“If you are a newbie in the kitchen, any recipe will take you longer than it should because you are just getting familiar with your bearings,” says Rachael Ray. “Once you get more comfortable with your cooking routine and preparation skills, things will move a whole lot smoother and faster.”

If you’re not used to shopping with an eye on your budget, give yourself time to snuggle up to it. If you don’t know any good recipes, read Rachael Ray’s Yum-o! The Family Cookbook.

And, here are ten tips for saving money on groceries…

10 Ways to Save Money on Food – Rachael Ray

1. Stay focused on your reasons for saving money on food. Why do you want to save your buckeroos — what are your financial goals? Do you want financial independence (and who doesn’t!)? Keep your goals front and center: write them on your forehead if you have to. It’s much easier to eat cheap and healthy if you stay focused on why you’re eating cheap and healthy.

2. Activate two money saving tips a month. This is one of my best tips for saving money on food because we see smart ways to save money everywhere – the internet, budget books, our rich old aunts, on placemats at funky restaurants. But, do we actually apply them to our lives? Nope. It’s too much. So we need to be strategic about the money saving tips. For instance, don’t try to implement all these ways to save money on groceries at once; instead pick one two a month. Focus on making those two money tips a habit. In a month or six weeks, find one two more money saving tips to work on. This way, you’re not overwhelmed with a million ways to save money on food – and you’re steadily progressing towards financial independence.

3. Keep your fridge and pantry stocked with the basics. This tip for saving money on food is directly from Rachael Ray’s blog: “If you find yourself in the middle of a recipe and you realize you are out of something, that’ll set you back while someone runs to the store. Here’s a good list of things to keep on hand.” Avoid impulse trips to the grocery store, because impuls trips lead to impulse buys!

4. Make your own dressings and sauces. We don’t use dressings on our salads; instead, we sprinkle sunflower seeds, pumpkin seeds, and raisons on top. It’s cheap, healthy, and tasty! I make my own BBQ sauce — much more delicious than store bought — and my hubby makes cocktail sauce for shrimp and bean dip for our weekly Mexican Fiesta night. Have fun making your own dips and sauces – it’s a great way to save money on food.

5. Yes, I said weekly “Mexican Fiesta Night.” Do you have a food theme night? For Mexican Fiesta, my hubby makes bean dip (cheap and healthy), and I make pea guacamole (avocado, canned or frozen peas, corn, tomatos, garlic, onions — it’s my favorite dish). Having a planned food night — Mexican, Italian, Chinese, Middle Eastern — is a great way to save money on food, especially if you experiment with different (cheaper) ingredients. In fact, pre-planning your entire week’s menu can help you save money by reducing impulse meals in restaurants.

6. Halve the amount of meat you use. Add filler (oats, crackers, rice, mashed potatoes) to your burgers, meatballs, or meat loave. This way, you’ll half the amount of ground beef, chicken, or pork. Instead of bbq’ing a steak or chicken breast, cut half of one portion into strips and put it into a stirfry. Nobody will notice there’s not a full portion of meat in the stirfry (but they will notice a half portion of meat on a plate!).

7. Buy and cook bulk foods — it’s both cheap and healthy! “Joining a bulk shopping club, like Sam’s, Costco, or BJ’s, can be cost-effective if you frequent the club regularly,” writes Kathleen Zelman in 10 Ways to Save Money on Food Shopping. “Bulk purchases can be a great way to save money — as long as they get used. You might also look in your community for shopping cooperatives that sell food in bulk at a substantial savings.” Cooking in bulk can save both money and time, if you prepare huge pots of, say, spaghetti sauce, and freeze it in individual portions.

8. Savor your leftovers. I don’t understand why people don’t like leftovers! Most of the time, leftover food is tastier than when it was first cooked. The flavors have had a chance to meld into a sweet symphony of music in your mouth! If you want to save money on groceries, do not throw anything away (unless it’s so old it doesn’t look like food anymore). I use my leftover rice, mashed potatoes, or stir fry veggies in soups or stews. I eat leftover pizza and potato salad for breakfast. I refuse to cook new dishes until we’ve eaten our leftovers. These little things don’t just help you save money on food, they teach you to be creative in the kitchen!

9. Keep your eyes peeled for the occasional sale on lean meats and vegetables. Another way to save money on food from Rachael Ray’s blog “Stock up on chicken tenders or boneless, skinless breasts, sirloin steak, pork loin chops or tenderloins. Portion the meats out and freeze them so you can cook with them whenever you want.”

