July saw the implementation of some of the new Budget 2017-2018 changes. Amongst the many resulting factors, there comes an inevitable increase in some of our Island’s already high costs - including essentials such as food items. Globe Finance Inc knows that this will not be an easy one to bear, especially for those feeding families, as this will seriously squeeze wallets even further. Today we hope to offer a few suggestions on how persons can save money on their food bills - post Budget.
Ensure that you budget tightly for supermarket visits- and not just in figures. Before you leave home make sure that you not only note your dollar limit, but have specifically listed only the items you will need to buy. Too often persons will set off for the supermarket with the intention of picking up just ‘a couple of items’ only to return with a shopping cart full of groceries. As impulse purchases can make up nearly half of your grocery bill, we strongly advise getting in this habit which will keep you on budget and save you loads.
Compare prices! Shop around to see how much you're spending on an item so that you can see which stores are giving you the best bang for your buck. Note the compassionate companies that have opted to delay/absorb some of the tax burden. Also, get to know the supermarkets that give back- some offer a rewards point system redeemable in store, while others hold regular ‘clearance’ specials; so if you didn’t take advantage of these before, now is the time to utilize them.
Categorize what you will be purchasing – and where. Some items should be sourced outside of the supermarket entirely, such as your fish and meat, as these tend to be the more costly items on anyone’s list. On average, you can save up to $2-$4 per lb with a little research for reliable Butchers or Suppliers.
A vast majority of well known/high end brands are guaranteed to be as much as double the cost when compared to a generic brand. Why not give generic brands a try in order to determine which are to your liking and simply swap out your current brands for the ones that are.
Buy in Bulk
Some Barbadians have definitely been thinking smart when it comes to purchasing items, opting to come together for a ‘Buy in Bulk’ method. You too can try linking up with a reliable group in order to pool your funds, purchase in bulk and split the items evenly amongst yourselves. Each month your group can choose to buy based on a specific type of product (i.e dry goods/fresh vegetables) or, to purchase your goods from a specified wholesaler-whichever way you look at it, this initiative is guaranteed to save you significant money.
Prepare Your Lunch
If you are someone who usually prefers to purchase your lunch every day simply because you dislike the hassle of cooking, then you might want to carefully rethink that option now. The average Barbadian buying lunch can spend $400 or more every month vs. taking a prepared lunch at a fraction of the cost. If you are in a hurry, try making sandwiches, or something else simple, that will tide you over until dinner time.