We’re all feeling the crush of high cost of living and inflation – and buying groceries is one expense we simply can’t avoid. With grocery prices climbing along with everything else, it’s getting harder and harder to make our dollars stretch as far as they once did, which puts many of us at risk of financial issues.
However, with groceries being everywhere if you look hard enough, you can save a pretty penny on staples or using a few tried and true strategies. We’ve put together five golden money saving ways to save on your grocery bill – and you don’t have to live on bread and water, either!
Plan your meals
This is a big hack to saving on groceries – planning your meals at least a week ahead of time so you aren’t tempted to splurge on fast food or quick ready meals you can just reheat. By planning your meals, you can also buy in bulk – which also translates into savings – and cut down on the dollar per serving of every meal. You can also plan around specific ingredients such as the ones on special so you can cut spending right down, as well as take advantage of leftovers. This also means you can budget around these meals and make sure you’re on track.
Go direct to the source (or close enough to)
If you can, find a farmer’s co-op, farmer’s market, or food stands if you live in regional areas to save big money on supermarket overheads and other added costs. You may have to travel a bit out of the way and find where the markets are, but you can save a lot of money this way. If you can’t travel far, you may want to buy direct from butchers or green grocers, which can often be found cheaper than their supermarket counterparts. For staples, just go to ALDI for the basics if you can’t find them anywhere else.
Bonus tip: join your local neighbourhood Facebook or social media group; they may advertise specials, freebies, or locations of pop-up clearance centres, where you can save a bundle!
60-30-10 method
One way to reduce grocery costs is to use the 60-30-10 method: 60% spent on wholegrains or carbs, 30% spent on protein, and 10% (or less) on processed or convenience foods. These could be broken up into staples like flour or bread for grains; or even legumes for your protein intake which is way cheaper than meat. As mentioned, by planning using this method, you might cook up a big slow cooker meal that’s full of root vegetables, rice, and a bit of meat to make the protein portion go further.
Bonus tip: tinned or frozen vegetables are cheaper and usually aren’t that much nutritionally different than their fresh counterparts, either.
CEO of Fundo, Bishara Hatoum says that a few small changes can reap big rewards. “Meat is one of the items that has been hit hard by inflation, so having a meat-free night once or twice per week can really take the strain off your grocery bill; especially if your family are big meat eaters. There are plenty of online recipes that are not only delicious, but nutritious – and the kids might even request it again!”
Unit prices vs sticker price
Specials and bargains may look good on the surface, but you have to consider the unit price versus the sticker price when figuring out what’s actually economical. Most supermarkets will list the unit price (e.g., per 100g, 100ml, per sheet, etc.) so you can make an apples-to-apples comparison between products. Though a 1kg bag of rice might be on special that week, it may be more cost-effective to buy the 2kg bag with a lower unit price.
Shop at night
Not only will you avoid the crush of Saturday morning shoppers, but you’ll also actually find that there’s lots of bargains to be had as managers and supervisors mark down close-to-expiry products or hot food like roast chickens that will otherwise be thrown out. Having an extra piece of bread with a pre-prepared dinner can make the dinner last a bit longer than expected, too!
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Disclaimer: The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product. It is only intended to provide education about the financial industry. The views reflected in the commentary are subject to change at any time without notice.
