Cooling grocery prices save Aussie households $445 a year
Australian families are saving on their yearly grocery bill by about $445 thanks to the cooling of price rises on a range of goods, according to news.com.au.
$445 a year is around two weekly shops for a typical family, with the average family spending $216 a week on food and non-alcoholic beverages. The savings can be found across everyday foods that include meat, flour and cheese, that have reduced in shelf price over the past five years.
Overall, the cost of food and alcohol rose by an average of 1.3% over the past five years, compared to general price inflation of 2.6%, reported the website. The cooling of prices comes as great relief to Aussie families, especially when you consider Aussies have been doing it tough with the fastest food price inflation in the developed world.
MoneySmart advised Australian families that the best way to take control of your finances is to do a budget. “A budget shows you if you are spending more or less than you can afford. It enables you to direct your money to where it matters most, so you can stay on top of bills and start putting money towards your future goals.”
Here are 5 tips to help you and your family save money:
1. Create a budget and savings goal. Take a look at what is going in and out across the year, such as home loan repayments and utility bills to get a complete picture of your family’s finances. Use Mozo’s budget calculator.
2. Write a list before heading to the shops. Creating a list before you do the grocery shop, will save you from impulsive buys and help you stick to your budget.
3. Buy food in bulk. Purchasing foods in larger quantities is often cheaper and will mean you’ll spend less on your weekly family shop.
4. Open a high interest savings account. Help your cash stash grow by putting it into a savings account with an interest rate above the 4% mark.
5. Shop around for bank products. Regularly review your banking products, to ensure you’re getting the best deal for you and your family.