By Ann C. Alsina, CFP®, CPWA®
Outside of housing costs, food is often the biggest piece of a family’s budget. As food costs continue to increase, here are three ways to save on your grocery bill:
1. Make a plan – When you’re dealing with work, kids, school, activities, and everything else on your plate, it’s tempting to hit the drive thru, order pizza, or go out to dinner. Or you find yourself running to the grocery store multiple times a week. Instead, find a time (mine was always late Sunday mornings) to look at the week ahead, and plan your meals.
For busy nights, cook what you can ahead. I would cook ground beef one night that I could use for three different meals. This meant dinner two of those nights was less than half an hour of work. Maybe you do something in the crockpot for busy evenings. However it works for your family, planning meals for the week based on your activities can prevent that last minute scramble.
Once you have the plan, make a grocery list. Having a plan and a list helps prevent food waste and impulse buys.
2. Sign up for your grocery store’s app – As paper coupons are less common, taking time to clip coupons in your grocery store’s app can add up to significant savings. When you plan your meals, go through and clip whatever coupons you need in the app.
If your grocery store is having a sale on something, you have two ways to increase your savings. You can adjust your meal plan to include the sale item, and you can purchase extra of that item. When chicken is on sale, buying some extra to freeze may increase your bill on that trip, but it will lower your food costs over time.
3. Pay attention to price cycles – Most grocery staples follow a 12-week cycle for pricing. When you see a cereal coupon in the Sunday paper, that is typically at the high point in the price cycle. For items you regularly buy, pay attention to the prices. You’ll notice that there is a high and low point. When it hits the low point, particularly if you have coupons, this is the time to purchase whatever your family would normally use in the next three months.
Investing an hour of your time each week to plan meals, clip coupons, and take advantage of sales can help your family’s budget. If you want to take this to the next level, move the amount you’ve saved compared to what you budgeted into your savings account.
You can find great resources, calculators, and register for our educational events on our website at www.covingtonalsina.com. If you have questions, email us at info@covingtonalsina.com.
CovingtonAlsina is a Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents.
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