Bad spending habits and budgeting tips- food
03/08/2015
The “cost of living” is a phrase that is banded around by politicians and the media all the time, and it can often be shocking to see just how much we end up spending to get by.
The average family spends £517.30 per week to get by. With average food prices in the UK rising by 18% since 2007, and food and non alcoholic drinks working out as 7% more expensive than France and Germany, modern day living can really be a stretch on your budget.
There are ways we can help to combat this. There is no shame in admitting that we all have bad spending habits from time to time. When you are busy in the evening or simply tired after a long day at work, it can be so tempting to just sort out the most convenient thing you can for your breakfast, lunch and dinner. However, with a bit of careful planning, there are tons of easy ways you can save money, and break those bad spending habits.
Bad spending habit one- not planning your meals and setting a budget when you shop
If you are the type of person to do one big weekly shop, you already have a better spending habit than people who shop “as and when”, but there may still be ways you can improve.
Put some time aside before your shop to research some cheap and healthy meals for you and your family ( Visit BBC good food for some inspiration).
Set a daily planner for what you and your family are going to eat for each meal, each day. Remember to consider toiletries and other essentials, and then set yourself a realistic budget. Don’t be too strict, but try and make sure it’s less than you usually spend (you may find that with careful planning it will work out as much cheaper without much effort).
Make sure you take into consideration sell by dates so you don’t end up serving mouldy food at the end of the week!
This way, you will know exactly what you need to buy for each meal, and you won’t run out of food by the end of the week and end up spending even more on food.
Bad spending habit two- Buying your lunch during the workday
Meal deals from supermarkets, sausage rolls from bakeries and salads from coffee shops are so convenient, many people spend most of their lunchtimes munching away on one or the other. This is a bad spending habit that can drain hundreds off you over time.
If you budget before you shop as mentioned above, you should try to include lunches in your weekly budget. The benefits of brining in your own lunch are abundant, and not just financially.
When you pack your (or your children’s) lunch, you can choose the exact ingredients based on your budget and preference. For drinks and snacks to have with your lunch, multipacks often work out as much cheaper than individual items.
So, budget for, and then pack your own lunch each day. You will save money, you can choose exactly what you want and there will be no hidden unhealthy stuff.
Bad spending habit three- Not taking advantage of sales- or taking it too far
Staple food such as oil and spices can often be expensive, yet essential for cheap and healthy meals. If you see these on sale, as well as other staples such as nuts, pasta and canned beans, it might be worth snapping them up. Just make sure you first work out if there is actually any money to be saved, and if you know that you would use the products.
There are always tricks to watch out for when it comes to sales though. Make sure the thing you are buying is something that you will use, and don’t buy it simply because it is on sale. Check labels and weights of products and try to work out roughly how much their original cost is to make sure that you are saving money. Buy one get one free and 3 for 1 offers are often guilty of making people spend more than they would on items they don’t even want!
Bad spending habit four- food wasters
According to a study from the government run Waste & Resources Action Programme, UK households throw away 24 whole meals a month. This adds up to 4.2 million tonnes of food and drink every year that could have been consumed. Almost half of this is going straight from fridges or cupboards into the bin. One-fifth of what households buy ends up as waste, and around 60% of that could have been eaten.
This waste is due to shoppers buying more than they need, as well as lack of clarity about storage and labelling and over-estimating portions.
Make sure you always plan your meals, and invest in some kitchen scales so you can weigh out your exact amounts. When buying food, try to make sure that the sell by date is as far away as possible, and regularly check your fridge for fresh produce that may be soon going out of date.
Try to utilize your freezer as much as possible. If you have any leftovers at all throw them into the freezer. Even soups and stews can be frozen!
Get saving
We believe if you follow these rules you will be saving money in no time. It may take some careful planning but the rewards could be plentiful. You never know, you might lose weight, discover a new passion for cooking or create some favourite new meals for you and your family!
Do you have any money saving tips about food? Let us know by tweeting us at @financialuk and keep an eye out for our other blogs on bad spending habits!
Share this..
