About Shopping on a Budget
Considering that the average American family spent $6,372 on food in 2009, according to the U.S. Bureau of Labor Statistics, setting a grocery budget can go a long way in creating a healthy financial situation. But creating a budget and sticking to a budget are two entirely different things. You'll need to show some discipline if you plan on sticking to your allotted monthly shopping limit.
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Shopping List
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Write down a list of what you need before you go shopping. Don't stray from the list. Buying on impulse can ruin any budget you set, and this is especially true when you're grocery shopping or go into the store for a few items. If you realize you need milk and you don't have it on the list, go ahead and pick it up. However, if you see a flavor of chips you may enjoy, resist the urge to buy them. Shopping on a budget requires discipline, and if you're winging it in the store and buying what you think you need without looking at a list as reference, your finances can suffer.
Think First, Then Buy
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Before you write down your shopping list, think about what you're buying. Look at the most expensive items and ask yourself if you can buy something else for a cheaper price. For example, instead of having a steak dinner one night, make spaghetti. It's significantly cheaper. If you have a strong desire for steak and you don't want to substitute with something else, buy a cheaper steak, such as T-bone or sirloin instead of a filet mignon.
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Buy in Bulk
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If you have a family of four, four rolls of toilet paper isn't going to get you too far. You'll likely spend significantly more if you buy two small packages of toilet paper versus buying a package of 30 rolls that may last you an entire month. A good rule to adhere to: If you go through multiples of the same item within a week or two, buy in bulk.
Generic Products
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Nearly all products have a generic sibling. The generic product costs a lot less and usually has similar qualities compared with the brand-name product. National brands can cost more due to fancier packaging and advertising costs or because the company knows it can charge more for a product that enjoys a good reputation. Since generic products are not exactly the same as national brands, you will notice a difference, but if the difference isn't too extreme, you can find yourself saving hundreds to thousands of dollars each year in groceries.
Coupons
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Coupons can assist, or ruin, your shopping budget. Coupons can help you save a lot of money if you use them on items you normally buy. But if you get caught up in the coupon craze, you may find yourself buying items you don't normally purchase, just because there was a coupon for it. If you would normally purchase the item without the coupon, go ahead and use the coupon. If the coupon is the only reason you're buying the item, avoid using it.
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References
- Photo Credit veggie stand image by Mat Hayward from Fotolia.com
