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How to cope with rising food prices
Tuesday, 02 August 2016 00:00

Ways to fight rising food prices

10 Ways To Fight Rising Food Prices

Food, clothing and shelter generally top the list of basic human needs. While shopping at a discount store instead of the mall generally takes care of the clothing issue, and living in a small apartment instead of a large house can address your housing situation, rising world food prices can lead to some significant challenges when comes to cutting food costs. Everything from rising transportation costs to the development of biofuels, such as biodiesel, push up the cost of food and put a pinch on consumers' wallets.

While the need to eat isn't something you can avoid, there are some steps you can take to keep the cost of food from gobbling up too much of your income.

1. Dine In

Dining out is an expensive proposition. Just about any nutritious meal that you buy in a formal restaurant can be made at home for a fraction of the price. Even good coffee is cheaper to make if you do it yourself. Fast food is excluded from the category, as high-calorie, low-quality food can be had a bargain price, but the impact on your long-term health may override the benefit of short-term savings.

2. Stock Up

Bulk buying can save you a significant amount of money. Pay attention to the prices and pick up the family-sized package if the per-unit cost is lower than smaller packages and you have a place to store it. Shopping at big-box bulk retailers like Makro can also save on your bill if you shop there monthly. The big boxes are often no bargain at all when compared to sales prices and coupon savings at other stores. In addition, they may encourage you to buy more than you need, driving up your grocery bill. Bulk purchases aren't for everyone.

3. Reward Yourself

If the store that you visit most frequently has a reward card, be sure to sign up. In some cases, stores raise their prices when they offer reward cards, and without the card your bill will certainly be higher.

4. Stay On Top Of Markdowns


As the "sell by" or "best before" date of a product approaches, you are virtually guaranteed a discount. For example, grocery stores lower prices as meat ages. Ask the butcher when the meats get marked down. Most stores have a fairly regular schedule that you can learn and follow. When you get a good deal, stock your freezer so you can avoid buying when the price is high. And if you plan on freezing the food, "best before" dates shouldn't worry you; the product will stay fresh until you thaw and cook it.

5. Pay In Cash

When you put groceries on your credit card and don't pay off the card in full each month, you pay interest on the purchase. To avoid this extra cost, pay in cash when you shop and keep necessities off your credit cards.

6. Shake Up Your Taste Buds

If you have a higher-priced item that reoccurs in your favourite recipes, it may be time to shake up your taste buds. Often a lower-priced alternative can be found. For instance, if you consistently bake with olive oil and you see that the price has skyrocketed, a simple switch to applesauce (something that you might even be able to make if you have an apple tree) is a great cheap and low-fat substitution for many recipes. Replace cream with milk.

7. Clip Coupons

Coupons provide an easy way to save money. Clip them and cash them in, paying particular attention to stores that double the value of manufacturers' coupons.

8. Shop Strategically

If you stumble around the grocery store and fill your cart with everything that catches your eye, chances are you will spend a lot more money that you need to spend. To minimise your cash outlay, prepare a shopping list before you leave home. Plan your meals for the week ahead, and make careful note of what you need to buy in order to prepare those meals. Once the list is made, purchase only the items on the list, and avoid impulse buys. Do not shop on an empty tummy...

9. Avoid Prepared Foods

Our fast-paced society encourages convenience, and the grocery store has capitalised on this trend. Ready-made meals are easy to buy, but come with a premium price tag. Instead of putting that rotisserie chicken and macaroni salad in you cart, buy the ingredients and prepare the meal yourself. The same concept applies to frozen entrées, baked goods and any other food that has been prepared in some way for added convenience.

10. Compare Prices and Stores

Some consumers have trouble calculating cost-per-unit in their heads, but it's something that gets a lot easier with practice. You can even carry a calculator. Looking at the brands and comparing prices is an easy way to shave a few cents off most purchases.

The store that features the lowest average prices in your area is often the best place for routine shopping, but the higher-priced competitor may run sales on specific items that undercut the cost at your most frequented venue. Watch for these sales and take advantage of them when possible.

Article by Investopedia.com

 

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