The cost of food is generally one of the largest expenses that families have to face each month. The University of Guelph and Dalhousie University recently released their 2020 Canada Food Price Report and, wouldn’t you know it, the price of food is expected to go up again this year. Feeding the average Canadian family is expected to cost $12,667 this year, rising nearly $500 year over year (ouch). Ontarians will see food price increases anywhere from two to four percent, with meat expected to see the largest increase.
Do we have any options when food is one of our three basic necessities? The answer is YES!
We have a few tips to help you cut down on food waste, save yourself some money, and eat better in 2020!
Part One: Establish a Grocery Budget: Failing to plan is planning to fail, as the expression goes. How can you control your food spending if you don’t know what you’re aiming for?
Use our Worry-Free Budget template to set a family budget and calculate your discretionary income for food and similar variable expenses. Take some time to pull out your bank statements or grocery receipts and tally up your weekly grocery spending.
Generally, food purchases are one of the largest expense categories that families have each month. So the more we can trim, the more money we have for other financial priorities like crushing debt or saving for the future.
CHALLENGE: Once you have an idea of what you spend on average each week or each month, try to explore ways to bring that number down consistently. Try setting a realistic goal. One of the best ways to help stay focused on reducing your grocery expenses is by having a purpose for the money you save. What could you do with the money you save?
Continue to Part 2 here!