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Reduce your exposure to cost of living increases Large

23 June 2022 | By Lending People

5 ways to reduce your exposure to cost-of-living increases

Everyday items are rising in cost due to inflation and the repercussions of Covid. So we’re going to look at the different ways you can keep costs down without having to lose out on the needed basics.

The last few years have really hit the economy. Covid closed our borders, brought tourism to a screeching halt and severally impacted the global supply and food chain.

As such, we’ve seen steep rises in the cost of everyday goods, particularly food items. It can cost an awful lot to buy vegetables and other food items now, especially if they’re out of season. So we decided to look at ways to ensure your pockets aren’t being drained just to buy necessities.

  • Shop around the different grocery stores

It’s incredibly easy to fall into a habit of just visiting your closest grocery store to get the household shopping. But often, the closest store isn’t the cheapest.

Grocery price comparison websites, like foodme.co.nz, can show you the recent price for the same or similar items across the major supermarket brands, helping you discover reasonable prices for your favourite items. While the cheaper store may be a little farther away, the savings should more than make up for it.

  • Buy in-season produce

We can all fall into a habit of buying certain items and making the meals you know well. But when those meals are costing and a leg to make, it’s time to think outside the box. When you’re in the fresh produce section, check out the seasonal veg. There might be some great deals, allowing you to buy fresh produce at a reasonable price.

It’s also a good opportunity to try your hand at some new recipes that use these seasonal ingredients. Some supermarkets also have ‘budget-friendly recipes’ that make use of items that are low cost, seasonal or on special, so be sure to check those out for some fresh ideas, too.

  • Think outside the (supermarket) box

When we think of groceries, we often now think of supermarkets. But there are local fresh produce stores, farmer’s markets that won’t cost the earth and other stores that you should also consider.

Places like The Warehouse and Reduced to Clear often have stock, including food items, that may be priced much lower than regular stores. And with Costco opening in August 2022 (as of this writing), there will be another option to buy food at or near wholesale prices.

  • Make your leftovers go even further

The concept of leftovers is hardly a new idea, and there will be a lot of people that commonly make more than they need so they have additional food to freeze for later or take to work.

But you can go further than just keeping your leftovers. Some of those ‘scraps’ you may be throwing away could be quite useful. For instance, if you’ve had chicken, hold onto the bones to make a bone broth with. Got leftover broccoli stems – perfect for cooking a broccoli soup with.

  • Avoid the classic shopping pitfalls

Shopping when you’re hungry is something you’ve no doubt heard is a bit of a no-no, but you’d be amazed what ends up in your basket when your tummy is rumbly.

It’s important to create a shopping list and stick to it. Not only will you end up with less unexpected junk food in your trolley, it’ll also keep the cost of your shop down.

If you struggle to stick to your list, it could be a good idea to shift to online shopping. It’s a lot harder to be tempted into buying extra titbits that way, and that way, you can do the shopping almost anywhere, as long as you have an internet connection.

This blog is provided for general information purposes and is not a recommendation you enter into or exit any particular loans or insurance policy. Information on the website does not consider your particular circumstances, including your objectives, financial situation or needs. We recommend you seek advice from a financial adviser before taking any action as appropriate. The Lending People Limited (FSP240365) is a licensed financial advice provider and can provide advice on some types of personal loans. Find out more about The Lending People and how we may be able to help you.

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