How to Protect Yourself From Food Price Inflation
Posted on Tuesday, January 10th, 2012 at 8:42 am
Inevitably, food prices are rising as a result of inflation. The increasing prices are taking a toll on many people’s budgets, including mine. Food prices are estimated to continue rising and thus it is more important than ever to have a plan to protect yourself against food price inflation. Although this may mean giving up some extras and luxuries now, it will pay off in the end. Here are 5 steps you can take to prepare and protect yourself against food price inflation:
How to Protect Yourself Against Food Price Inflation
- Stock-up now! Empty the piggy bank and fill up the pantry. Economic researchers speculate that food prices aren’t going down anytime soon. So, it’s a good idea to stock-up on non-perishable goods before they get any more expensive. Use whatever means you can to stock-up on the cheap: coupons, sales, matchups, etc. Use our list of stock up prices to check if you’re getting the best deals possible.
- Be frugal. I’ve said it before, and I’m sure I’ll say it again. There’s nothing wrong with being frugal! Frugality is more of a mindset than anything. Once you get in the habit of cutting costs and searching for deals wherever you can, it comes naturally. Be frugal with your grocery shopping by shopping out outlet stores or warehouse stores. Look for ways to cut back on necessities so that you can afford to pamper yourself once in a while too!
- Grow a garden. Although you can’t stock-up on perishable groceries, such as produce, you can still save on them by growing your own. If you have a yard, fence off a section to grow some of your favorite fruits, veggies, and herbs. If you don’t have your own outdoor space, you can often take part in a community garden or start a small window-sill garden. All you need to get started is some space, soil, and plant seeds. Once you’ve established your garden, you’ll be enjoying delicious homegrown produce for free!
- Follow the deals! Go where the deals are, even if it means shopping at multiple stores. Shopping at one store might be the most convenient, but it isn’t always the best way to save money. Check the ads to find out where the best sales are each week, and then make the rounds. You’ll find this method can shave a lot off your grocery bill. Just make sure you use the most efficient route so you don’t waste any extra time or gas!
- Save up. Even after all is said and done, it’s a wise idea to have a financial cushion for the future. You can start you financial cushion with whatever extra cash you have – whether it be small or large amounts. Put a jar by the front door and empty the change out of your purse or pockets every time you come home. Deposit $10 of every paycheck into a savings account. Resist the temptation of a Starbucks run and put a few dollars aside to save instead. Whatever way you choose to save, the little amounts will add up and you’ll eventually see your savings add up!
All-in-all, don’t let food price inflation get you down. Take preventative measures to fight back against food price inflation. And don’t forget, all your sacrifices and hard work will pay off!