A lot of people complain about the rising cost of living in the country we live in. In fact, the cost of living is rising all over the world and savings rates are dropping even faster. People seem to think there's little to be done about it but complain. Complaining never got anybody anywhere (according to your Dad anyways). So how can you save money while maintaining your eating lifestyle?
Did you know that the average Canadian household spends around $3,744 on groceries? That's a lot of money considering that the median income in Canada is somewhere around the $50,000 mark. That means that every month on average we spend about $300 on food just for eating at home. (The scary part is that you probably spend more than that) Imagine if you could save say 25% of that? That's almost $1000 a year, enough for a week long all-inclusive vacation somewhere in the Caribbean!
Now imagine if you invested that money and got a modest return of say 5% per year on average? In 10 years you'd have enough for a car, and in 30 years you'd have almost $80,000 of extra spending money for your retirement. That may not sound like much, but I mention it for two reasons: Firstly, because saving money in general is a good thing. You're already concerned about the rising cost of living, you'll probably need that money later on!
But even better is that saving 25% of your grocery bill is just the beginning. It's not hard to save 50 or even 75 percent off your grocery bill, and in some cases (such as mine) you may even be able to eat free for months out of the year! Imagine saving 75% of your total grocery bill. How's an extra $225,000 at retirement sound? By being smart about your grocery shopping you can save money without seriously compromising your eating habits. This blog demonstrates how.
