FAMILY food shopping bills could jump by £180 a week next year as the cost of living continues to rise.
The Office for Budget Responsibility has forecast that inflation will spike above 4% next year – pushing up the cost of your weekly food shop.
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Inflation is a measure of how much the prices of goods and services have changed over time – and that rise would add an extra £3.50 to a family’s weekly food shop.
Over the course of the year, that would amount to £183, according to the Mail Online.
The calculations are based on official data from the Office for National Statistics, which showed that a family with two adults and two children spent around £88 a week on food bills in 2019/20.
It’s not just supermarket shopping that is getting more expensive as families have seen energy prices rise in recent weeks.
If inflation rises above 4%, families could spend an extra £1,800 on bills by the end of the year, according to separate analysis by the Centre for Economics and Business Research (CEBR).
We explain how to reduce your household spending as the cost of living soars.
Try to cut your food bills
Shopping own brand products or switching to a budget supermarket is one easy way to cut your grocery bill.
It’s also worth considering whether you can make use of loyalty schemes like the Tesco Clubcard or Sainsbury’s Nectar card.
Reducing your food waste is another good way to cut costs.
Brits throw away almost 20 per cent of the food we buy, which adds up to £600 a year for the average household.
Plan your meals for the week to reduce waste, and don’t just throw food away if it’s past its best before date – the expiration date is the one you need to look out for.
If you’re worried about the cost of your shopping, you can also get help from your local food bank. Websites such as the Trussell Trust can help you locate a food bank near you.
Parents may also be able to get free school meals for their children.
Reduce your energy use
Price comparison firm Uswitch says turning down your thermostat by just 1C can save up to £80 a year.
They also advise cooking with a microwave as it uses less energy than an oven.
You could think about replacing metal trays in the oven with glass or ceramic dishes because they retain heat better.
Meanwhile, pans should be used on appropriately sized cooker hobs. A burner that is too large wastes energy.
Washing your clothes at 30C instead of 40C can save a third on laundry costs.
Do not leave taps running as it can waste more than six litres of water a minute, while an efficient shower head will cut down on the amount of hot water you use.
If you’re on a low income or receiving benefits, you could be eligible for the warm home discount, which gets you £140 off your bills during the winter months.
The cold weather payment is a £25 grant for people on certain benefits when the temperature drops below zero for seven days.
Do a financial audit and budget
Doing an audit of your household finances can show you where you can afford to cut costs.
Keep track of costs, draw up a chart showing your income and outgoings and work out a fresh household budget.
Find out if you are overpaying for your bills, for example if your fixed-rate mortgage deal has expired then renew it as soon as possible.
You should also shop around for cheaper mobile phone contracts and car insurance and cancel anything that you aren’t using, such as a gym membership.
Claim the Government benefits you are entitled to by using a benefits calculator, and you can also get free help from the experts at Citizens Advice.
Consumer champion Which? says the best ways to save money include organising a free overdraft, transferring your credit card debt, signing up for loyalty cards and using price comparison websites.
You can also rake in cash by hiring out a spare parking space for up to £200 a month – or renting out a spare room.
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