Six tips on how to spend less on groceries

One of life’s essentials is food, we all need it and it is the sole of the home that brings everyone together at meal times. The thing is we all have different shopping routines. Some people are organised and have a routine around their grocery shopping duties, others aren’t as organised and have habits that end up costing thousands of dollars a year more in grocery bills.

Many people are susceptible to the trap of going to the shop on their way home from work to pick up some ingredients for dinner – everyday. What generally happens is that it ends up costing $50 per visit, which over a number of nights adds up to a considerable sum.

I put this to the test some time ago and found that undertaking some simple rules for grocery shopping, found that each week I was saving in excess of $100. That’s an astounding $5,200 per year, of our hard earned money.

Lets look at it this way, $100 per week paid onto your home loan would save you approximately 10 years and 10 months off your loan and almost $211,586 in interest on the average Australian home loan of $350,000 at 7.25% interest.

6 quick ways to save money on your grocery bill

* Invest in a $400 chest freezer. This will be one of the best investments you can make in a long time and will help you stock up on most food items to assist you to last a fortnight between shops.  I actually go a month between trips to the supermarket. Most things can be frozen and it ensures that you never run out of anything, such as bread, meat and home cooked frozen dinners.

* Meal planning – plan your meals for the fortnight and buy what you need. Creating a list of items you need will ensure that you have it all and that you will less likely have an unexpected trip to the grocery store.

* Weekly cook ups - spend a few hours on the weekend cooking your favourite meals and put them into the freezer for weeknight family meals. Such things as Lasagna, stir frees, meatloaf and casseroles are all easily frozen and also help you save time during the week.

* Have a look at where you shop. Is there a cheaper alternative? I have been fully converted as an avid Aldi shopper. Whilst it was a bit different at first, I have and continue to be astounded as to the money you save. And the thing is you get used to it and you will be very surprised at the high cost of food at the larger retailers should you ever drop into one of their stores after months of Aldi shopping (this is not an advert for Aldi, but a very helpful hint to saving lots of money).

* Buy in bulk. I now buy bread and milk in bulk, and never run out giving me no reason to head to the supermarket in between scheduled visits.

* Buy meat and other items that are on special. If there is a marked down meat item for example buy a number of trays and repackage into smaller bags when you get home and throw them in the freezer.

At urbanmoney, we provide assistance to our clients with our mortgage planning program. This takes a look at the way your money moves in and out of your household. We then assist you to implement a number of strategies to reduce the money going out, and more money onto your home loan so that you can use your money better.

Our mortgage planning service helps to set you up for investment and creating wealth for your future. And it all starts will simple strategies to reduce your household expenditure.

Call us on 1300 288 828 to make an appointment for your mortgage plan and see how we can put you streets ahead.
 
To contact urbanmoney click mortgage planning.

Mortgage planning will get you results

“The Reserve Bank may have held back on rates, but don’t hold back on the way you manage your mortgage”

Mortgage planning is the key to having money when you need it.

By seeking the advice of a professional mortgage planner you can reallocate your household income and expenditure to create your own money tree. 

Most people work really hard, but seem to be always finding that the money they earn is spent on the costs of living and covering the everyday bills and lifestyle requirements. They notice that their mortgage never seems to go anywhere and that they just seem to be paying a lot of tax.

One philosophy used by our grandparents and one which is coming back into vogue is ‘financial freedom is not determined by how much you earn, but by how you use what you do earn’. Remember, grandma saying a penny saved is worth more than a penny earned. Well, this is what ‘Mortgage Planning’ is all about.

The first part of the plan involves reviewing and changing the pattern that your household income is used and then segmenting your money into different compartments. Just like your grandparents used to put the weekly wages into different envelopes, one for groceries, one for fuel and one for saving and so on. The money was always there to pay for what you needed and there were savings that could be used for other things like investments and growing your future.

At urbanmoney we have a look at the way you use your money and help you review your household financial structure to create a surplus. We make sure that we can create a plan that will work for you and help you to move from re-active to proactive living – and having money when you need it.

Our program has a guarantee that ensures you are in a better position in 1 year’s time and on the road to stronger financial future.

For more about urban money and mortgage planning 

The importance of good insurance cover

As Australia and the world watched one of our most loved cities in despair from the unprecedented flooding, we should take the time to have a look at our own back yard.

The heartache and devastation will now turn into anticipation as many people seek to see if and how their insurance coverage will assist them get back on their feet. At this time we encourage everyone to ensure that they are adequately insured and they have covered their homes, belongings and lives because good insurance planning is one of the foundations of a good mortgage plan.

When assessing your requirements you should consider the following types of insurance products;

* Home Buildings insurance – ensure that your policy covers floods and fire. Remember you get what you pay for and you should consider higher levels of cover especially in your home is in an area prone to these events.

* Home contents – the most common problem when insuring your belongings is inadequate cover. Many people underestimate how much coverage they should have. Compile a list of everything you own, including the clothes in your wardrobe.

* Landlords Insurance – many people with investment properties don’t consider the impact a disaster can have on their investment property and the income from that property. Landlords insurance can assist in the cover of the contents of the property such as window coverings and carpets, but also loss of rent. This cover the landlord for the period the property is vacant whilst repairs are being made.

* Business insurance – The impact on your home is one thing, the impact of you business can be just as devastating, putting your business and livelihood out of action for a long period of time. Ensure that your business has the appropriate cover. Times like these bring to light the importance of good document storage and back up. Electronic files backed up off site can ensure a business is back up and running more quickly.

* Life and disability -  Many people ignore the most important insurance cover of all, your life. The impact to your family can be devasting if they are unable to recover from the impact of loss of life and the financial burden that may be left behind
Take the time to ensure you are insured. If you are unsure what type of insurance you need contact Wilson National on 1300 288 828 for assistance, so we can help you get to where you want to be.