Food Prices Spike: How to Update Your Grocery Budget

Have you noticed that grocery prices have gone up? You may be paying more to stock your pantry and fridge than before. And if you’re racking up credit card debt because of that, you’re not alone.

Food makes up a big part of most household budgets. And since you have to eat, you may feel like there’s only so much cutting back on groceries you can do.

When finances are tight, many households resort to putting groceries and other essentials on their credit cards. But that might push you to the point where you need debt relief. 

Here are some ways you can adjust your grocery budget to avoid relying too much on your credit cards and taking on more debt.

Move Money Around From Other Parts Of Your Budget

Even though food prices are up, there may be other expenses from your budget you can reduce. To get an idea of where you can find extra money in your budget for food, compare two bank or credit card statements. Then, on a piece of paper, create two columns for expenses you can control and expenses you can’t. Here’s an example.

Play around with expenses you can control to pad your grocery budget. For example, canceling a $20 monthly subscription and skipping one restaurant meal per month that typically costs $30 leaves you with $50 more to spend at the supermarket. 

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Shop For Fruits And Vegetables Strategically

Eating healthy is important even when money is tight, so it’s important to prioritize fruits and vegetables in your grocery budget. The good news is that there are ways to load up on them more affordably.

First, check whether local farms in your area offer better prices than your supermarket. You can also look at getting a share at a CSA farm, or even growing some of your own food if you have the time and space.

Also, don’t discount the benefits of canned or frozen vegetables. You can stock up when your local grocery store has them on sale.

Choose Less Expensive Versions Of The Items You Love

Updating your grocery budget doesn’t have to mean giving up the foods you love most. It could just mean making some adjustments. 

If your family enjoys red meat, you should know that ground beef typically costs less per pound than chuck roast. So with some small changes to your cooking, you can enjoy your favorite foods and big savings. Similarly, chicken legs cost less than chicken breast, so if you're not picky about the cut, get the cheaper version. 

Plan Your Meals Ahead Of Time

A good way to stretch your grocery budget is to figure out what you’re cooking at the start of each week. You can do this based on two factors—what’s on sale at the supermarket, and what you already have in your fridge or pantry that you want to use up.

You may want to focus on meals that can be easily modified for variety. For example, say you’re cooking chicken and rice, with enough for a few days of leftovers. You can serve the chicken and rice on its own one day, wrap it up in a burrito with sauce the next day, and make chicken salad the third day. 

Buy In Bulk When It Makes Sense

Buying groceries in bulk is a good way to make the most of your grocery budget. You often pay less per ounce or unit when you buy in bulk. And you don’t need a warehouse club membership to use this strategy. Many grocery and big-box stores offer fresh and shelf-stable items in bulk.

There are a couple of ground rules to follow if you’re trying to save money by buying in bulk. First, only load up on items your family eats on a regular basis. Secondly, be very careful with perishable items, and make sure they’re part of your weekly meal plan before buying them. 

If you’re making a broccoli souffle and a broccoli salad in the same week, that makes the case for buying broccoli in bulk. Otherwise, you may want to skip buying it in bulk to avoid wasted money and food.

Load Up On Store Brands

Store brands are often less expensive than national brands, the same way generic medication tends to be cheaper than brand-name pills. Compare prices at your local grocery stores to see how much you can save by choosing the store brand.

That said, it’s also important to see what’s on sale every week, because sometimes, a national brand is discounted enough to make it less expensive than the store brand. Most supermarkets make their weekly circulars available online, so don’t worry if yours gets lost in the mail or misplaced. 

Be Creative And Flexible

If the items you typically buy don’t seem to be going on sale and they’re too expensive for your grocery budget, it may be time to pivot. That could mean taking a break from beef or egg products temporarily, and replacing them with lower-cost protein sources. 

If you have children who are used to certain foods that don’t fit into your grocery budget right now, get them involved in meal-planning. Work together to find creative alternatives, and experiment with new recipes together. 

Try to boost your income

Getting a side job could open up a lot of room in your grocery budget. In fact, working a few extra hours a week could be positive for your personal finances as a whole. Not only might you find it easier to cover your grocery costs, but the extra money could make it possible to pay off debt you already have.