Finally, the cost of oil has dropped to its lowest in over a year. Since the cost of fuel is dropping, some would hope to see the same happen to our grocery items. Yet, it has not, and likely will not, happen. What’s to blame? According to MSNBC, analysts are calling it “sticky” prices. That is to say that companies are keeping the higher prices on products, even tho the rationale for the price hikes are gone.
While companies do not want to hike their prices too fast, and drive their customers to other competitors, they are also not likely to drop their prices fast either.
If companies keep their prices at current levels, with the cost of shipment going down, they will be able to reap higher profits. However, as soon as one company begins to lower their prices in attempts to lure consumers, the other companies are more likely to follow suit in an effort to keep their current customers.
So if prices aren’t going to drop any time soon, that means that you have to work that much harder to stay within your budget, or increase your budget to compensate. Here are 3 basic tips to help you along the way:
Having marinated chicken or pre-cut vegetables and washed lettuce sounds like it could save you some time in the kitchen. However, you will pay the price for it with your wallet. So when considering these purchases, you need to weigh the cost of these items against the amount of time it really saves you.
When time is something that you have available, it would not take long to plan ahead and do 5-10 minutes worth of work to put chicken in a container with marinade, or pull apart some lettuce and wash the leaves. But on a frenetic weeknight it might be a bargain.
With a little imagination, most anyone could create some great dishes with items that they have on hand. You can do this once a week and call it a “use-what-you-have night”. It’s a great way to involve the kids as well.
They will be more apt to eat it if they had a hand in it. And you will have saved money by not having to dart to the grocery store, or pick up take-out on the way home from work.
In order to shop effectively, it’s important to make a list of what you need for your meals. The best way to start is to look at the local sales papers, and plan according to the main ingredients that are on sale this week. Once you have a basic menu planned out with enough meals to last you through your next shopping trip, write out what you will need. Group items by categories, such as meats, vegetables, and frozen. This will help you stay on track and avoid back and forth trips down the same aisles.
If you have any more tips and tricks, let us know! You can leave your comments here, or over at our Groceries group, or in It’s Time To Budget.
Related:
Save on Food: Tips For Eating Local Produce
Eight Reasons Food Prices Will Keep Rising
Why Is “Healthy” Food “Expensive”?
