfall to paying off your debt. By automating your bills each month, you will ensure that willpower isn’t involved.

4. Plan Ahead

Getting out of debt will require some sacrifices, but with enough planning, you can make it work.

For example, if you know that you have a friend’s birthday or family dinner coming up, plan ahead for the costs. Whether you need to cut back on spending the week before, pick up a side job, or meet them after dinner, do what is needed.

5. Live Cheaply

The only way to get out of debt is to make some sacrifices on your spending habits. Find ways to save money each month so you can apply that amount to your outstanding debts. Here are some ways to save money each month:

  • Live with roommates
  • Cook dinners and prepare lunches for work instead of eating out
  • Cut cable and choose Netflix or Amazon Prime
  • Take public transit or bike to work

Finding the Lowest Interest Rates

The higher your interest rates, the harder (and longer) it will take you to pay off any debt.

If possible, you want to find ways to lower your interest rates to help get out of debt quickly. Here’s how you can get started:

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1. Maintain a High Credit Score

Your credit score will have a large impact on your ability to refinance your loans and receive a lower interest rate. If you have a low credit score, it’s unlikely you will be able to refinance your loans. Use these credit tips to increase and maintain an excellent score:

  • Never miss a payment
  • Don’t exceed 30% of your credit limit
  • Don’t sign up for more than one card at once
  • Limit hard inquires, like auto-loans and new credit cards
  • Monitor frequently with free credit-tracking software

2. Find Balance Transfer Offers

Start by opening a free account on credit.com. Credit.com offers you the chance to open a free account and see what type of balance transfer offers you can receive. Some of your existing credit cards might already have 0% or lower APR balance transfer offers available.

Contact each of your credit card providers to ask about lowering your rate for a one-time balance transfer offer[2].

If you do take advantage of this option, make sure that you use a balance transfer and not a cash advance. Cash advances have a ton of high interest fees (15-25%, depending on your credit card) and will only compound your debt problem.

How to Get Rid of Debt Forever

Setting up a plan, removing temptations, and getting the lowest interest rates is the first step to get out of debt.

1. Keep Monitoring and Adjusting

Once you have a plan, don’t get comfortable. Track your debt payoff plan and make the necessary adjustments when needed.

Monitor your credit scores with a free site like CreditKarma. The higher your credit score climbs, the more likely you will be to secure a new, lower-interest loan.

2. Earn More Money

There are only so many ways to save money. Instead of clipping another coupon or making sacrifices for your morning coffee, find ways to earn more money!

Think about it…it is much easier to find ways to earn an extra $1,000 per month than find $1,000 to cut from your budget.

Here are some examples of ways to earn more money:

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Talk to Your Boss

Have a conversation with your boss about current salary and/or commission rates. If you’re not satisfied or want a change, don’t be afraid to look around at other positions. Some of them might even have a student loan debt reimbursement plan!

Start a Side Hustle

This could be coaching students on the weekends, driving for Uber, or taking paid online surveys. There are tons of ways to make money outside your 9-5. Now that you have a clear plan to pay off your debts, you’ll be more motivated than ever to figure out creative new ways to earn money.

Build an Online Business

There are so many websites and blogs that earn money from ads, affiliates, and other online products. Find your niche and get started.

3. Celebrate Your Wins

As you progress in your debt payoff journey, don’t forget to celebrate your wins. You need to always reward yourself for the hard work and discipline that is required to get out of debt.

While you shouldn’t celebrate so big that it increases debt, make sure to factor in little rewards to keep you motivated.

4. Set New Financial Goals

Eventually, with a plan and these steps, you can rid yourself of your debt. Once you do, make sure to celebrate your monumental achievement, but don’t stop there.

Now, you can focus on acquiring wealth and increasing your net worth. Set new financial goals so you have a new target to aim toward. Here’s how to set financial goals and actually meet them.

These could be anything now that you are debt free! Think about where you want to travel, buying your first home, or saving for your future retirement. Just like before, make sure that your goals are specific, measurable, and achievable.

Conclusion

Congrats, you can now set a plan in motion to finally pay off your debt quickly (and hopefully forever)!

Remember, if you want to get out of debt quickly, it’s not always easy. Just like any big goal, there will be sacrifices, challenges, and problems to overcome.

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Featured photo credit: Pepi Stojanovski via unsplash.com

Reference

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