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Aussies Spend 1.5k More on Groceries Per Year

Aussies Spend 1.5k More on Groceries Per Year

Managing your spending on groceries is a fundamental part of maintaining a healthy household budget. However, it’s easy for grocery costs to spiral out of control if not properly managed.

In this article, we will explore practical tips on how to manage your weekly grocery budget, helping you avoid excessive spending while still enjoying nutritious meals and saving money.

A Financial Burden Revealed

Some recent developments may drive the need to slam the brakes when it comes to wanton grocery shopping in Australia.

A new study by Compare the Market revealed that grocery bills have eclipsed mortgage and rent as the prime financial burden amongst Aussies, with 32 percent of the population attesting to it. A look at average weekly grocery bills in September 2021 was originally counted at $169.35 but has climbed to $199.46 at presstime. The resulting annual expense was found to have increased by $1,565.

“The average Aussie spends … around $864 a month or $10,372 a year. (That) really adds up when we factor in a rise in rent, repeated rate rises for mortgages, as well as high energy bills and insurance renewals,” said Compare the Market representative Noemi Hadnagy.

Higher food prices even force Aussie shoppers to shift gears for certain varieties. Speaking to the Daily Mail, a mother from Sydney said she was considering going vegetarian because she felt physically ill seeing the price of mincemeat at Woolworths – $12 a kilo, but said tinned fish may be the only meat choice left in her shopping list.

The choice of supermarket is also a suspect in higher cost of living. Aldi Australia pored over a new YouGov survey, which revealed that only nine percent of respondents over the past year opted to change supermarket chains in the chance of possibly reaping better deals. The company was recently recognised by PwC for its pricing measures in 2022 that resulted in up to $3.1 billion in customers’ savings.

Controlling your Spending on Groceries

With the above in mind, here are some handy tips to better manage your grocery expenses.

Create a Budget

Start by creating a realistic budget for your grocery expenses. Analyse your income and other financial obligations to determine how much you can allocate towards groceries each week or month. Having a budget provides a clear guideline and helps you stay accountable to your spending limits.

Make a Shopping List

Before heading to the grocery store, make a shopping list based on your planned meals and household needs. Stick to the list and avoid impulsive purchases. A well-planned list helps you focus on necessary items and prevents you from buying unnecessary or duplicate products.

Meal Planning

Meal planning is an effective way to save money on groceries. Plan your meals for the week ahead, considering ingredients you already have and what’s on sale at the store. This allows you to buy only what you need and reduces the likelihood of wasting food.

Compare Prices

Compare prices between different stores and brands to find the best deals. Utilise online resources or mobile apps that provide information on current prices and discounts. Consider shopping at discount supermarkets or bulk-buying stores for cost-effective options.

Shop with Cash

Consider using cash instead of credit or debit cards for your grocery shopping. This helps you visualise your spending and prevents overspending. Set a specific amount of cash for groceries and challenge yourself to stay within that limit.

Embrace Seasonal and Local Produce

Opt for seasonal and locally sourced produce as they tend to be more affordable and fresher. Visit farmers’ markets or join community-supported agriculture (CSA) programmes that offer weekly boxes of fresh produce at a reasonable cost.

Plan for Leftovers

Reduce food waste and stretch your grocery budget by planning for leftovers. Cook larger portions and repurpose leftovers into new meals. Get creative with ingredients you have on hand to reduce food waste and maximise your grocery budget.

Loyalty Programmes and Coupons

Take advantage of loyalty programmes and coupons offered by grocery stores. Sign up for loyalty cards and use them to accumulate points or earn discounts on future purchases. Look for coupons in newspapers, online platforms, or store flyers to further reduce your grocery expenses.

Avoid Shopping When Hungry

Shopping on an empty stomach can lead to impulse buying and overspending. Eat a snack or a meal before heading to the grocery store to resist the temptation of buying unnecessary items.

Track and Evaluate Your Spending

Keep track of your grocery expenses to monitor your progress and identify areas where you can improve. Use spreadsheets or notable budgeting apps like UBOMI to record your purchases and compare them against your planned budget. Regularly evaluate your spending habits and make adjustments as necessary.

Controlling your grocery spending is crucial for maintaining a balanced household budget. Implementing these tips and strategies to manage your weekly grocery budget effectively, avoid excessive spending, and make smarter choices when it comes to purchasing food for yourself and your family.

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DISCLAIMER:  This article is for informational purposes only. UBOMI has no relations with any company and does not endorse or disparage any supermarket chain.