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Saturday, 15 July 2017

MONEY MANAGEMENT: 23 WAYS TO SAVE 40% OR MORE ON FOOD – PART 2


 14. ONLY BUY WHAT YOU NEED: This requires discipline to implement. Buying only things that are on your list strictly is a function of self-control and caution.  Impulse buys on the average will increase your bill by 20% to 30%. I’m sure you don’t want to overshoot your budget.

One way of staying away from impulse buying is to avoid window shopping and staying longer in the store. To avoid being tempted, find exactly what you need, make your purchases, and leave the store as soon as possible.

15. INSIST ON QUALITY PRODUCTS: Having the mindset of buying low quality products at a cheaper price as a way of cutting down cost on food items, will cost you more on the long run.

For instance, there are varieties of tin tomatoes in the market. To get a good taste and quality of food, there are some you mustn’t buy, else you’ll spend almost double of what you should be spending on tin tomatoes.

16. CHECK THE UNIT PRICES: To ensure that you are getting the best available price on an item, check the unit price, and compare with other brands and sizes. Usually bigger sizes are cheaper when compared to the unit price. For example, if the cost of a 500g butter is N1,000 and that of 2kg is N2,800; it is better to buy  that of 2kg.

17. LOOK HIGH AND LOW FOR SAVINGS: Stores use many different marketing tactics to lure consumers into buying the most expensive items. Have you noticed that most stores often stock the most expensive items and brands at eye level, and place the cheaper items and brands on the higher and lower shelves? As you are going through the store, remember to check all the shelves, especially the higher and lower shelves, for potential savings.

18. BE CAUTIOUS OF PREPPED ITEMS: Prepackaged food and other prepped perishable items are more expensive, though they save time. Items like sliced okro, Pumpkin  leaf, par boiled meat & fish amongst others, should be avoided, except you are a very busy person without anyone to assist you in the kitchen. If you must save cost, you must learn to prepare your meals from scratch.

19. INSIST ON FRESH FOOD: Check the expiry dates of canned food items and ascertain the freshness of perishable items before making any payments. However, most stores place goods that have few days or weeks to go at eye level. Buying without a though check may cause you some losses, as the items may expire in your hands before the planned date of consumption.

20. DON’T GO SHOPPING IN A HURRY: Things done in a hurry don’t come out well in most cases and shopping is not an excepting, as it will cost you price, quality and quantity.  Take your time when it comes to shopping for the family; it involves money and you don’t want to be a loser.

21. PAY WITH CASH: Paying cash helps you curtail your spending. When you go to the shop or market with just the amount on your list with may be a little extra, you will be bound to spend just that.

Paying with your card on using online transfer may cause you to spend more, as you will be buying with your eyes fixed on the amount in your account.

22. CHECK YOUR PRODUCTS: Crosscheck your products to be sure they are properly labeled and are in there right sizes. Do your calculations at the cash point correctly before making any payment.

Check your receipt before living the store. If there is any mistake, notify the cashier immediately.

23. KEEP RECORDS: Always keep records of the amount you spend, weekly, monthly, quarterly and annually on food items. You can have a spread sheet, if possible. The records will give you a clearer picture of the trend in your budget and kitchen, hence enable you take full control in regulating the flow of food in your home.

If you are not in the habit of keeping track of your food records, please start by tracking how much money you are spending per week. You’ll be glad at the improvement in your savings.  

CONCLUSION: 
There are many easy ways to save money, but I think these ways if well implemented will take you a long way in saving.
This is a part of how to save on food. We shall continue with the other aspect of saving on food next week.
 Until then, enjoy your weekend!


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