LOWERING THE MONTHLY GROCERY BILL

By: D Beart 

Do you ever wonder how in the world you spend so much on groceries? If so, you are not alone. Each day millions of people just like you are scouring the internet for tips and tricks to lowering the monthly grocery bill. Groceries are astronomical and there is one sure fire way to achieve this that is almost too simple to be true! But it is!

The trick is to NEED LESS. When you grocery shop you are actually being subjected to so many subliminal sales messages and marketing pressures that you spend more actually believing you saved money some how. Buy one get one free, bulk loads of food that are cheaper and sales or coupons, end cap impulse buys and new or special deals are everywhere. They are hard to resist because they are capitalizing on your desire to save money but in the long run you are actually spending more. If you go to the grocery store, armed with a list of items that you actually need and commit to it, you can easily feed a family of 4 for much less than you spend now.

The other thing that costs tons of money is the convenience factor. Packaged foods, perfect for sending to school with the kids are up to ten times more per unit price than a whole bag of off brand chips and some Ziploc baggies. It might not be as easy, but the extra 60 seconds it takes to pack up some goodies for a kid’s lunch can be worth hundreds of dollars spread out over a year’s time. The same goes for meal deals that make dinnertime a snap. They might be easier, but you are paying for those easy to open cans and bags nutritionally and otherwise.

Another way to lower your grocery bill is to idealize a per meal budget. If you decide that spending $10 a day on food for your family is enough then try to shop when you have some extra time to make that so. You may find that tuna sandwiches for lunch and some chicken drumsticks with macaroni and cheese for dinner can cost much less. If you spend too much per meal you are essentially spending just as much as it takes to eat out three times a day. When you consider $10 a day for food, that means it is only costing about two and half bucks per person to eat for an entire day (based on a family of 4). That isn’t really that expensive.

Coupons can also save a heap of money. More than likely you have tried all the grocery shopping sites that help you to get groceries for free when you mix coupons with sales and rebates, but you don’t even have to do that. Clipping coupons, scanning ads and timing your shopping to a tee can be time consuming and your time is money as well. Just be sure that when you clip a coupon it is for an item you really need, already like or prefer to have in your pantry. Often coupons are available on items that are overstocked or that aren’t moving through the stores well hoping people will be excited by the thought of getting a dollar off. Additionally, many grocery stores actually raise the price of something before it goes on sale or before a coupon comes out. If you clip the coupon for items you use everyday anyways you will at least know that your dollar has been saved. If possible shop during times that offer double coupons.

Another way to save money is to be frugal when it comes to meats. Realize that just because something is cheaper per pound doesn’t mean it will cost you less. Likely the grease or bones will cause you to need twice as much in order to make a meal. It is better to pay ten to twenty cents more per pound for healthy, lean means that won’t disappear into a pile of grease. Additionally, if you can hit grocery stores early in the morning, many of the meats that are about to past date are available and can be had for half the cost. When it comes to meats you can spend a lot of money and shopping around from store to store and watching ads is important. If you can stock up on these staple items when they are on sale buying an extra freezer will eventually pay for itself.

The last bit of advice is to reevaluate your needs versus wants. What is really important to you? Would you rather have name brand shampoo or laundry detergent or can you curve spending in these areas to accommodate otherwise. Do you really need 20 cans of soup that will take up space in the cabinets and will your family really eat a 30 pound bag of potatoes before they sprout roots. So much of what you buy is probably wasted which is just as good as throwing money in the trash. While having a stocked fridge and pantry feels good, it really is unnecessary. When many of us shop thinking we need something the reality is we have plenty of food around the house to prepare some creative and well balanced meals for our family. Wanting things and needing things are not the same and lowering the monthly grocery bill can be as simple as taking inventory on your emotional spending while at the grocery store.

Realize that just because something is cheaper per pound doesn’t mean it will cost you less. Likely the grease or bones will cause you to need twice as much in order to make a meal.

David Beart runs the Professors House. Our family based site covers everything from finances to raising children, health, nutrition and marriage advice.

Source: http://www.articledashboard.com/Article/Lowering-the-Monthly-Grocery-Bill/1365460

FIRST RULE.

PAY YOURSELF FIRST. This is the first rule in personal finance. In preparing your spending plan, make savings an expense category, with a set amount that you pay to yourself monthly when you pay your bills. Don’t plan your savings around what’s left over when you paid everything else. Chances are, there won’t be anything there.

If you are in your twenties or thirties, give yourself the biggest gift you can by paying yourself first with every salary. Treat yourself to secure a retirement – one where you’ll be able to afford to buy yourself someday. 


