The proof is clear. By purchasing/preparing your own food, you’ll can save upwards of 67% and enjoy a much healthier diet.
Thanks for joining me this week to discus simple, yet effective best practices regarding steps you can take to: Decide needs vs. wants, lower interest-bearing debt, understand the power of paying in cash and plan for your retirement. If you’ve read this far, maybe you’re willing to complete the journey by understanding how best to maximize your budget. You can check the previous four steps here:
5-Step Plan to Financial Success: Part 4
5-Step Plan to Financial Success: Part 3
5-Step Plan to Financial Success: Part 2
5-Step Plan to Financial Success: Part 1
Utilize local grocery stores and farmer’s markets instead of dining out
One of the areas with the largest price mark-ups is dining out. Purchasing food at local restaurants, while enjoyable, can be an expensive endeavor. Buying alcoholic drinks or specialty coffee increases the price you’d pay against purchasing at a supermarket even more. If you’re only buying a quick breakfast or lunch for work, you’ll easily spend $5 per meal. For a week, that’s $25. A month will cost you upwards of $125.
Instead, utilize all grocery store coupons/sales and, even more importantly, farmer’s markets – where produce is often considerably less expensive and you support the local economy – to maximize your food budget. Remember, this is about making correct financial choices and deciding what is a need versus a want, so take whatever steps are necessary. That may mean travelling to multiple food stores for different items, purchasing multiple items now at a discount to gain savings over the long run, cutting coupons and making tough food/drink choices.
Just as important is eliminating impulse purchases, in which you buy items on a whim that you didn’t plan to purchase. These are often the result of emotions/feelings of needing to satisfy instant gratification and are a direct result of carefully planned marketing initiatives. It’s no secret why milk, eggs, butter and meat are located furthest from the entrance, while candy bars and magazines are found within the check-out lines.
The best way to combat this is to make, and stick to, a list of items needed before entering the store.
By planning ahead, waiting for deals and making difficult decisions, you can earn significant savings each month – allowing you to utilize the money in any of the other areas discussed and securing a more prosperous/fiscally responsible future.
Make today better than yesterday, but not as great as tomorrow!
Chris Errington is a husband, dad, writer, seeker of truth and fervent believer in the power of utilizing best practices to live a more balanced and enjoyable life. When I’m not coaching Little League baseball, rooting for the Steelers and West Virginia University or desperately attempting to grow grass in the front/back yards, I’m working my plan to live my ultimate goal – Writing remotely from the deck of a 32-foot sloop while sailing throughout the Caribbean. Getting my wife to agree is another matter entirely.
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Best Practice Life 