Saving Money on Groceries

Saving Money on Groceries

Every centavo counts and this is an accepted reality when you become a parent. You learn to cut costs and save wherever you can. So here are some tips that could possibly boost your savings when doing groceries:

1.) Create a fixed budget

It is very important for you to have a clear idea of your budget for groceries. Closely track your spending to determine how big the portion you should set aside for grocery shopping is.

2.) Make a grocery list and stick to it

Try to be less impulsive when doing grocery by sticking to what you have put on your grocery list.





3.) Plan your meal ahead of time

Since you are at home, you can closely check and regulate the food diet and nutrition of your family. By meal planning and preparation, you can determine the ingredients needed for the menu and then buy strictly what’s on the menu.

4.) Shop on a full stomach and when you are feeling calm or happy

Some researchers say that when you are hungry or starving, you tend to stock up on anything. You will buy less snacks and take-out food. Furthermore, when you shop feeling calm and happy you tend to create better choices.

5.) Try to compare prices of grocery stores in your neighborhood

Prices differ on varying grocery stores. That is why you have to widen your scope in checking out grocery shops. Do not settle for temporary convenience if you are missing out a lot on money savings you can get.

6.) Buy grocery essentials in bulk and calculate before you bulk up

It is necessary for you to have a calculator when you do grocery shopping. When you are grocery shopping on a budget, be sure to look closely and compare the price per unit of the desired item you are buying.

7.) Don’t buy more than you need

Everybody loves promotional items and a good deal. But do not be fooled getting suckered into buying stuff you don’t really need. If it wasn’t part of your grocery list, do not buy it. You will end up paying more on unnecessary items than on essential goods.

8.) Avoid bringing the whole family when grocery shopping

Kids always see something that isn’t on your list and you do not want to pay for extra when your bill exceeds the supposed budget.

9.) Be eco-friendly and try to bring your own bag

Some supermarkets now require reusable bags when shopping or else you are forced to pay a few pesos for a single plastic bag when you check out of the counter. Some stores will also give you a discount from the total grocery bill for bringing in a reusable bag. Remember, savings are savings!

10.) Ignore eye level items

Did you know that some of the most expensive items on the grocery tend to be right at your eye level? It’s a simple marketing strategy but it’s on purpose. Grocery stores are smart. They want you to go splurge for items. Instead, you could try to look more closely at the prices, search up and down on the shelves, look and compare for best buy items rather than picking items at the level of convenience of your eyes.

So get yourself a pen and paper to list all the necessary items, lock down a budget, and check out our round up of proven tips and tricks on saving money on groceries!

How to Save More: Getting the Basics Right

How to Save More: Getting the Basics Right

One of the most basic scenarios you encounter as stay-at-home mommies is managing your household income every day. As soon as your spouses earn their pay checks, you begin to make decisions on where will it be spent, saved or invested or… wait for it: failed! In order to achieve success with your household earnings and maximize every centavo, you will need to determine what you really need and track where your money is actually going. Once you already have a plan, it’s “let’s make a budget” time!

Firstly, you need to have an accurate list on all your necessary expenses and then tracking how much money you need to allocate for the need. As mommies, you need to keep track and record your family’s expenses- for example, allowance budget for your spouse, allowance budget for the children, allowance budget for groceries and other necessities.




Secondly, you need to have a clear budget for savings. Say that you have kept track of your expenditures accurately every month, you can already begin to organize your tracked expenses into a workable budget. Your budget should show how your family’s expenses ratio with your family’s income. With this, you can strategize your spending and limit overspending.

Thirdly, look at the things you spend on and avoid wasting money by spending smartly with an effective plan. You should find means to cut your spending to create a saving. If the expenses are too high, think of some ways to cut back those costs. How do you effectively do this? You need to identify non-essentials from essential goods your family primarily needs.

Another, you need to control your debt. As much as possible, avoid borrowing money or creating bad loans for the things your family will not need immediately. More importantly, you need to set some savings goals. You could start by setting a small, attainable short-term goal such as having a new smartphone or holiday gifts, reaching smaller goals can give you a psychological boost that makes the reward of saving more immediate and reinforces the habit.

Furthermore, you have to decide on your priorities. Your goals are likely to have the biggest impact on how you allocate your savings. You must have a clear idea of where to start saving, for instance, you need to buy some children’s clothes, or replace a broken television, or have a simple family vacation- you could start putting some money away for now.

Moreover, it is important that every family member should take care of their health. You are aware of how much money you could spend on hospital bills, doctors’ fee, medicines and etc. when we get sick.

Lastly, you closely watch your savings grow. Be reminded that you always need to review your budget and check your progress every now and then. This will help you get used to your usual family budget plan and it will also help you identify and fix problems effectively and rapidly. This may even inspire you to find more ways to save and hit that goal faster.