This is the one thing you can do right now. The most painless way to do that is to make it automatic: deposit an amount directly to your account right after you received your salary then get busy with your other bills and you wont even see the money you're putting away. Out of sight, out of mind, IT WORKS!

THE SPENDING PLAN

In other words – BUDGET. Some thinks that they can reach their financial goals without a spending plan. These are the ones who are most likely disappointed. Creating a spending plan is the most basic step anyone can take towards making their money work, regardless of how high or low is their income a month.

Many of us don’t really realize that we are spending more than what we earn until we are deeply in debt. Spending without knowing how much money we have would cause a major problem.We should decide earlier on how we put our money into use instead of wasting it unconsciously. Without a spending plan, we are letting our money to control us instead of us controlling our money.                                                      

Budgeting and tracking our expense shows us where our money goes and make us see how our expenditures go up over time. We must track our expenditures so we can make conscious decisions about how to spend or invest our money. This is the difference between never having enough money and being able to afford the things that are really important to you like paying off a credit card, saving for a house or buying a brand new car. 

Another side benefit of budgeting is that it can improve your relationship with your spouse or partner. Money matters are the single largest cause of marital breakdown so budgeting, financial goals and working together toward those goals can have positive effect on your relationship.

KEEPING TRACK OF YOUR MONEY

1.       WRITE IT DOWN.
Always have a little notebook on your bag to record all your savings and expenses. Most of us have troubles for the things that we forget to register. Keep this little notebook with you wherever you go and jot down all your transactions every day.  This is just a little chore that can be done while you are in a supermarket waiting in line or inside a taxi cab on your way home. Or you can even do it in front of the computer every night and record your day’s savings and spending.

2.       ROUND IT OFF
When you shop in a department store using your credit card or ATM card, try rounding off when doing your record, say you shop for 2,316. Record your spending as 2,400. You’ll be off when you reconcile with your bank statement. Some people do it the other way around like depositing an amount of 5,000 but recording only 4,500 on their little notebook and live their lives on the 4,500 and forgetting the hidden 500. This method of hiding can save you on spending more.

3.       USE WHAT WORKS FOR YOU.
There are actually a lot of methods for keeping track of your monthly finances with or without this little notebook or your checkbook. Just decide what’s best for your skills and interests. Some uses labeled envelopes for utility bills, savings, food, etc. when they get their salary, they segregate their money on these envelopes. Others prefer the more traditional checkbook/bankbook method like “deposits, withdrawal, and balance”

THE NET WORTH STATEMENT

Your net worth is the difference between all the things of value that you own and all the debts you awe or in financial terms it is your assets minus your liabilities. When calculating your net worth each item should be in their fair market value.

The net worth statement gives you a snapshot of your financial condition at this moment in time. This will tell you whether you owe more than you own or vice versa. Exercise this once a year. Use it as a starting point, a baseline against which to measure future progress and as a tool to identify your weaknesses then seek solutions. If you find that your liabilities are greater than your assets then it is time to put yourself on a diet

SETTING UP YOUR FINANCIAL GOALS.

Save up for anything particular. Start by asking yourself, “What is important to me? List down everything that matters to you and then organize it in order of priority.

Make a list of everything like owning a home, having a family, buy a car, and donate in a foundation for the homeless. Establishing goals and priorities will help make those lists easier. Once you’ve committed to going for one of your goals, you’re spending and saving choices will become automatic.

There are three types of goals:

A SHORT TERM GOAL is something you want to do within the next year. It might be paying off a credit card balance or saving up money so you can pay cash for your holiday gifts this year, instead of charging everything. Maybe you want to splurge on a brand new cell phone or a digital camera.

A MIDTERM GOAL is something with three to five year time horizon. Buying a new car, saving for a trip, or having a particular amount on your savings account.

A LONG TERM GOAL covers a major expense such as buying a house and lot, education for the kids, and your own financial security in retirement. Buying a home should be on top of your list.

LET'S GET IT STARTED

An average high school graduate lacks fundamental money management skills and basic understanding of earning, spending and saving money. These are not taught in our schools and parents aren’t teaching these to their children as well. That leaves it up to you to teach yourself about personal finance principles if you don’t want to stumble through your life by trial and error

Your twenties are the best time to develop good personal finance behavior before you get into debt that you have to pay off or make other financial failures that you’d spend years recovering from. Thirties is still not too late to turn your financial life around if you’re walking on the wrong path.

Controlling your money is way better than letting your money control you. Watch your investments grow and feel how rewarding it is to see your financial goals and dreams becoming a reality.