Editor’s Note: Brandon Turner is one of our newest MFF Fellows. An author and a financial independence coach, Brandon recently launched a successful home painting business.
Noted personal finance expert Dave Ramsey talks about the “Four Walls” to help prioritize your debt repayment. There are the four things you should spend your money on first (and in this order): food, utilities, shelter and transportation. Using this approach and in order to gain some breathing room, increased cash flow is a must. There are many ways to do this within the first wall – food. Brandon shares ten ways to save money in your food budget, allowing you to gain some breathing room while increasing your cash flow and to live better.
We are delighted to share Brandon’s ideas with you below.
10 Ways to Save Money on Food
1) Cut back food intake.
The greatest form of wealth is good health, and it’s a win-win to save money while becoming healthier in the process. If food happens to be an addiction, here are a few tips on how to make some changes.
2) Create a budget and stick to it.
Despite popular opinion, it is affordable to eat healthy while on a budget. Here is a list of cheap and healthy food to buy when cash flow is tight.
3) Only go out to eat for special occasions.
It may be best to define what a special occasion is to you, especially if it is a habit you want to break. With more time between eating at restaurants, we will be more likely to appreciate the experience. Dining out can also be used as a reward for when you reach your goals!
4) Write a list before shopping.
A shopping list and a full stomach will help relieve temptation. Supermarkets have a variety of selling strategies they leverage to maximize consumer spending.
5) Buy frozen fruit and vegetables.
Not only are they cheaper, but they’re also less likely to go to waste.
6) Buy generic instead of name brands.
“Eye level is buy level,” so you may have to look around to find what you’re looking for. Most supermarkets will put their most expensive products where people will see them.
7) Shop on Wednesdays.
You never know what you’ll find for deals! Weekly specials tend to overlap on this day, meaning you have access to last week’s specials as well as the upcoming week.
8) Shop later in the evening.
This is when perishable foods will be discounted. If they are not sold, they will be thrown away.
9) Eat those leftovers!
The options can be unhealthy when we are limited to buying from a local restaurant. Not only does it save money when we bring lunch from home, but we are also making healthier choices.
10) Shop in bulk.
Sam’s Club, Costco, or B.J.’s are great wholesale stores for saving money — especially for nonperishable foods and personal products! There is a membership fee, but it is well worth the cost when shopping here on a regular basis.