People facing an economic tightening of the belt are wondering how they can cut their grocery spending. This makes a lot of sense because food is a large part of the American family’s budget. It ranks third, right under housing and vehicle costs.
According to the U.S. Statistical Abstract, the average family of 2.5 people spent $5,931 on food annually in 2005. Of that amount, $3,297 of that was spent on food bought and prepared at home versus away from home in a restaurant. That translates into a weekly grocery budget of over $63.40 for a family with a mother, father, and one child under 18.
Grocery spending, for many families, seems to have a life of its own. They feel helpless to control what they are spending, and much of the time don’t know how so much money went to groceries in the first place. Following these three tips can help you keep it under control.
Calculate Cost Per Ounce
In general, economy-sized products and generic branded products will be a better value. But they aren’t always. So you need to figure out what product is actually giving you the best deal.
You do that by taking the total price and dividing it by the number of ounces in the package. The sum will be the price per ounce. (If your product is something like baby wipes that don’t come in ounces, just take the total price divided by how many wipes are in the box, and you’ve got the price per wipe.)
Sometimes the labels on the shelf below the products will give you this information, but often they don’t. So bring a calculator to the store and don’t be ashamed to calculate the price per ounce or price per unit on the spot.
Don’t Buy Prepackaged
Whenever you buy something that comes from the store already cut, mixed, wrapped in plastic, or portioned out into individual bags, you are paying for someone to do that work for you. Convenience items like this can cost twice as much and don’t save you more than a few minutes. Buy a block of cheese and slice it up yourself, or get the big box of raisins and take five minutes to portion them into plastic baggies for the kids at home. Do this regularly and you’d be amazed at how much you can save.
If you don’t believe it, here’s an example. A pack of six pouches of microwave popcorn will set you back $3 at the supermarket, but a one-pound bag of loose kernels (enough to pop the equivalent of 50 bags of microwave popcorn) usually costs under $1. Do the math. Is the convenience of not having to shake the salt shaker over the bowl worth the expense?
Plan Your Meals
It’s dinnertime, you’re starving, and you’ve got no idea what to make for dinner. The solution is most likely going to involve ordering take-out or going to a restaurant, both of which are going to cost you dearly in comparison to a homemade meal.
Avoid the “what’s for dinner tonight?” trap by creating a weekly menu. Sit down at the beginning of each week and write up what you’re having every night for dinner, making sure to factor in the time it takes to prepare it. Have simple meals on busy days and evenings, and leave the more labor-intensive meals for days when your schedule is less hectic. Have those ingredients on hand that week, and you’ve just saved yourself a lot of money.
Keeping your grocery money from running wild isn't going to come easily or without effort -- but you can do it! If you calculate cost per ounce, avoid buying prepackaged food items, and plan your meals you will be amazed at how much you save each time you visit the grocery store.