In saving and budgeting, it is also important that we have a common positive mindset when dealing with our finances. You need to start saving money and spend some on what is left. It is important to set your priorities straight so that you can achieve a common goal. Moreover, you need to consider healthcare and insurance as investment and not some kind of expense. Both healthcare and insurance will provide you some protection from money-related risks as we go along our financial journey. And definitely, you should reach a point in our lifetime that our family savings and investment money will work for you. This can help you achieve more financially and this will give you freedom to do anything you want to happen for your family in the future.

Some of stay-at-home moms would say:

My husband has been working hard a lot all his life but we were not able to save anything. Where did all our money go?”

Have you ever asked yourself the same question? If you have, maybe it is because you have been using the saving formula differently.

According to Warren Buffet, one of the wealthiest men in the world, he said, “Don’t save what is left after spending; spend what is left after saving.”

He meant that, you keep something for yourself or for your family first.

The correct formula for saving should be:

INCOME-SAVINGS= EXPENSES

and not the other way around.

Always keep in mind that before you spend, you need to save some amount first. Set aside 20% or more from the amount you are receiving from your spouse’s salary and from the salary you get from other sources of income to save for your future. Treat it like a bill that makes you require to pay.

Saving can also be a habit. What if you start saving loose changes in your spending habits? Start saving PHP10 a day- it will give you P300 in a month!

One way to increase your savings is to reduce your expenditures at home. Delay self-rewards, cut down on items like soda, coffee, bottled water, high-end gadgets and phone, shopping, eating out, etc.

It doesn’t matter how big you earn that counts, it is how much you keep from what you earn. Time is money- the earlier you save, the better for your future.

To put it into context, a classic example for this would be a young couple getting married, has children and has little savings. They bought a house with mortgage. Other expenses were also present since they just started building a family. So, with house mortgage and other expenses, money becomes tighter.  They tell themselves they will continue saving later. As they enter mid-life, their children go to higher education. The couple is now bombarded with expensive school fees, tuition fees and other miscellaneous fees that take a big portion out of their budget. Soon, this couple enter retirement age with little or no savings at all. They know they must save but accepted the fact that it was too late for them.

From this example, we should be able to get the essence of early savings and improving the family’s financial foundation so that we don’t suffer the same fate like that of the couple.

The ABCs of Budgeting: Your Key to Success

The ABCs of Budgeting: Your Key to Success

At first glance, financial concepts and solutions may not be the most delightful subjects to know about. But with proper discipline and patience, you will be able to gain deeper understanding and appreciate its importance. Learning the basic financial ideas is the start of the growth of stable financial foundation.

Financial independence is a priority that every individual should aim for. You learn to take control of our future by learning how to:
• Earn money
• Save money
• Raise money
• Secure money

So why is there a need to create a strong financial base? For example, before you learn to drive, you need to understand a few traffic rules and regulations and some driving mastery for you to be able to get a license and be able to drive freely. Building a strong financial base will get you where you want to go on life. However, you will never reach a destination without a plan and that plan is something that has to be on your top priority list. So it is important to plan out and start now! No matter what

your age or your status in life, if you have not started the learning process about your finances, it is never too late to begin.

According to McKinzie Bean (2019) of MOM MAKE CENTS, this personal finance pyramid follows Maslow’s Hierarchy of Needs which highlights the fact that you need to satisfy your basic level needs before you move on a higher tier.

Moreover, she stated that in order for you to have a strong financial foundation, you need to be protected from all sorts of unexpected events that can affect our long-term financial goals. Without any financial protection, you put yourself in a situation with a lot of risks that could jeopardize all your plans. Everything could go south on you if any unexpected event occur.

Second, you need to have savings in order for you to build your wealth. In building your wealth it is important that you manage and pay off all your bad debts so that you can start accumulating savings from your earnings. Set aside at least 15 percent of the income you are receiving to grow your savings. As time passes by you can challenge yourself to increase the percentage of your savings each year.

Third, as you save, you can now be able to build and preserve wealth by creating an extension from your savings. On the third tier, you can be able to focus in making meaningful investments since you are now feeling more secured from any eventuality like medical issues. On this level, this is where you let your finances improve further perhaps buy car, create a business, or invest in real estate or invest in your kid’s college fund. You may also opt to concentrate on retirement planning at this level. And now that you have started accumulating more health, what’s next for you?

It is very important to preserve it. It is important that you prepare for any worst case scenarios that might happen. Thus, you need to have more protection from risks and other unexpected events.

A strong foundation means having a more stabilized and resilient finances that can withstand any money-related problems. Reconsidering and following these five building blocks of strong financial foundation will help you create and protect your financial future.