Food for Thought
This year, we started out by sharing some tips and best practices for getting your finances in shape. In this issue, we'd like to share an effective way for Canadians to save a little more each month - on the grocery bill.
Canadians spend about $200 a month per person on food, according to Statistics Canada. These estimates do vary depending on where you call home, and they don't take into account eating out. If your household budget for food is much more than the average in Canada, here are some helpful tips to start addressing it.
Make a list and stick to it.
This is the most important
tip that you should turn into
a practice: make a grocery
list and stick to it. It's the
best way to do your
grocery shopping.
According to research
from the University of
Pennsylvania, people who
can avoid impulse spending
can save up to 23% on
grocery bills - so plan your
groceries before you leave
home to go shopping.
Pay attention to price breakdowns.
Sometimes it can be difficult to compare prices - particularly
when different products come in different sized packages.
Many grocery stores now breakdown the cost of a product per
100 grams, or per unit, making price comparisons simple.
This allows you to leave your calculator at home and quickly
find the best deal. This is a smart way to shop, and can be a
real eye-opener when choosing one brand over another.
Cook meals from scratch.
Making meals from scratch is one of the best ways to save
money on your food bill. Typically, the more prepared food is,
the more it usually costs. Another important benefit of this
tactic is that home made food is usually better for you.
Cook enough for tomorrow too.
Try to cook more food than you need and freeze the leftovers
or use them for lunch the next day.
An added benefit is that
avoiding buying lunch at
work can literally save
thousands of dollars
per year in a household
of two or more. When
we become aware of
how we're spending our
money, and diligent
to try to find the best
deals we can, saving a
little extra each
month can really
add up over the year.
