In recent months millions of Australians have been forced to adjust their spending habits as the prices of groceries continue to increase.
A shopping survey conducted by consumer comparison company Canstar Blue found that, in the face of rising prices, shoppers had been forced to review their spending habits.
“One in 10 have even looked for extra sources of income to supplement the budget they had for groceries. The same number have cut back spending in other areas so they can afford their usual groceries,” says Canstar Blue’s editor-in-chief Christine Seib said.
The shopping survey which was conducted during the middle of March 2022 discovered that 67 percent of Australian shoppers have noticed their grocery bills increase over the past 12 months.
On top of this an extra 29 percent had noticed an increase in grocery item prices over the past two years.
Here are some tips to help you reduce how much money you spend
Read Your Recent Bank Statements And Figure Out What Can Be Reduced
By taking a look at your expenses to see where you can make quick savings. It may surprise you how little things add up.
Look through your bank or credit card statements for the last two months. Identify anything that isn't essential. This could be things like subscriptions or memberships.
Be More Strategic About Your Grocery Shopping
There are plenty of things you can do to reduce your grocery bills. For example; you can plan meals in advance and only shop for the ingredients in those meals. It is important to develop discipline and don’t buy items that won’t be included in the meals you intend to cook.
It is also recommended that you buy home brand or Woolworths and Coles branded foods to save more money.
It is also important to buy fruit and vegetables that are in season or on sale. Cooking meals like soups and pasta sauces that have lots of left overs you can freeze for later. Meal can be expensive so consider scheduling a couple of days a week where you don’t eat meat.
Avoid Impulsive Buying
Retailers are very skilled at enticing customers to make impulsive purchases with end-of-aisle products, two for the price of one deals and other add on specials. Online you are likely to see adverts for items you have purchased previously, wherever you go online. Marketers and merchandisers make it very easy to fall into bad habits and get caught up in a cycle of making impulsive purchases that are hard to stop. To save money efficiently, you need to try your best to commit to no longer making anymore impulsive purchases. Here are a few changes and tips that can help:
When you go out, leave your credit card at home. This reduces the temptation to make sudden purchase and it gives you some “cooling off time” to think more carefully about whether you really need to buy a product.
Before you go shopping, first write a list of what you need to buy and don’t buy anything that’s not on that list. It would also be wise to give yourself a ‘play money’ limit. A limit for all non-essential purchases or expenses. It doesn’t need to mean you can’t do fun stuff that you like, all it simply means is that fun spending is not a daily random habit and it must have limits.
Don’t visit a shopping centre unless you really need to. This can really cut down impulse spending and after a couple weeks, you might not even notice the lifestyle change. It would also be wise to eat a meal at home before you go to the supermarket. When you are shopping for food, a full stomach means much less temptation to buy extra treats.
Have A Savings Plan and Develop a Strict Budget
The secret to saving is to start early and save often. It is vital to create a savings plan so you can manage your money and stick to your goal.
Have a clear picture of your regular expenses and spending habits. This helps you see where you can cut back and save.
Once you know how you are spending your money, you can set a realistic budget. Your budget will help you to stay on track, review your progress and reach your money goals sooner.
Furthermore, it is a good idea to develop a savings goal to help you stay focused. It doesn't matter how big or small your goal is, work out how much money you need to save and start working towards achieving your goals.