10. Experiment with eggs — omelettes, fritattas, quiches. The high cholesterol scare is over! There’s no need to fear eggs — as long as you don’t eat them every day. Eggs are a great source of protein, and much cheaper than meat. Plus, Canadian researchers say eggs may reduce high blood pressure. So, make it a habit to cook an eggy dinner once a week: frittatas, lazy man’s quiches, omelettes, French Toast with Canadian bacon (can you tell I’m a Canuck?). Eggs are cheap, healthy, and delicious.

“When you really want to show some love, keep the flowers and say it with spaghetti.” ~ Rachael Ray.

For more money saving hints, read 8 Smart Ways Women Can Save Money – Suze Orman.

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3. Doing What Comes Naturally – Rachael Ray

“Women need to develop a healthy, honest relationship with our money,” says financial guru Suze Orman. “And we have to see this relationship as a reflection of our relationship with ourselves.”

In other words, our financial lives (mortgage payments, credit card debt, emergency savings fund, monthly budget, etc) are part of who we are as women. The serious debt or extreme wealth in our finances directly affects our emotional, physical, and spiritual lives. For more info on women and money, click The 9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop Worrying. And, read on for several sings of a financially independent woman (inspired by Suze Orman!)…

5 Signs of a Financially Independent Woman – Suze Orman

1. Financially independent women are aware of their “money personalities.” Did your parents invest in real estate, a secure low-interest savings account, mutual funds – or did they struggle with debt? Your saving and spending habits, investment style, attitude about money, and financial perspective is shaped in part by the way your parents treated money in your childhood. Your money personality directly affects your relationship with money – and the more self-aware you are, the more financial independence you’ll enjoy.

2. Financially independent women take financial risks. A financial risk doesn’t necessarily mean investing $10,000 in a friend’s new business or charging a $2,500 dollar dress to a maxed-out credit card. Taking healthy financial risks includes investing in your career by going back to school full or part-time, taking a mortgage on a small piece of real estate, or exploring ways to earn money from your hobby.

3. Financially independent women have their own checking, savings, or credit card accounts. So many readers make comments on my “Quips and Tips for Achieving Your Goals” blog about how they want to leave their common-law or married husbands, but can’t because they have no money to support themselves. Having a separate checking or savings account is the most basic sign of a financially independent woman…and yet many women don’t have their own source of money.

4. Financially independent women have both individual and couple money goals. Our goal as a married couple is to pay off the mortgage within a few months; my goal as a businesswoman is to earn $2,500 per month from my blogs. My husband has his own financial goals, mostly related to investing money in stocks and bonds. For a woman to have true financial independence, she needs to have goals that are separate from her partner’s. If you and your partner see money differently, you might find Dealing With Different Money Personalities as a Couple helpful!

5. Financially independent women understand basic personal finance. This is where books about money for women are so important! I can’t describe retirement investing, compound and simple interest rates, living trusts, home insurance, income tax strategies, etc here – but a basic understanding of money is crucial for women. The more you know about basic personal finance, the more independent you’ll be.

One of my favorite books about money for women is Lois Frankel’s Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make with Money (I like it better than Suze Orman’s Women and Money).

Orman has the final word about money, though:

“Remember to stay involved with your money, to nurture a healthy relationship with it, for what happens to your money affects the quality of your life and the lives of all those you love.”

Are you financially independent? If not, have no fear…read Steps to Financial Independence for Women!

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2. Is This a Risky Financial Investment? Money Tips for Women
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Here’s what Scott and Bethany Palmer say about making financial investments:

“What now? It’s a question we are hearing from more and more couples as the recession takes its toll. Those who’ve lost jobs wonder what they’ll do next. Those who’ve taken a major financial hit are trying to rebuild. Those who’ve weathered the changes so far are worrying if they’re going to be the next casualties.”

The Palmers are “The Money Couple” who wrote First Comes Love, Then Comes Money: A Couple’s Guide to Financial Communication – click for information. And, read on for their money tips for women and couples…

Is This a Risky Financial Investment?

In the midst of economic changes, many women are seeing financial opportunities and learning money lessons. Maybe a lost job means it’s a good time to go back to school. Maybe the foreclosure offers a chance to move to a new home and make a fresh start. Maybe the availability of stimulus loans makes it a good time to start a business you’ve always dreamed of.

This might be the right time to take a financial risk or make an investment with your time. But first you (and your partner) need to think about these money tips…

What is your current level of financial debt? A mortgage or car payment is one thing, but if your credit card debt exceeds more than 10% of your annual income, you should hold off on making risky financial investments. Instead, spend the next six months reducing your debt. Then, re-assess your plans.

Weigh the pros and cons of this financial investment. Have a realistic conversation about how this new opportunity will change your daily lives-financially, socially, and emotionally. How will it affect your schedules? Will you need more childcare? Will you have to pull back on other financial commitments? How will this change your spending habits? Do you need to tap into other investments to fund this risk? What other financial sacrifices will you have to make? Only you can determine if these changes are worth it.

