Budgeting food costs can save a chunk of change

November 11, 2005

With high gas prices, families are looking for ways to cut corners in other areas. The food budget is a good place to start, because it's such a large part of the family budget.

A note of caution: Most cost-saving tips require consumers' time, which is another limited resource in so many families.

Here are some tips to help you save money on food:

u Every few months, inventory the food you already have and use it as a starting point for planning your meals. As every business knows, money tied up in inventory means less money for other things. And if you plan your meals in advance, it can cut down on the number of meals you will have to eat out.

u Study grocery ads before going shopping, and use the ads to make a shopping list. A list helps you to stay on track and is the best defense against forgotten items, which can mean an extra trip to the store. Some sources say sticking strictly to the list yields financial savings, while others say flexibility is necessary in order to take advantage of specials and to substitute when quality is poor or an item isn't available.

u Shop alone. Shopping alone is not an option for everyone -- and for some couples, going to the store is the location for their weekly date and they can make it fun and enjoyable. Be aware that research conclusively shows that more money is spent when more people are along on a shopping trip.

u Select the grocery store that best fits your needs. Compare the average prices of items you purchase on a regular basis at different stores. When you find the store that consistently has lower prices, it may prove beneficial to frequent that store. The catch is making sure the prices are lower on the products you purchase.

u Limit your grocery shopping to one or two stores. Limiting your options also lowers the time and gas used on your shopping trips.

u Try to limit the number of times you go to the store. Each trip puts you at risk for making unplanned purchases.

u Rule of thumb: The more you have to do to prepare the food, the cheaper it will be.

u Fresh produce can be cheaper than canned or frozen foods. Fresh fruits and vegetables are packed with nutrients. Buying fruits in season, especially watermelon, apples, grapefruit, oranges, grapes and bananas, is very affordable.

u Consider store brands. Although quality and taste vary, experimentation may yield cheaper products that satisfy your needs.

u Calculate the cost of ingredients by price per serving rather than price per pound. For example, there are times that more costly cuts of meat may be a better buy if they yield less waste, thus calculating a lower cost per serving. You probably will save money without sacrificing good nutrition if you limit serving sizes, especially in the meat category.

u Compare the cost of bulk items to smaller items. Larger items are often, but not always, cheaper. On the flip side, you probably need to repackage items into smaller portions when you get home. Also, factor in that 20 percent of food purchased gets thrown away -- so be sure you can use the larger bulk items.

u Less expensive items are usually found on the higher or lower shelves. Eye level is usually where the most expensive items are placed.

u If you are using coupons, compare the price of the product with the store brand. Even with 30 cents or 50 cents off the regular price, it may be less expensive to purchase the store brands. Consider buying the Sunday newspaper, which usually contains food coupons. Shopping on double-discount days will also maximize your coupon savings.

u Does your family like pizza? Take-out pizza can be very expensive, particularly if you have it delivered. You can purchase either a pizza mix or a frozen pizza at the grocery store. While the topping selections can leave a bit to be desired, you can add some of your own and the total cost should yield a significant savings to the budget.

u Watch your items as they are being scanned in the check-out to make sure the price matches what was labeled on the shelf. Check out any discrepancies.

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"A clean house is a sign of a misspent life"

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