The average household’s cost of food is climbing, but there are myriad ways to find a plateau or, better yet, a cliff. One option is to consider the best grocery credit cards: The cards analyzed by ValuePenguin have varying benefits as to how valuable the rewards are for using your plastic in the store. Beyond your method of spending, however, you can cut your grocery bill by shopping smarter, cooking more often and eating out less. Consider these tips.
Save on the Cost of Food: Be a Smarter Shopper
The first thing to think about here is deciding where to shop. Not all grocery stores price the same products the same way. So shop around for an affordable shop. Chances are that Whole Foods and even Safeway isn’t it. Use an app like Savings.com’s favado to compare prices. Once you find your go-to store — consider salvage grocery stores and wholesale stores (i.e. Costco) and farmer’s markets — join its loyalty club, if it has one.
The second consideration here is when to go the store. When’s the most ideal time to do your shopping? Alone on Wednesday nights, after you’ve had a snack. Why? Well, lots of reasons. It’s economical to make a weekly (not daily) trip; it’s good to go in the middle of the week as sales turn over; it’s best to avoid the rush and go after dinner; it’s smart to go on a full stomach to stop impulse purchases; and it’s wise to shop alone so others aren’t influencing your purchasing decisions. Another trick: Using a basket instead of a cart, as you’ll only want to carry the items you actually need, not the heavy stuff you can do without.
While we’re on the topic on what to not buy, make sure you stick to the perimeter of the store; choose store brands over name brands; never buy water; and avoid pre-packaged or pre-washed items. On that last point, it’s always cheaper to make your own guacamole, hummus or salad dressing; grate your own carrots; cut your own mango or pineapple; and even consider growing lettuce leaves in your windowsill.
What should you buy? Fruit in season; frozen and canned or dried produce; the cheapest cut of the highest-quality meat; grains in bulk; and staples when they’re on sale. It’s best to grab that newspaper-style coupon listing at the front of the store, but avoid buying things just because they’re discounted in price. If an item you do want is out of stock, ask for a rain check, allowing you to purchase it at its lower price once the shelves have been re-filled. Speaking of shelves, look high and low. From aisle to aisle, more expensive items have been placed at shoppers’ eye-level.
Saving Money: Cooking at Home
You don’t have to be an executive chef to know that cooking is almost always cheaper than going out and being cooked for. The best way to make the most of the food you’ve bought is to look at yourself as the head chef of your own kitchen. It’s up to you to manage the fridge, freezer and pantry. If something goes bad, it’s on you. If something is still salvageable — turn stale bread into croutons for your next salad — then it’s up to you to be creative about how to use it.
To get out ahead, planning helps. An app like mealtime can help you plan a whole week’s (or month’s) meals. Also like a chef, you’ll need to become expert at recipes — consider a platform like BigOven for aid — and portion control. If you’re cooking for yourself, things are easier. You can cook exactly how much you want to eat, or you can cook additional servings and store them for a future meal. No scraps should be thrown away; the U.S. Environmental Protection Agency estimates that this country generates about 30 million tons of food waste each year, and that’s a number we can all lower.
If your portion calculations are off, no biggie. Turn the rest of that whole roasted chicken into tupperwared leftovers for tomorrow. Think alternatively in other ways, too. Can’t think of what to make for dinner, for example? Then make breakfast, which is typically quicker and more economical anyway. Oh, and if you’re looking to eat healthier for your wallet and your body, cut out the red meat, which is typically among the more expensive grocery list items anyway. If removing the red from your diet isn’t feasible, make the most of its inclusion. Taco night and chili night can be made from the same purchase.
Money Saving Tip: Eating out
The easy recommendation is to simply eat out less than you’re currently doing. But there are also tricks to tighten your belt when seated at another chef’s table. When eating out — ideally, when eating a cuisine and at a restaurant that is clean — try to occasionally avoid appetizers, desserts and drinks. Also, tip appropriately; don’t skimp on good service, but also keep it to an appropriate amount. Is there a three-dollar-sign restaurant you’ve been wanting to try? Go there for lunch, a meal for which menu prices are often lower. Dining in a group? Use a bill-splitting app like Divvy to make sure you’re not paying for your friend’s three cocktails.
It’s also best to share meals, when possible. Even aim for tapas places where numerous plates can be divided between numerous friends. Got leftovers? Take no shame in taking a doggy bag home. Last night’s dinner could turn into today’s lunch. Take the same tact when ordering out, having food delivered. Holding onto those extra condiment samples will come in handy, as you won’t have to buy full bottles of them on your next grocery trip.
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which course of action may be appropriate for you, consult your financial advisor. This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. LPL Financial representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial. This material has been prepared by LPL Financial., a registered investment advisor, member FINRA/SIPC. To the extent you are receiving investment advice from a separately registered independent investment advisor, please note that LPL Financial is not an affiliate of and makes no representation with respect to such entity. Not FDIC or NCUA/NCUSIF Insured | No Bank or Credit Union Guarantee | May Lose Value Not Guaranteed by any Government Agency | Not a Bank/Credit Union Deposit © 2014 LPL Financial LLC. All Rights Reserved. The information contained herein has been prepared by and is proprietary to LPL Financial. It may be shared via social media in the exact form provided, in its entirety, with this copyright notice. LPL Tracking #1-504066
