Recently at Powercat Financial I had a student make an appointment with me and they were trying to save money, specifically on food. The issue was, they didn’t know how. They came to me and said that they were barely able to afford a trip to the grocery store every 2 weeks and could rarely go out with friends. The student wondered if there was any way to still grocery shop and go out to eat but do it in a way that would save more money. So, we sat down, made a spending plan, and talked through some solutions and options to help save money, here are the main solutions:
Saving Money on Groceries:
- Know When to Shop
This is a great way to save money on food when grocery shopping. According to Yahoo Finance, Wednesday is considered the best time to shop for groceries. This is because food is going on sale due to mid-week restocks. Grocery stores are trying to get rid of their older products and replace them with newer products, so they’ll do deals and promotions to sell those older products. This can help you save money each trip to the store and overall improve your grocery budget.
- Make a Plan and Stick to It
Planning before going in the grocery store can help you save money big time. If you have a list of your needs, and only plan to get those things, you’ll tend to not spend more on things you don’t need. You’ll also be less susceptible to discounts and deals on food you don’t need. You know what you’re there for, and that’s what you’re getting.
Credit: Sodanie Chea, https://www.flickr.com/photos/41942551@N02/7259669024
Saving Money on Eating Out:
- Don’t Be Afraid of Coupons
Sometimes there’s this stigma about using coupons and being considered a cheapskate, but I disagree with that. It shouldn’t be looked down upon for trying to save money and coupons are a great way to save money while eating out. Most food places will have a coupon or deal of some kind available for students to use, and even encouraged to use sometimes. Think twice before immediately throwing away the coupons you receive in the mail next time.
- Drink Water
Drinking water at a restaurant can be a game changer in terms of saving money. Often beverages other than water cost $2-$3 extra. If you go out to eat and get at least 1 beverage every time, that can cost you close to $10-$15 a week at the minimum. Multiply that by 52 weeks and you’ve spent about $500-$700. Instead, with that money you could have saved it and put it towards your financial goals. So next time you go out, think about drinking water.
After going through some of these solutions, I encouraged this student to track their next months expenses to see the difference these strategies of saving money can have on their budget. If you’re wanting to find ways to save money and track what you are spending, at Powercat Financial we can help. We can go over you’re spending and can come up with solutions to help support healthy spending habits that can save you money and benefit you in the long run. Make an appointment today!
Daniel Hensarling
Peer Counselor II
Powercat Financial
www.k-state.edu/powercatfinancial
