How to feed your family for less

Right now, picking up a bag of groceries at the supermarket can be a shock to the system. We’re seeing the cost of fruit and veg rising, food supply dwindling – and pantry basics costing an absolute bomb.

But if you start making some smart financial decisions and adopt strategies to future-proof your budget, and pair that with savvy shopping and cooking strategies, you may soon have cash to spare and could be feeding your family for less.

Here are some tips to get you started.

However, please remember that the ideas and information below don’t take your personal circumstances into account, and seeking advice before making any decisions is important. This is not a guide – this is just a starting point to get you thinking about what could be beneficial for you.

1. Think laterally to beat food inflation

If you’re scrutinizing your supermarket receipts and wondering when everything is going to get back to normal, you’re not alone. According to the Australian Bureau of Statistics in March 2022, food inflation was up 4.3% compared to a year ago.

Food prices may not go down for a long time; our food supply will take time to bounce back from a prolonged drought and the recent flooding, while other factors both locally and overseas may continue to put pressure on prices. So a better way to approach rising prices is to think about how you can reduce costs and make the most of your income, as well as look at other wealth-building opportunities.

2. Which brings us to your investments

We’ll get onto reducing costs in a minute, but first – let’s talk investing and making your savings go further. Yes, it’s a long-term strategy, but with prices going up you could look into investment assets. Savings are important, but over time, your investments have the potential to make much better returns. The right investments may also earn you an additional income, which could be used for day-to-day purchases like super-expensive groceries!

It’s always best to chat to a financial adviser about your goals, your risk profile and current financial circumstances, so you can make the investment choices that work for you.

3. Be smart about where you spend

Not all supermarkets are created equally, especially when it comes to feeding your family for less. Keep an eye on prices and specials and spread your shop in a way that’s most cost-efficient, whether that’s buying expensive items (like meat and cheese) at a lower-cost supermarket, buying pantry staples in bulk, and going to cheaper markets for your fruit and veg. Using grocery apps can potentially help you compare prices and snap up bargains.

4. Make a plan (and stick to it)

It’s far easier and cheaper to cook at home than go out to eat, but only if you’re strict about planning your meals ahead of time. Involve the family and plan a menu, then list the ingredients you need to buy at the supermarket. When shopping, stick to your list and don’t buy what you don’t need. Follow your menu through the week and avoid the temptation of food delivery apps (caving on a Friday night and spending $50 on takeaway can undo all your hard work!).

5. Check the pantry before you shop

It’s all too easy to dash off a quick list and hit the shops, but before you do, take stock of what you’ve already got in the cupboard, fridge or freezer. You don’t want to be shelling out for expensive pasta when there’s an unopened packet of penne hiding at the back of the cupboard, especially given where pasta prices are right now. On that note, try to eat everything you’ve already bought by the use-by dates (or freeze it). You’ll save money and avoid food waste.

6. Gamify your food budget

If you’re budgeting for all your expenses (including money that you want to invest for your future), put aside a set amount for groceries and turn it into a game – what can you buy for that amount? Will mince make your budget go further than buying chicken breasts or beef? What are some low-cost recipes you can make that’ll sort you out for dinner and lunch for a couple of days? If you make a meal that’ll have leftovers, how can you repurpose those into another meal with a few new ingredients? It may take some research and planning, but gamifying your food budget is a good way to save money and make your groceries last.

7. Consider shifting to a more plant-based diet

Plant-based meals or even bulking out meaty meals with legumes can help save you money and be better for the planet. You could even go meatless for a few meals every week – and watch your food budget plummet! And if you‘d like to experiment with a more plant-based diet, research published in The Lancet Planetary Health suggests you could save as much as $900 per year.

When prices go up, there’s only one thing to do – get proactive!

Look at your food bill and consider where you can cut costs and eat more cheaply – it can be done, but it takes research and planning. You’ll also want to look at your budget and consider how to improve it using popular resources like MoneySmart.

With prices on the rise, life insurance is one way to make sure your family is financially protected in the long-term. If you aren’t sure where to begin when it comes to selecting insurance, you could start by comparing a range of policies with Choosi today.