Keep track of your food expenses to fight rising inflation
Like many shoppers, I’ve noticed my grocery bill getting bigger each week
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 percent to 5.5 percent in 2022. Here are their best tips for saving money on food:
Control what you can
While so much about the economy can feel completely outside of our control, our food spending is actually one area where we hold a lot of sway, says Erin Lowell, a Bowdoin, Maine-based lead educator at budgeting app You Need a Budget.
By spending more time cooking or substituting cheaper ingredients, you can feel an immediate savings impact, she says, unlike with other costs, such as bills or rent, which can be harder to change.
For example, if you currently order pizza for delivery, then consider buying a nice frozen pizza for a quarter of the cost.
If you already buy frozen pizza, then consider making your own from scratch for just a few dollars’ worth of ingredients.
Plan your 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. He says planning ahead is key to combating the temptation to order takeout at the last minute.
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,” Cousineau said.
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. He and his wife keep a list of the potential side and main dishes they have on hand in the freezer, fridge and pantry so they don’t forget to use those ingredients.
Be resourceful in the kitchen
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.
Beans, which are generally inexpensive, are also a flexible staple, she adds. You can serve them on their own or add them to salads or soups.
Stock your pantry
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,” Lowell says. For her, that list includes ingredients for homemade pizza, frozen fish with fries, and a pasta dish.
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. Some neighborhood gardens similarly offer the community vegetables and other produce at harvest time.