With deflation of food prices being just a hopeful vision at best, we should maximise the part of our salaries not taxed by the government and banking sector. One thing sure in life is that a man (human) must eat/drink for basic survival. I am confident that if one found a way to survive this human life without eating and drinking, then such a technology or system would have been developed centuries ago. With these in mind, I am here to share with you some tips that would give long-term value.
1) Set limits to how much you are going to spend (in this case on food). Budgeting is one of the best ways one that was not “born with a golden spoon in their mouth” can acquire enough money to invest in ventures that will help them and their loved ones in the long-term. Set a limit to how much you are going to purchase in groceries for the month. It is also wise to have a purchasing limit on takeout food if you did not carry food to work or hanging out.
2) Calculators. When shopping for food in the grocery use your calculator app on your android or apple phone. This app will help you keep in line with the budget you have set.
3) Round off prices. If something has a price tag of $1.15 round it off to $1.25. The price of an item is $3.30 or $1.80 round it off to $3.50 and $2.00 respectively. This method protects you from upward price changes on items the grocery did not update when shopping.
4) Purchase basics first. Basics here are things you will always need when cooking throughout the month. A is a short list of basics – Rice/pasta, vegetables (fresh/tinned/packaged), flour, milk, seasonings (food has to taste good) & oil. This one may vary between families and persons due to personal preference and health-related issues. Whatever left over you can purchase as “want” items.
5) One/Two item rule. If you carry children shopping, set a limit of one or two items they can have after you have purchased your basics. By doing this, you are teaching them:
- Patience – learning to wait in general as we lack it world over. People can get into serious problems because we do not know how to wait (or wait for the wrong things).
- Self-control – you can’t have everything, but you can have something
- Better decisions making – they will learn to make better choices in general due to the experience
I have used the tips mentioned above over the months with a significant effect. Together with self-discipline, I have more food to cook with and cut down the food bill by 20 – 30% at times. With more cash, I can invest it into bitcoin and other opportunities that pop-up from time to time.