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.
