Five Tips to Shrink Your Grocery Bill – And Your Financial Stress
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June 22, 2023
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According to FP Canada’s 2022 Financial Stress Index, the cost of a trip to the grocery store is the biggest stressor for most Canadians. More than 68% say that rising food prices are having a direct impact on their stress levels. It's true that grocery bill pain is being felt across the country by individuals of all ages and backgrounds.
With inflation, tightening global supply chains, and ongoing geopolitical conflict impacting food and energy prices, costs are unlikely to stop rising any time soon. So, to reduce some stress and take control of their financial well-being, we need to keep grocery spending in check.
Here are a few strategies to help shrink your grocery bill and stretch your food dollar:
1. Set a Budget and Stick to It
Tracking and planning your ongoing and future spending, including on groceries, is essential if you want to take control of your finances and (by extension) your own wellbeing.
According to Credit Canada, most households should allocate about 15%t (or around $595) of their monthly budget to food and groceries, including household and personal care products.
2. Make a (Meal) Plan
It’s Sunday – do you know what you’re eating next week? If you prepare a large pot of chili or chop up some ingredients for salads and refrigerate it all in Tupperware containers, you’ll be all set for the week.
You can also take advantage of grocery store sales by stocking up on reduced-price items and using them as key components for your weekday meals. Creating a meal plan is an effective way to reduce impulses to order take-out, which can get expensive fast.
3. Avoid the Takeout Temptation
During the early days of the pandemic, ordering takeout or delivery was a convenient way to support local businesses while feeding yourself or your family.
While there are still bound to be times when you want to order in, it does add up. Scale back by sticking to your prescribed weekly meal plan or starting the day with a clear picture of what you’ll be making for dinner. Save restaurant takeout or delivery for special occasions.
4. No Shopping While You’re Hungry
Before you walk through those doors, have a quick and healthy snack. Your stomach, brain, and wallet will thank you.
5. Waste Not, Want Not
In addition to meal planning, making the best possible use of leftovers and minimizing waste while preparing meals is a no-brainer that will save you money. It’s also the right thing to do for the environment.
These are just a few simple tips to keep your grocery bill from getting bloated. If you could use a little more help navigating the current financial landscape, consider talking to a CFP® professional at Statera Financial Planners, who can give you advice on making the most of your finances.
Article by www.financialplanningforcanadians.ca
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