Personal Finance: Plan for your food basket budget

In recent months, there has been an increase in food prices due to rise in fuel prices.

In recent months, there has been an increase in food prices due to rise in fuel prices.

You have been witnessing these changes in your food basket budget, where you have to pay much more money to meet your feeding needs amid unchanging income.

 If this is what you are facing then we are here to help you sort it out without affecting your balanced diet.

First and foremost, start sorting your food basket; see the foods you have been buying, their priority and how urgent you need to interchange them. This is critical because it is hard to feel that some items in your basket may actually be there because you have enough money to spend. Try from your menu to see which foods take same ‘tastes’- the foods according to your eating behaviors that can be alternatives for each other. For instance, if potatoes take the same ‘taste’ like posho, look at their price tags and find out which is cheaper. You don’t need to buy two for the sake of change. But this should match with a normal balanced diet, where you are required to balance all proteins, carbohydrates, vitamins and so on. Look at foods that can provide at least three of the required nutrients. This will not only help you reduce on unnecessary stocking, but also help you change on your eating habits.

Do you try to observe your shopping habits? Do you budget for all your feeding needs at least to last for a week, or you always buy according to how it is demanded at home? This affects your ability to track your expenditures and also makes you end up buying unnecessary quantities of food, which moreover would not be used. Try to follow a rota of what is going to be cooked everyday for at least a week. Indicate if possible what everyone is going to consume using the measurements that are understandable at your home, avoid preparing food in advance but rather on demand. If you try to follow up these and many others, you will be able to manage that skyrocketing budget of your food basket. Remember that budgeting is essential for our personal finance.

 

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