10 Ways to Cut Your Monthly Food Expenses

Have you ever been surprised at the checkout counter when your grocery bill actually turned out to be more than what you budgeted? Do you know how much you spend on food, to include fast food and eating out? If you are not confident in your answers to these questions or do not know the answer, then there is a good chance that you are missing out on a good savings opportunity.

How to Reduce Food Expenses

1. Determine How Much You Spend on Food.

For one week or one month, track all of your food expenses. Be detailed. Include everything from that king-sized Snickers to any grocery shopping. At the end of your tracking, categorize your food spending: spontaneous buys (candy, chips, sodas), fast food and restaurants, groceries, etc.. You might be surprised at where your money is going.

2. Cook More and Eat Out Less

Usually, you can whip up a good meal for less than what you would pay at a restaurant. Not only will you save money, but it can be healthier for you depending on how you cook your food.

3. Eat Leftovers.

You will be surprised at how much good food goes to waste simply because it goes uneaten. If you are not much of a leftover person, because you do not eat the same meal two days in a row, then freeze your leftovers. A week later, you can save yourself time and money by heating your homemade frozen dinner.

4. Bring Your Lunch to Work.

This tip is a combination of tips # 2 and # 3. Before you go to bed, prepare your lunch for the next day, or simply grab a some leftovers. If you currently eat out everyday for lunch, you will be surprised by the amount you save at the end of the month.

5. Switch from Sodas & Cafe Visits to Drink Mixes & Home Brewed Coffee.

Remember the expense tracking in tip # 1? Drink mixes and home brewed coffee is a much cheaper alternative. With the cost of 2-3 16 oz sodas, you can buy a jar of Kool-Aid or lemonade mix and make a gallon of your favorite noncarbonated beverage. Also, buy portable plastic drink bottles so you can just grab and go.

6. Make a List Before Shopping.

You are more likely to overspend when not shopping by a list, because most people tend to compulsively buy anything that looks appetizing. Save money by planning your snacks and meals, then go shopping only for what you need.

7. Do Not Shop Hungry.

Many people know this tip but do not actually follow it. Almost everything looks good enough to buy if you shop hungry. If you think you may work up a raging appetite right before or during grocery shopping, then have a snack before you go.

8. Shop for Generic Brands.

Pay attention to what you actually pick off the shelves. If there is a generic alternative to the item you usually purchase, and it is cheaper, try it out. Not only do generic brands save you money. They also have been getting more competitive with quality and taste.

9. Shop for Sales & Coupons.

The Sunday paper is littered with sales advertisements and coupons. Sales are easy to shop. If you do not like clipping coupons, only use the coupons on items that you purchase on a regular basis, such as laundry detergent and soap. The savings will add up.

10. Shop by Unit Price.

To shop by unit price, divide the price by the number of the unit on the package. For example, a roll of aluminum foil may cost $2 for 50 sq ft. If you divide $2 by 50 then you will get 0.04 or 4 cents.

Now, consider the generic competitor's offer of $2.50 for 200 sq ft. Divide the price by amount of the unit. This will equal to a little over 1 cent per sq ft. Obviously, the second option offers more for the price.

If you are serious about saving more money per month, then turn these tips into your next financial project. Find time to sit down and honestly scrutinize your food spending habits. Integrate these 10 tips into a food spending action plan and watch your food expenses shrink. In one month you will be happy when you see the money you have saved.