Tips to Make the Most of Your Money - Food

BUY IN BULK

Bulk purchases is quite obvious to most shoppers. The more you buy, the more you save. Examples include:

Buy One, Get One Free;
5 packs for £4 instead of 1 pack for £1;
1 Litre for £5 instead of 500ml for £3.50.

Common sense should be used of course. Technically the limit is your storage space and whether the item is perishable or not.

Some people choose to buy all of their food at the local supermarkets whereas others will use warehouse-style retailers.

There's no guarantee that one is always cheaper than the other, it really depends on what you are buying and it is sometimes difficult to compare quality. Our restaurant bought food ingredients from both.

SUPERMARKET BRANDS

Whilst we often perceive well-known brands as a marker of quality, there is a justification in some cases for buying supermarket brands. Depending on the type of goods, they can be of a similar (or better) quality but far cheaper.

Supermarket brands are unnoticed because they often have minimalist packaging and are placed at inconvenient locations away from our line of sight.

Through my own trial-and-error, I have found frozen foods, canned foods and dry snacks to be the most reliable. Well-known brands charge higher prices because they have built up a reputation for quality and to cover marketing costs.

COOKING IN/DINING OUT

I come from a family background firmly rooted in the restaurant industry so I imagine my perception is very different to those who prefer to dine out. I do like meals out from time to time.

However I have also eaten my fair share of meals where I either thought it was not good value for money or I could have done a better job myself.

You might find that a £8 stir-fry noodle dish might cost you £2 to make at home but of course you need to account for labour, rent, gas etc from the restaurant. In return, you are provided with service as well as saving time in buying ingredients, food preparation, cooking, washing dishes.

It also goes without saying that most people do not have sufficient skill to be able to cook the dishes they want.

My preference is simply to have a balanced mix of dining out/takeaways and cooking at home. I go to restaurants largely for social occasions and for the experiences. Also when travelling of course. I also go to restaurants that have specific dishes that I would like to try.

Your situation will depend on your attitude towards cooking, how many people there are in your house and the type of cuisine you prefer. I would also add healthy eating into the mix, dining out is often unhealthy with some exceptions.

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Type of Purchases - groceries, electronics, going out, holidays & transport, phone and utility bills

*The information on this page is my own opinion, for general informational purposes only and are not intended to provide specific advice or recommendations for any individual. It is purely intended to provide education about personal finance.

From reading this website we cannot assess anything about your personal circumstances, your finances, or your goals and objectives, all of which are unique to you, so any information contained on this website are just that – an opinion or information. We highly recommend you seek professional advice from someone who is authorised to provide investment advice.