The Cost of Living and Your Health

In these financial conditions, what can you do to keep eating well, and in turn, protect your health? We asked an expert for some advice to help us all stay healthy while managing our budget.

Discover just how much you spend on eating

If you feel stressed about money, London, Ontario-based money coach Danielle Corcoran of The Corcoran Coaching Group’s first piece of advice is to get a clear picture of your finances. Start by looking back over the last three months of bank and credit card statements and categorize where that money is going.

“Almost 100 percent of the time, people are shocked at how much goes to food, both groceries and eating out, along with alcohol and day-to-day coffees and quick snacks,” says Corcoran.

Develop a plan and keep track

Next, Corcoran advises clients to allocate a specified amount to say, eating out or buying groceries, and keep track. “Once you use up that amount, then that’s it until next payday,” she says.

Use cash

It’s easy to tap your card and forget about it, says Corcoran. “When you physically have cash, you see it deplete more quickly, and when you can see the amount dwindle, then you’re more careful about how you spend it,” says Corcoran.

Plan your meals

Take stock of what’s in your fridge already, and use it up first, recommends Corcoran. “I know many people who throw out food because they forget they have it and then re-buy it,” she says.

Plan your meals around what’s on sale. You can shop flyers or go to discount stores. It’s important to know which sales are cyclical says Corcoran, so you know when you have another chance to take advantage of the same deal.

Buy in bulk

You can certainly save money buying in bulk, but Corcoran cautions against buying in bulk blindly.

Just like when you’re shopping at your local grocery store, you need to crack out your calculator. That way, you can compare the unit price—the cost per mL, kg, and so on—and find out whether you should buy a product in bulk, or if you’re better off grabbing it at the local grocery store.

Limit your trips

Corcoran recommends a trip to buy in bulk only once a month. The more you go shopping, the more you spend, she says.

Go organic for less

Grow your own organic produce, and you’ll save a lot of money on vegetables! You don’t need a huge plot; all it takes is planting a few of your favourite vegetables in a few pots, on a windowsill, or on your porch.

Buying organic—or any produce—in season is also helpful. You can find seasonal produce guides online. Frozen organic produce may also be available at a better price than fresh.

Freeze it!

Lemons, yogurt, potatoes, vegetables, herbs, and berries can all be bought either on sale or in season and frozen until you’re ready to eat them.

Corcoran says you can also score savings by cooking dishes such as chili and lasagna ahead of time, alone or with friends, and freezing them, too.