Learning How to Shop on a Budget
The cost of living continues to rise in the UK, and with personal debt also growing for the vast majority of people it is more important than ever before to have an understanding of personal finances, how to budget effectively, and how to pay off personal debt at a reasonable rate over a longer period of time, rather than putting yourself in greater financial difficulty over a short period of time. One are that we all have to deal with financially is our food shop. Grocery shopping is a necessity for everyone, as we all have to eat, but how can you go about it in a responsible way that ensures you stick to your budget, and have the funds ready to pay your bills or to ensure you can pay back your payday loan or other type of credit?
When we look at grocery shopping in the UK you can break down those types of people who just pop to the shop most days to pick up bits and bobs, cook with no real plan, to those types of people who do a weekly, fortnightly or monthly big shop and plan meals for each day of the week. Food waste is also on the rise in the UK with an estimated £35 worth of food waste coming from each household per month. That is a lot of good food being thrown away, so you should start thinking more sensibly about how you shop in the first place.
The best place to start is with creating a budget, and then sticking to the habit of that budget without letting it slip. One way to improve your credit score at the same time as shopping on a budget is to pay for your shop on a credit card (use a credit card only if you know the full amount will be paid off before the end of the month and the repayment date). This way you won’t be taking cash out and spending the extra change on things outside of your budget. Plan your meals for the week ahead and always know exactly what you need to buy in. Never buy items in the shop that you already have at home.
It is important that in order to stick to a shopping budget that you can be as smart as possible, storing certain items in a responsible way to ensure that they do not perish prior to you opening them to use as part of a meal. Have a go at trying ‘cheaper’ brands to see if they are as nice as the brand names you are used to. You might surprise yourself as to how much money you can actually save by moving away from the big brand names, without compromising on the quality of the product.
These simple tips are easy to put in place and will make a huge difference to how you manage your household finances. Whether you have just bills to pay for each month, or you are improving your credit score by paying back a short-term loan, learning how to shop on a budget is a great skill to have.