Nationwide has highlighted a number of charity-backed tips that could help customers improve their finances and grow their bank balance. The building society said taking these steps could strengthen people’s financial position, with customers potentially seeing more money in their accounts by making a few simple changes to their spending habits.
Writing about food shopping, the bank stresses: “Enough food for you and your family is critical, and food shopping is often one of the biggest costs to budget for.” Reminding people to seek support if needed, Nationwide urges people to visit the StepChange website. The experts can help “maximise your food budget.”
This may be especially important for families with children to do before the July school holidays. With schools soon closed for the summer, children will be spending more time at home and may eat more snacks, meaning households could need to buy more food than usual.
How to get food shopping for less
Nationwide directed people to the StepChange website. The debt charity has suggested tips for shopping for less. It urges people to:
- Plan ahead and batch cook
- Audit what you have in
- Use loyalty points
- Shop around
Whilst it may sound obvious, using up what you have can make a big difference. Think:
- Tinned foods
- Dried foods such as rice, noodles and pasta
- Sauces
- Frozen foods
- Fresh food that will go off soon
Another effective way to cut costs is to shop with a strict list and cook meals in bulk. StepChange explains: “This means cooking enough to make multiple meals. It only really works if you have a freezer. You freeze your meals so they are there when you need them.”
- Saving time during the week
- Saving money on energy bills – as you cook in one go
- Using up food before it goes off
- Making the most of multi-buy offers
Urging people not to “be tempted by special offers”, the charity suggests downloading a “free app on your phone to make a list” as “some apps have alerts to remind you when you need to restock an item.” It means you’re purchasing what you need rather than guessing, helping to avoid waste and unnecessary spending.
Shoppers should make the most of any coupons, vouchers and loyalty points available to them, while also checking reduced sections for discounted products. It’s worth keeping an eye out for ‘yellow sticker’ deals across the store, as reduced items can often be found in fresh, chilled and cupboard-food aisles.
Nationwide, the world’s largest building society with over 16 million members, said people should take a deeper look into what they’re spending, which will help them find out how much:
- They need to pay their bills
- Makes up their basic living costs
- They have left for what else is important
It adds: “When you’re clear on what your essential costs are, you can identify where you would like to reduce your spending. Creating a budget can help you work out what you’re paying for, and how much you spend.”