5 Tips to Make the Most of Your Grocery Budget Ahead of the Holiday Season
By Carmen Chan
If you’ve been struggling to make the most of your grocery budget these days, you’re definitely not alone. Consumers are spending more than ever before feeding their families, turning to the foodbank in record numbers.
Now, with the costly holiday season of parties, dinners, and work functions creeping ever closer, food costs can become even more challenging to manage.
If you’re already feeling the pinch with the high cost-of-living, here’s a look at 5 ways you can make the most of your grocery budget before the holiday season. By cutting down on food expenses now, you can create some breathing room in your budget for those tempting holiday treats. Not all of these food and grocery savings tips may be applicable to you, but even using one or two of the ideas could boost your budget in a big way.
Aim for Small Adjustments Instead of Drastic Changes
When it comes to successfully making the most of your grocery budget ahead of the holiday season, aim for small adjustments instead of drastic changes. Paring down your food budget too much can come with its own problems.
According to Canada’s 2024 Food Price Report, Canadians actually spent less money on food last year. Food retail sales data found a decline in monthly food spending per capita between August 2022 and August 2023 — from $261.24 to $252.89. While the estimated yearly food costs for a family of four was $693 lower than originally projected.
This decrease in Canadians’ spending on food is more of a cause for concern than it is for celebration. The results of the report also indicated that consumers are decreasing the quantity and quality of the food they’re buying. While cutting back on expenses is a crucial part of boosting your budget, skipping meals or purchasing ingredients of questionable quality is a recipe for disaster. So here are some tips to boost your food budget without sacrificing quality.
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Cut Out Restaurant and Delivery Meals to Save
Cutting out restaurant and delivery meals, e.g. Uber Eats deliveries at home, fast food lunches during the workday, etc., will make the biggest difference to your monthly food bill. It’s one of the quickest ways to boost your food budget.
On average, it’s almost five times more expensive to order delivery from a restaurant than it is to cook at home. If you’re using a meal kit service, it’s a bit more affordable but still three times as expensive as cooking from scratch, some estimates suggest. In addition to this, the Canadian Food Price Report predicted that restaurants will be facing increases to their own costs and, subsequently, their prices as well.
Last year, an Ipsos poll found that over half of Canadians (53%) planned to cut back on dining out in 2024. It was the top method of saving that consumers reported committing to in the face of inflation. As a family, test the waters by agreeing to cook at home six days of the week, and treating yourself to a dinner out on the weekend. Eating out should be a treat not the order of the day. You’ll notice you’ll save more without everyday debit purchases from coffee shops, restaurants and fast-food chains draining your account.
Incorporate Meal Planning to Save Time and Money
If you typically go out for meals or order in as a time-saver, incorporate meal planning to save time and money instead. Figure out your meal schedule first – i.e. calculate how many breakfasts, lunches and dinners your family will need for the upcoming week, then flip through grocery store flyers or check for deals and coupons online to help you create an affordable meal plan.
Stay flexible and open-minded about your meals; you may decide on eggs and toast for breakfast, chicken salads for lunch and lasagna for dinner because these dishes’ ingredients are on sale. Building a meal plan and creating meals around what’s on special will help you avoid impulse buying and it’ll decrease food waste, too.
Another strategy to try is batch cooking, which will save you time in the kitchen and money from your bank account! Some dishes are great options to make in large batches to freeze for later in the month, including soups, stews, casseroles, chili, shepherd’s pie, lasagna and curries. Batch cooking is a great way to create a 6-week menu cycle if weekly meal planning isn’t for you. With a meal cycle you’ll even know what the leftovers will turn into!
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Include a Vegetarian Meal in Your Weekly Rotation for Bigger Savings
A relatively simple – and delicious – way to boost your budget is to include a vegetarian meal in your weekly rotation for even bigger savings. About one-in-three Canadians (29%) said they’d eat less meat to save money. A study by researchers at Oxford University, comparing diets in the U.S., Canada, and Western Europe, found that simply replacing meat where you can with vegetables, fruits and legumes decreased grocery bills, “without doubt”. Meals like chili, pasta sauce, and lasagna can easily be made meat-free with affordable and nutritious staples like rice, dried lentils, or canned beans.
Keep in mind, small adjustments are often more sustainable than drastic changes. You don’t have to go full vegetarian for every meal and snack – you can try out Meatless Mondays or decide on vegetarian-only lunches throughout the week, saving meat for dinnertime.
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Buy Frozen Food Over Fresh to Sustainably Save Money
Another easy swap is to buy frozen fruits and vegetables instead of fresh produce. Frozen vegetables and fruits are just as nutritious as fresh because they’re flash-frozen once they’re harvested at peak ripeness. As an added bonus, they can save on prep time if you buy sliced or pre-chopped fruit and veggies.
Twenty-seven percent of Canadians said they’re buying frozen over fresh to cut costs this year. One study found that buying frozen foods over fresh saved almost 30 percent on grocery bills and also cut food waste by 47.5 percent. So, there are no more excuses about throwing out soggy celery and overripe fruits hiding in the back of your fridge!
Buy in Bulk to Save Money
If you’re a careful shopper, you can buy in bulk to save money. In this sense, there is value in a Costco membership – research shows that buying in bulk can save households up to 25 percent on staples like batteries, waffles, cereal, instant coffee, and toothpaste.
When you’re doing your meal planning, consider bulk buying key ingredients that your family tends to consume a lot of – e.g. oatmeal, rice and pasta, tea and coffee, etc. You may find significant savings buying these kinds of items in bulk. Double check that you can use the amount you’re buying in time before these products expire.
Want More Tips to Save on Food and Groceries? We’ve Got a Webinar for That!
If you’d like to learn even more tips and tricks to cut back on your grocery budget, we’ve got a webinar for that! Be sure to check out our Food and Finance webinar. This crowd favourite outlines tips and ideas for how to become more organized and savvier about your meal planning, cooking, and food shopping. Our education experts can show you how to save time and money while creating nourishing, timely, and cost-effective meals.
Check out our webinar page to find the next session or learn more about other upcoming topics. If you prefer to learn at your own pace don’t forget to visit our Learning Hub, we’ve got a variety of financial literacy lessons and resources that you can access on the go.
Need Professional Help With Managing Food Costs? Our Experts Can Help!
It might seem excessive to reach out for professional help with managing food costs, but as they and other financial pressures continue to rise, getting some expert money guidance is not unusual. You don’t have to be in debt to get help with your budget. Our friendly, accredited financial counsellors are experienced with managing all aspects of personal finance – including food costs. Reach out to us – you can chat with us anonymously online, send us an email, or give us a call at 1-888-527-8999. We’re here to help.
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