How to Budget Rising Food Prices

Home Blog How to Budget Rising Food Prices

Posted On: January 10, 2023 by Peoples Bank of Kankakee County in: Budget Home Personal Finances Saving

It’s no secret food prices have risen lately. Since food is at the top of the list for basic human needs, we’re all interested in combating these rising costs this winter. Keep reading for some helpful tips.

1. Eat Out Less

Dining out is an extremely expensive option, especially if you already budget for a full list of groceries. If you think about it, many meals you purchase out can be made for a fraction of the cost at home. Fast food can be a cheaper option, but this is where your health takes a hit. High-calorie and low-quality fast food may not keep you full for nearly as long.

2. Don’t Shop on An Empty Stomach

We’ve all been grocery shopping on an empty stomach and the results are not good. When hungry, we tend to overspend and veer off the shopping list. Stick to your necessities by grabbing a bite to eat or a small snack before you begin your shop.

3. Stick to Your List

If you expect to save money without creating or sticking to a list, you may experience sticker shock when you check out on your next grocery haul. If you fill your cart with everything that catches your eye, be prepared to spend a lot more than you planned. By creating a list in advance, you can plan out your meals and ingredient list to cohesively work together for the week. This also allows you to plan around any sales the store may have, or you may choose to shop elsewhere because there may be a better deal. Avoiding impulse buys is key to fighting these rising food costs. Many say all the products you need are on the edge of the store, so avoiding the aisles that aren’t on your list is a win.

4. Fresh Over Prepared

In a world that is already fast paced, it is easy to opt for prepared items when shopping at the grocery store. Whether it’s convenience or to simply have on hand, these pre-ready meals are at a premium price tag compared to simply buying the fresh ingredients to make yourself. This same concept also goes for frozen items you may be grabbing. Yes, they absolutely are convenient and last longer, but they often are priced significantly higher than buying fresh ingredients to prepare yourself.

5. Bulk May Be Best

Buying in bulk can save you time and money. It is important to pay attention to the price of family-sized options. If the price per unit is lower, it is well worth your money to buy more if you have a place to store it and will use it before it expires. Items you go through consistently, like toilet paper and paper towels, are almost always worthwhile buying in bulk as well.

6. Bulk Isn’t Always Best

If you find you are not fully utilizing your membership at a big-box retailer like Costco or Sam’s Club, consider canceling. It is important to pay attention to your spending habits at these stores as well as your overall consumption. The prices at the big boxes are often no bargain compared to discounts or sales at other stores. In addition, the family-size packaging at these stores could mean you buy more than you need, driving up your grocery bill.

7. Sign Up for Rewards

If you are visiting the same stores consistently, it may be worthwhile to sign up for their rewards program. Some stores may raise their prices when they offer rewards so without their store card your bill could be higher. Look into the rewards offered. They may have benefits such as a discount on gas. Take advantage of the benefits at places you visit regularly.

8. When Prices Are High, Look Low

Grocery stores are strategically set up to tempt you to spend money. As mentioned earlier, stick to the outer edge of the store. You can avoid higher priced, unnecessary items by not shopping the end caps or checkout area.The highest priced items are placed where it is easy for you to look, such as the middle of the shelf at eye level. If you look down, chances are you’ll find the generic, cheaper alternatives.

9. Substitute the Expensive Items

If you notice an item you use frequently has a price that is consistently climbing, look for a lower priced alternative. Is there something else you can use in its place? For example, you can swap apple sauce for olive oil in baked goods recipes and cut the cost nearly in half.

10. Maintain a Well-Stocked Kitchen

Shopping infrequently and only when the need arises will help you avoid overspending. If you stock up during sales, you set yourself up to keep your food budget down. Food is one of those purchases that simply cannot be avoided. Be a careful well-prepared shopper, and you will minimize the amount you spend at the grocery store.

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

We have standard overdraft practices that are available after your account has been open for 30 days and as long as you maintain your account in good standing.
We also offer an overdraft protection plan, Overdraft Protection Sweep, a link to a savings account. It may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

After your account has been open for 30 days and as long as you maintain your account in good standing, we do authorize and pay overdrafts for the following types of transactions:

Checks and other transactions made using your checking account number
Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

ATM transactions
Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Peoples Bank of Kankakee County pays my overdraft?

Under our standard overdraft practices:

We will charge you a fee of up to $30 each time we pay an overdraft.
The maximum daily overdraft fee per presentment or item paid using the Overdraft Reserve Program is $150.00 per day.
No per item handling fee will be charged on de minimis overdrafts. De minimis overdraft for this policy means transactions that overdraw your account by $30 or less.
There is an overdraft fee of $5 per day that will be charged beginning the 4th consecutive business day your account is overdrawn.

Nonsufficient funds (NSF) fees - if an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money in your account and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items. When processing checks and orders drawn on your account our policy is to pay lower numbered checks and orders in numerical sequence, but electronic transactions are paid first in the order received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. We think our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.

What if I want Peoples Bank of Kankakee County to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions after your account has been open for 30 days, you may opt in.

You have an ongoing right to change this consent at any time. If your overdraft privilege has been revoked for any reason, the opt-in or opt-out selection may not apply. Please contact your nearest office for more information.

Alternate ways to Opt In/Out or make changes:

By Phone. Our Customer Care Representatives can be reached at 815-936-7600.
By Mail. Peoples Bank of Kankakee County, 333 E. Court Street, Kankakee, IL 60901
In Person. Please visit your local office and ask a representative to help you decide which plan is best for you.