Cut back on everyday expenses with better planning to beat inflation
There’s no escaping it – cost of consumer goods is increasing during this current period of inflation. Many people are feeling the squeeze on everyday purchases.
Most people aren’t excited about doing the weekly grocery shopping or filling up their vehicles, but these are necessary expenses. It can feel frustrating when these prices increase, but there are ways to reduce your spending on essentials so you can free up more cash to pay down debt or save for the future. Here are some tips to lower grocery and fuel bills:
Take stock of your kitchen
Before you do your grocery shopping, take an inventory of your kitchen. You might find that you already have ingredients to make a few meals to reduce your shopping list. It is also wise to prepare your shopping list in accordance with the aisles of the grocery store.
For example, if toiletries are in the first aisle, list your personal items at the top of your list. This will help you stick to your list as you move around the shop.
Plan, plan, plan
If you’re trying to cut back on takeaways, meal planning is key. There are many ways to do this – some people list items to buy on a whiteboard in their kitchen, while others prefer a notebook or a digital document.
Whichever method suits you, do it at the same time every week so it becomes part of your routine.
How to fight temptation
Grocery shops are notoriously effective at tempting you to purchase impulse items. A few tips to come out of the grocery store with your budget intact include never shopping when you’re hungry and limiting your supermarket visits to once a week.
Also, make sure you look up and down the shelves because the most expensive goods are often placed at eye level to encourage people to select them.
Bulk buy and cook in batches
If a non-perishable item that you use regularly is on offer and you have the space to store it, then it makes sense to bulkbuy. Cooking meals in batches and freezing portions can help you save on ingredients.
Online shopping
When I switched to online grocery shopping, I found it much easier to compare prices of brands than scanning through busy supermarket shelves trying to match items with their labels. Shop in the comfort of your home and make use of online discount codes.
Save on fuel costs
The most obvious tip to save on fuel costs is to use your car less. Try challenging yourself to not use your car for one or both days of the weekend.
Plan your trips
If you use your car for errands, activities or events many days a week, you might benefit from some extra planning. For example, if you have to go to the bank, post office and attend a medical appointment and all are located in the same area, plan to tick all these items off your to-do list on the same day.
Lighten the load
The more weight your car is hauling, the more petrol it will use. Take some time to clear out any books, toys or unnecessary items from your vehicle.
Take care of your vehicle
Although it may cost money upfront, ensuring your car undergoes regular services can reduce fuel consumption and prevent expensive repairs. It’s also worthwhile to check and adjust your tyre pressure at a petrol station free of charge.
Every 1 per cent decrease in tyre pressure correlates to a 0.3 per cent reduction in fuel economy, studies suggest.
Avoid rash driving
If you avoid rapid accelerating, decelerating and hard braking, you can reduce fuel costs by 15 per cent to 30 per cent.
Life is for living and while it’s not healthy to obsessively cut down on everything, being intentional with essential spending is a good hedge against inflation.
Everyone is different and has a unique set of circumstances, so try something out and if it doesn’t work, try something else until you find a balance between convenience and cost that works for your budget.