If you’re half of a couple, make sure you’re both on board. If one of you wants to start a business and the other thinks you can’t afford it – or you have different money personalities – get creative about ways to meet both your needs. Can you build your savings over the next six months so the financial investment is less risky? Can you bring in a partner to ease the financial stress? Can you break the idea into smaller, more manageable chunks? “Risk Takers” in particular need to make sure they have their partner’s blessing before moving ahead with a new financial venture. Without your partner’s blessing, you’re going to bring anger, frustration, and deep resentment into your relationship. And no financial investment or risk is worth that.

Take your time before investing money. A good financial investment will still be good two months from now. Before you make a major financial commitment to a new venture, take a deep breath…and wait. Keep dreaming, keep talking, keep saving, but don’t make a move until you’ve let your plans simmer a while. Whether you’re talking about one partner going back to school, living on one income, starting a new business, or changing jobs, work together to make this financial investment one that benefits the whole family.

Related posts:

1. Financial Independence for Women – Quips and Tips
2. 9 Tips for Taking Control of Your Money for Women
3. Signs of a Financially Independent Woman – Quips and Tips

“Age is more than just a number when it comes to financial planning,” say Lisa Caputo and Linda Descano – the dynamic duo behind Women & Co. “Starting early can help give you a leg up on a comfortable retirement. This is particularly important for women because we live longer than men, are more likely to require long-term care services, and take more time out of the work force to care for children and family members.  These financial realities make it even more important for us to start saving early, to save more as we earn more, and to plan carefully for those ‘time-out’ periods.”

The sooner you take charge of your money, the happier you’ll be. For information and inspiration from Suze Orman, click Women and Money: Owning the Power to Control Your Destiny. And, read on for nine tips for basic personal finance for women…

3 Tips for Taking Control of Money for Women in Their 20s

Set Financial Goals.  The first step to putting together a financial plan is to identify what you want, when you want it, and what it will take to achieve it.  Be sure to write down your goals so you have something to refer back to as you plan.

Live On a Budget.  A budget doesn’t have to be onerous and it’s a key component of a solid financial plan. Start by writing down your monthly income, track and total how much you are spending monthly, and determine your debt-repayment obligations (i.e., credit card, student loans).  After calculating your monthly expenditures, subtract that from your total monthly income.  Allocate the amount you have left over toward savings.  If you’re falling short on savings, think creatively about ways to cut spending. 

Make Saving Money Automatic.  Once you’ve determined your target savings amount, consider setting up an automatic transfer from your primary bank account to a dedicated savings account each month.  Also, do not miss an opportunity to enroll in your employer’s retirement plan, such as a 401(k) plan, and take advantage of matching contributions, if available.  Whether you have access to an employer-sponsored plan or not, consider an IRA.

If you’re raising children, you’ll find Being a Financial Role Model helpful!

3 Tips for Personal Finance for Women in Their 30s

Set Up An Emergency Fund.  Save and set aside enough cash to cover at least a minimum of three, and ideally six, months of living expenses in case of disability, unemployment or an unforeseen event.

Seek Out Financial Professionals.  Identify a team of professionals (i.e., financial advisor, accountant, attorney) that you feel comfortable working with.  Ask friends and family for referrals and interview potential advisors.  Once selected, regularly review your financial plan with your team and be sure to check in during any life transitions such as having a child, or getting married or divorced, as these events may impact your plan. 

Define Your Investment Strategy.  Work with your financial advisor to develop a target asset allocation for your portfolio.  Tell your advisor when you would like to retire and discuss your tolerance for risk so that s/he can help you allocate your portfolio accordingly.

If you’re married or living with a partner, you might find Dealing With Different Money Personalities as a Couple helpful.

3 Money Tips for Women in Their 40s

Cover Yourself With Insurance.  Personal insurance includes health, life, disability or long-term and property insurance typically includes auto and homeowner’s.  Learn about your insurance options and determine the type and amount of coverage that makes sense for you and your family.

Protect Your Legacy. Even if you if don’t have children or consider your assets significant enough, still think about executing a will, living will, power of attorney and health care proxy to outline your wishes in the event that you are unable to make decisions for yourself. 

Maximize Retirement Contributions.  With your earnings at its peak, now is the time to boost your savings.  Contribute the maximum amount to your retirement plan. If you have children and haven’t done so already, start a savings fund for their college education.  If you’ve already started a college fund, now is the time to maximize your contributions to it.

If you have any thoughts or questions on these tips for basic personal finance for women, please comment below…

Women & Co. is a financial resource program from Citi, dedicated to helping women achieve their financial goals.

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