Tuesday, March 19, 2019

Saving Money on Food by doing it the Right Way

Saving Money on Food by doing it the Right Way

With the amount of money that is being spent on food annually, the techniques that can assist in saving some extra bucks need to implemented wisely as they add up to a huge advantage.

Saving Money on Food Saving Money on Food by doing it the Right Way


1) Saving the Extra Bucks

One of the best ways of saving money on food is to save the extra change. Putting aside a mere 50 cents each day can accumulate to over a $ 500 of an emergency fund thus creating to saving up of around 40% on the money that is required to be paid for food annually.

2) Checking Credit Card Reports

To ensure that you are spending the right amount on food, it is vital to put a check on the monthly credit report at least once in each and every month. This small factor can lead to a proper evaluation, thus creating a proper review of the unnecessary items that have been purchased and hence further reallocating this fund elsewhere.

3) Wisely using the Debit Cards goes a Long Way

Using the debit cards for shopping for groceries or dining out makes a lot of sense as it is the actual money that is present in the card bearer’s account. On top of that, strict care should be taken to wisely use these cards and you should always refrain from using the overdraft feature for paying for the food items unless absolutely necessary.

4) Minimizing the Interest Charges

All the debit as well as credit cards should be prudently used. Getting charged heavily in terms of interest for purchasing of food items can be a huge knocker; hence to decrease the interest that is levied, it is always advised to limit the purchase made using credit card to the items that can be paid in full at the end of the month.

5) Buying Online goes light on the Pockets

Buying items online can help save on money as well as is convenient. These purchases can be carried out using debit cards or credit cards and the best part is that reward points are earned as well for shopping online thus creating a win-win situation.

6) Shopping Using Credit Cards & Reward Points

When shopping using credit cards, the owner earns reward points that mostly go unutilized and add up to a huge number over the duration of a year. These reward points are one of the best ways to shop for groceries or for dining out and this helps in saving money.

7) Buying in Bulk

Bulk buying often helps in saving a lot of money thus adding up to total savings and buying items in bulk can even be achieved online which leads to payment through debit or credit cards and ultimately leading to earning of reward points and saving money.

8) Bringing the Right amount of Cash

When at a grocery store, try paying for the items you buy in cash as this may lead to a great cut down on impulsive buys as there is only so much cash one carries. With the payment made in cash, there would be times when the items that are only required would finally end up in the cart.

9) Monthly Implementation Goes a Long Way

Tremendous amount of money is spent on food by each and every household annually; however if saving needs to be implemented while shopping for food or purchasing groceries, it is vital to ensure that implementation monthly so that it would be easier to handle and would gradually and slowly accumulate to become a large sum saved over the entire year.

10) Utilizing the Cash back Schemes

Majority credit cards offer the owner with cash backs on money spent on dining as well as shopping for groceries; hence using these cards to one’s advantage can act as a great saver of money.

About Author: This article is written by Sonali, on behalf of http://www.morganfinance.co.nz



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