If you’re struggling to keep your personal food costs down, there are several ways to cut your spending while still getting the most bang for your buck. A good way to start reducing your own personal food costs is to first track your spending on food for a period of time—week, month, etc.—and see the amount of food you spend. Ask yourself a few questions such as how much you spend on at-home cooking and eating out? What do you spend more on? Do you find yourself in need of eating out more or eating at home? Once you figure out your personal expenses and answer these questions, you can start to sort out way to minimize them.
There are quite a few ways you can cut your costs on food such as:
- Going out to eat less. According to The Huffington Post, the third largest way students waste their money is by eating out too much. If you cut back on your expenditures while you eat out or become more aware of the prices of food you are eating that is a large point of spending for many people.
- Cooking with a friend. If you are eating meals with more than one person it is typically more economical to cook food, reducing the cost per head for food. If you live with roommates, shop together and buy certain items together that you know you would not finish on your own which can also reduce food waste.
- Utilizing sales and coupons. Saving a few cents on several items can quickly add up and give you more money to spend elsewhere.
- Buying staple items in bulk. Many non-perishables can be bought in bulk at cheaper prices thus reducing your average costs on them and resulting in you visiting the store less often.
- Shopping at cheaper retailers. This can give you the opportunity to buy most traditional items for a cheaper price.
- Freezing fresh produce. This can extend how long fresh produce lasts and can reduce food waste in general.
If you take small steps in your day-to-day life it is very possible to reduce your food costs resulting in an overall reduction in your expenses. Good luck!
Written by Libby Cocagne, Financial Wellness for College Students Peer Educator, University of Illinois Extension.
Reviewed by Kathy Sweedler, Consumer Economics Educator, University of Illinois Extension.