Eating well and saving money can seem like oppositional ideals – and it’s true that the cost of healthy food tends to be higher than the ultra-processed and thus cheaper equivalents. Then there’s the issue of food waste, which is always looming large when you’re dedicating your food budget to buying fresh ingredients and cooking everything by hand, rather than opting for pre-packaged and prepared dishes.
Rather than shrugging your shoulders and accepting that you’ll never perfect the art of smart kitchen finance, instead it’s wise to stick around and learn a little something from the hacks we’ve put together to keep your cupboards well stocked, your belly full, and your bank account in the black.
Image Source: Pexels
Picking the Right Financial Products
Getting your finances in order is the first step to eating right and avoiding waste (of the monetary kind). Here are a few tools and techniques to consider adopting:
Rewards-Rich Credit Cards
Opt for a credit card that offers substantial cash back or points on grocery purchases. Stats show that a typical person spends 11.3% of their budget on food at the moment, which is up by 13% year on year as a result of inflation and other market pressures. Even a 2% cashback on grocery expenses and eating out would equate to a major injection of cash back into your wallet annually.
Scheduled Evaluations
Regularly assess if your credit card rewards align with your spending patterns. Don’t let loyalty to a brand outweigh actual benefits – and compare rival packages, as you might find that Citi’s top credit cards are a better fit for your spending habits and financial goals than those of its rivals, for example.
Tiered Rewards Systems
Seek out cards that have tiered reward structures, so you earn more points for every dollar spent in specific categories like supermarkets and farmers’ markets.
Exclusive Deals and Discounts
Some cards partner with grocery chains offering additional discounts or exclusive deals to cardholders which can lead to direct savings on your bill.
Developing Sustainable Budgeting Habits
Everyone needs to make changes to how they spend their money, as even the most frugal person will have bad habits that are costing them cumulatively. Again, there are lots of positive changes you can make when it comes to food budgeting, so here are just a handful of areas to start working on:
Seasonal Selections
Capitalize on the season’s harvest by buying fruits and vegetables when they’re in abundance. Prices for in-season produce can be up to 50% cheaper than out-of-season counterparts, so your meals get a flavor boost, too.
Bulk Buying Wisdom
Purchase non-perishable items in bulk but avoid overbuying perishables. The cost of food waste is pegged at $310 billion each year, and the most pessimistic estimates suggest that households throw out 40% of what they buy. Smart bulk buying prevents both food and money from hitting the trash can – while of course cutting your carbon footprint in the process.
Meal Prepping Mastery
Plan your meals weekly and use similar ingredients across different dishes to make sure everything you buy has a purpose—and gets used. If you’re not much of a cook or you have limited time, move over to a meal delivery service like Green Chef or Purple Carrot, as these ensure that you only get the exact items you need for the meals planned each week. This may be more expensive than buying groceries on paper – but gets more affordable when you consider the aforementioned stats on household food waste.
Substitution Savvy
Be flexible with recipes and substitute expensive items with more affordable—yet nutritionally comparable—alternatives. So for example if a recipe uses meat, making the switch to protein-rich pulses can deliver the same nutritional benefits without the eye-watering price attached.
The Bottom Line
Going over your finances and fixing on a new way to keep food spending down and waste to a minimum might not be a glamorous or exciting process – but you’ll really appreciate it when your hard work pays off and you’re feeling happier, healthier and more fiscally stable. These are habits which will ripple out to improve other aspects of your life as well, so don’t hesitate to revise your approaches according to the things we’ve discussed.
