A recent survey showed close to 80% of Americans polled were anxious or worried about their financial situation.
Similarly, 40-50% are estimated to be struggling when it comes to paying their bills.
Saving money can be even more difficult these days, as rising prices make it seem more impossible to get ahead. Groceries, rental costs, utilities, and medical care all seem to be sky-high with no plateau in sight.
Thankfully, saving money doesn’t have to be difficult or out of the question, even if you’re within tight budgetary constraints.
We’ll go over some tips that can help you crack down on expenses and better budget money, even with limited income.
Groceries – Price Match and Meal Plan
Groceries are the primary expense after rent or housing.
It is completely unavoidable.
Just like utility bills, taxes, insurance payments, or rental costs – you can’t avoid spending money each month on food. Unlike those, you have complete control over what you eat and where you shop.
We all know about the rising costs of groceries and have no control over fixed pricing.
Price Matching Apps
There’s still plenty of leeway in terms of cutting corners when it comes to grocery prices.
The number one tool you need to be using is a price matching app. It’s easy to reduce 10-15% of your total grocery costs just by price matching with competitors.
Opting to use an app like Flipp can help show you the price comparisons for different grocery stores in your area. You can then produce a digital flyer of a competitor’s prices for stores that offer a price matching policy. Most large chains have one.
Meal Plan and Cook at Home
You’ve heard it before – not having a pre-planned grocery list results in over-shopping, or buying unnecessary items.
There’s an app called Out of Milk for creating an easy-to-remember grocery list.
Meal prepping, cooking the majority of your meals at home, and heading to the grocery store with a pre-planned list can all help you reduce your grocery bill by 20-25%. For families that spend $10,000 annually on groceries, that’s $2,000-$2,500 in savings.
If you know exactly what you need to buy ahead of time, you won’t be tempted to browse for other snacks and goodies.
Avoid Pre-Packaged Food – Buy Staples
Pre-packaged foods or frozen meals might seem like a better deal because they’re already processed, saving you cooking time.
However, they’re likely filled with preservatives, refined vegetable oils, and high in sodium.
It will also cost you significantly less to purchase bulk staples like rice, potatoes, beans, oats, and pasta.
This way, you can center your meals around filling complex carbohydrates while cutting down on the more expensive items on your list – like seafood, cheese, or fresh veggies.
Opting for raw and fresh food over pre-packaged food can help you save 10-15% of total grocery costs, depending on the types of meals you’re making.
Proteins and veggies can take up a huge portion of the budget, so filling your shopping list with cheaper staples that can be purchased in bulk is a great way to focus your meal plan and reduce spending.
Final Thoughts
If you feel like grocery prices are spiraling out of control, you aren’t alone!
The staggering increase in the cost of basic items like eggs, butter, and produce has impacted everyone. It makes it all the more difficult to feel like you can save money while eating healthy.
While higher prices are out of our control, we can control where we shop – opt instead for local stores, farmer’s markets and independent grocers.
Those stuck shopping with major chains can use price matching apps, grocery lists, shop sales, and creatively plan their meals.
Grocery shopping on a tighter budget doesn’t have to be hard, and you can easily reduce monthly spending by 10-20% if you’re strict. Allocate that extra cash to your savings, or use it to invest in your future!