Written by: Christine Luken, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Right now, we’re all searching for ways to save money on food. Go into any grocery store or restaurant, and you’ll see more than enough proof of inflation. Yesterday, I saw an organic whole chicken priced at $17! (Yes, for one.) According to the USDA, grocery prices are predicted to increase between 11% and 12% percent this year, and restaurant prices are predicted to increase between 7-8% percent. It might feel like food is a black hole in your budget!
Thankfully, prices are forecasted to rise more slowly in 2023, but still at above-historical average rates. In 2023, you can plan on seeing another 3-4% rise in your family’s food bill. Even higher-income families, who previously didn’t sweat their grocery bills, are now begging me for tips to get their food costs under control. Here are seven simple ways to begin saving money now.
7 Simple Ways to Save Money on Food
1. Cook at home to trim 30% of your cost (and calories)
The exact same dish cooked at home will save you both money and calories over the restaurant version. I’m not saying you should nix dining out altogether, but rather be more intentional with your dining out. Many times, we end up eating out due to a lack of planning and our wallets take the hit.
2. Plan your meals.
Americans throw away about 30% of the food they buy. If your family spends $1,000 on groceries, that’s the equivalent of $300 in food wasted every month—$3,600 for the year! Next time you’re scraping food from your plate into the garbage, imagine those are dollars falling into the trash can.
By planning your weekly meals, you’ll drastically reduce the amount of food your family throws away. This is also good for the environment because fewer plastic containers end up in landfill. Just like managing your time and money, when you manage your food resources on purpose, you’ll waste less and save your dollars. If you need guidance on getting started, download my free e-book, Mindful Meal Planning: Eat Healthy While Saving Time, Money & Stress.
3. Don’t turn up your nose at store brands.
I have a friend who works for a packaging company. A few years ago, she told me that the store brand packaging is shipped directly to the factories of the national store brands! After running a batch of national brand cake mix, the store brand packages are set up on the exact same line, with the exact same ingredients inside. Most grocery stores offer money-back guarantees on their house brands, so don’t be afraid to try them. Why pay more just for the label?
4. Use cash for dining out.
Typically, people spend 15% more money when they are spending on a credit card instead of cash. When you have a fixed amount of cash in your wallet for eating out, it automatically makes you mindful of what you’re ordering at the restaurant. Spending cash actually registers as pain in your brain, so you’re going to think twice about spending it so freely. Yes, it literally hurts to part with your cash which makes it a great budgeting tool! Some restaurants even offer a cash discount when paying your tab.
5. Take advantage of restaurant specials.
You can still savor restaurant meals while saving major money by capitalizing on their special offers. Many establishments offer loyalty programs that reward you with free desserts, appetizers, or cash-off future meals. Most restaurants have some combo of daily specials, happy hour deals, or days when kids under 12 eat free with the purchase of an adult meal.
6. Easily cut your tab when dining out.
Skip the soda or iced tea in favor of water. Drinks can add $2-$4 per person! If you really want a cocktail, choose the restaurant’s house wine, beer, and spirits, preferably during happy hour specials. And consider eating out for lunch instead of dinner. Most restaurant lunch entrees are 30-40% less expensive, and the portions are more reasonable, too. And speaking of those huge portions, you can save money by splitting an entrée with your honey!
7. Pick up, don’t do delivery!
Sure, it’s convenient to use UberEats and Door Dash when you’re starving, but at what price? One of my clients recently told me her teenage son ordered a large chocolate milkshake for delivery late on a Friday night. She almost fainted when she saw the charge on her credit card: $15 with delivery fee and tip! My client could have hopped in the car and, five minutes and five dollars later, had the exact same milkshake for her son.
By being more intentional with your food dollars, you can easily cut your expenses to take the bite out of inflation. If you want more tips on how to save money beyond the grocery store, check out my free 3-Day Master Your Spending Mini Course.
Christine Luken, Executive Contributor Brainz Magazine
Ready for money to support your happiness, rather than stress you out? Then you need Christine Luken, Financial Dignity® Coach in your corner! As the Founder of the Financial Dignity® Movement, Christine has coached hundreds of high-earning professionals, business owners, and divorcing women to pay off staggering amounts of debt and massively increase their net worth. The author of several books, including Money is Emotional and Financial Dignity® After Divorce, Christine blends wise money management with emotional intelligence.
