To fight inflation, take down food expenses
Like many shoppers,
I’ve noticed my grocery bill getting bigger each week: February food prices were 7.9% higher than they were a year ago, according to the U.S. Department of Agriculture’s Economic Research Service. To compensate for my family’s busy spring schedule, I’d also been turning to shortcuts like prepackaged snacks and meal kits, which further added to our total bill.
To counteract these pressures, I applied all my go-to savings tricks: opting in to my grocery store’s loyalty program for extra discounts, using a credit card that gave me bonus cash back on grocery purchases, and planning our weekly menus around sales. Still, shopping for my family of five continued to give me sticker shock.
For extra guidance, I turned to budgeting and cooking experts with experience making food spending more manageable, as the USDA predicts food prices will continue to increase, growing 4.5% to 5.5% in
2022 . Here are their best tips for saving money on food:
Plan meals
“When people are overspending on food, it’s almost always because they’re eating out too often,” says Jake Cousineau , a personal finance teacher in Thousand Oaks, California, and the author of “How to Adult: Personal Finance for the Real World.” He says planning ahead is key to combating the temptation to order takeout at the last minute.
“If you meal prep on Sunday and make six to seven meals, you’re not faced with that decision of ‘Should I order out or prepare food?’ every night,” Cousineau says. He typically cooks meat for Sunday that he can use in tacos, pasta and salad later in the week, for example. “You can do the heavy lifting Sunday, then mix and match throughout the week.”
Planning also helps you avoid food waste, which is another budget killer, warns Rob Bertman, a certified financial planner and family budget expert in St. Louis.
Be resourceful
Maggie Hoffman, a Brooklyn, New York-based digital director at cooking website Epicurious, suggests substituting recipe ingredients for ones you already have at home. “Be confident in your cooking: If you have farro, use that instead of brown rice. Use hot sauce or vinegar instead of lemon.”
Hoffman also recommends “next-overing,” which is transforming the previous night’s dish into something new. Roast chicken one night can become enchilada fillings
the next, for example.
Keep the pantry stocked
Investing in staples can end up saving you money because then you can quickly make last-minute meals instead of ordering in. “I try to keep five to 10 easy, budget-friendly meals in the house at all times,” says Erin Lowell, a Bowdoin, Mainebased lead educator at You Need a Budget, a budgeting app. For her, that list includes ingredients for homemade pizza, frozen fish with fries, and a pasta dish. “It’s never expensive, and I’m always happy to eat it.”
Lean on your community
While some local food banks have eligibility requirements, many are open to all members of the community who need the support, says Willa Williams , an Orlando, Florida, area financial coach at Trinity Financial Coaching and co-host of “The Abundant Living Podcast.” Some neighborhood gardens similarly offer the community vegetables and other produce at harvest time.
“The food is here, so come and get it,” she says. “It keeps you from spending your food budget.”