If the cost of tuition wasn’t enough, inflation means attending college or university in 2023 is even pricier than expected. What’s a first year to do? This story is part of a crash course in personal finance for students and parents. Read the full guide.
Students heading to university in September are facing food inflation that has pushed up prices on common grocery items by 19 per cent from a year ago. The temptation might be to eat less. Or eat cheap food with little nutritional value. Both can undermine health and ultimately affect grades.
But it is possible for students to spend less while also eating well. Below are tips from registered dieticians and certified financial planners on how to ease the pressure on your wallet without sacrificing your health.
Get comfortable in the kitchen
A student spends a higher proportion of their overall expenses on food than most families, said Jason Heath, a CFP at Objective Financial Partners in Markham, Ont.
Time-constrained students are more prone to eating out or grabbing coffee on the go. A key to curtailing these costs is getting comfortable in the kitchen, Mr. Heath said.
Melissa Baker-Wilson, a registered dietician and manager of nutrition and well-being at UBC food services recommends students check out recipe sites like Budget Bytes that offer a variety of easy-to-make meals for under $10.
She recommends parents work with students before they head off to university to teach them essential skills. Universities also often have programs, workshops or staff that can help students develop basic life skills.
Write a grocery list
Cost-effective grocery shopping starts before you hit the store, said registered dietician Tatianna Pyper.
“I would suggest making a shopping list; knowing what meals you’re going to be making ahead of time and sticking to that shopping list will avoid any unnecessary impulse purchases,” she said.
This shopping list should be based on the basic meals planned for the week, plus pantry staples and snacks. Ms. Pyper also said going to the store hungry often makes for higher grocery bills because it leads to impulse buying.
Ms. Pyper also said that students should think about bulk buying. For example, instead of buying a box of Kraft Dinner from the big grocery chains, they could purchase pasta and the same cheese powder in bulk somewhere like Bulk Barn.
Pick the right grocery store
Another way to keep grocery costs down is by picking the right store, said Murray Baker, manager of financial empowerment at Family Services of Greater Vancouver and author of The Debt-Free Graduate.
No Frills, Superstore and Walmart sell the same products as Loblaws and Safeway, but sometimes for significantly less. For example, a can of No-Name black beans at No Frills costs $1.49. At Loblaws the same can costs $1.79.
Master price comparison
Mr. Baker also recommends students use price-matching apps such as Flip to get the best deals at numerous stores. Price matching allows shoppers to purchase items at one store that match the prices at competitors.
“You can get the same items you were planning to buy for a reduced price,” Ms. Pyper said.
Stores that participate in price matching include No Frills, Superstore and IGA. Flip also has a function whereby you can put items on a list, making shopping and saving much easier, she said.
Reduce food waste
The average Canadian household wastes $1,766 of food per year, according to a report by Second Harvest, a non-profit agency working to reduce food waste. Students are no exception, Ms. Baker-Wilson.
Beyond meal planning, she recommends buying frozen vegetables. Contrary to popular belief, they are just as healthy as fresh, and they do not have an expiry date.
She also said that best-before dates do not necessarily mean a food can no longer be eaten. For example, yogurt could still be edible past its best-before date provided it was stored correctly and smells okay.
Rethink protein
Protein is essential to a healthy diet, especially for students who are studying hard during exam season, Ms. Baker-Wilson said. However, meat is expensive. Students can get the protein required through a mainly plant-based diet, she said.
Cheap alternatives to fresh meat include beans, peas, lentils, tofu and canned meat (think tins of tuna or salmon). Ms. Pyper suggests adding lentils to a meat sauce like a tomato marinara, thereby reducing the meat required while still having a protein-packed meal.
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