Our family switched to a plant-based diet two years ago. We have our reasons – a dairy intolerance was the driving force but there’s also environmental concerns, the ethical treatment of animals, a healthier diet, etc. We’ve never looked at it from a financial perspective, mostly because we haven’t noticed much of a change in our grocery spending. Fresh fruit and vegetables are expensive, as are protein supplements.
But if you have noticed the items in your grocery cart are getting more and more expensive then maybe it’s time to re-think your regular diet of meat and dairy.
That seems to be happening already. Sales of beef, chicken, and pork are all down significantly this year as meat prices continue to rise and more plant protein options arrive on the scene.
According to the Food Professor, Sylvain Charlebois, prices for milk, butter, and yogurt are expected to soar next year:
Just announced last night: Dairy farmers will get 8.4% more for their milk, more than 12% for butter starting February 1 2022. Milk, butter, yogurt prices will likely skyrocket in the new year. https://t.co/HEfkLKaClv pic.twitter.com/Bj7HX2WKIH
— The Food Professor (@FoodProfessor) October 30, 2021
Everyone has their own shopping habits and preferences, so your basket of goods will likely vary from mine. If prices for gas, lumber, and meat are rising but you work from home, don’t plan on building a deck or fence, and eat a lot of plant-based proteins then you probably won’t feel the pain as much as a daily commuter who’s in the middle of a renovation and eats beef, chicken, and pork on the regular.
We’re not preachy vegans here to tell you to change your diet. You do you. But if concerns about your health, the environment, and the ethical treatment of animals haven’t persuaded you to eat more plants then perhaps the soaring cost of meat and dairy will.
If you want to add more plant-based meals to your life then a good “in-to” book for you to try is Mostly Plants: 100 Delicious Flexitarian Recipes from the Pollan Family.
Their motto is, “Eat food, not too much, mostly plants.”
Jillian Harris and Tori Wesszer’s book, Fraiche Food, Full Hearts, is also worth a read.
Our biggest challenge with a plant-based diet is finding appropriate and healthy meal options at restaurants – especially when we travel. Also, living in southern Alberta, the plant-based selections at the grocery store are sparse at best (although the dedicated shelf space is getting bigger).
But you can absolutely make delicious meals with plant-based ingredients. We’ve come a long way from the sawdust veggie burgers of the past.
Readers: Have you changed your diet at all to combat rising food prices? Let me know in the comments.
This Week’s Recap:
In my last post I reviewed The Rule of 30, an excellent new book by retirement expert Fred Vettese.
We were grateful to receive an extra copy of the book to give away to a lucky reader who commented on the review. Congratulations to Jessica, who commented on October 20th at 10:45 p.m. I’ll be in touch this week to send you a free copy of The Rule of 30.
From the archives: The Misguided Beliefs of Financial Advisors.
Promo of the Week:
I’m still amazed how much cash Canadians have sitting around in their big bank chequing and/or savings account earning nothing. I get it, there’s comfort and safety in having your money with one of the big five or six banks. But there are so many other options to increase your interest rate by 100x or more so you are at least attempting to tread water with inflation.
My go-to option is EQ Bank’s Savings Plus Account, which pays 1.25% interest. EQ Bank is an online bank and an offshoot of Equitable Bank, which has been around since 1970. Deposits at EQ Bank are insured by CDIC for up to $100,000 per insured category, per depositor.
I like EQ Bank because it pays an everyday high rate (within the top 3-5 of the market leaders at all times). I don’t want to bother moving my money around to different institutions chasing short-term interest rate promotions (looking at you, Tangerine).
Weekend Reading:
Our friends at Credit Card Genius share an incredible 17 easy ways to collect extra cash back.
“If you had just put ten thousand dollars into…” – Ben Carlson looks at the 10 most dangerous words in investing.
New York Times columnist Ron Lieber mansplains why women may be better investors than men.
The good news about retirement income? A lower starting withdrawal rate doesn’t guarantee you’ll have to live on less.
The Canadian Couch Potato Dan Bortolotti is back with a new book – It’s Time To Reboot Your Portfolio. I’ve pre-ordered a copy and will share my review later this year.
A great post and lesson from Millionaire Teacher Andrew Hallam, when speculation crashes.
Preet Banerjee offers a beginner’s explanation on the Evergrande crisis. This is the Chinese company that owes $300 billion to creditors:
Here’s Morgan Housel on why there’s rarely a time when the people who were right in hindsight didn’t sound a little crazy at one point.
Why high interest instalment loans are becoming increasingly more common among Canadians with low credit scores or short credit histories.
Des Odjick shares her personal story about how to financially prepare for a pet emergency.
The Evidence-Based Investor Robin Powell explains why the FAANG stocks have been so dominant.
Will your nest egg last if you retire today? Michael James shares how he thought about market returns when timing his own retirement.
Twitter went wild when its CEO Jack Dorsey tweeted that hyperinflation “is happening”. Pragmatic Capitalism author Cullen Roche explains why that is not the case at all.
The New Yorker revisits Tim Ferriss’s The 4 Hour Work Week, and why its message may have been uncannily prescient about today’s work-from-anywhere trend.
Finally, everything you want is out of stock or more expensive. Global’s Erica Alini explains what’s happening with our supply-chain woes.
Have a great weekend, everyone!
