Use these strategies to save money on groceries as inflation soars to heights unseen.
It’s official, whether you believed we’d get to this point or not, inflation has surpassed a four-decade-old record and has reached the cringing percentage of 7.9%. It’s a percentage that has permeated every market from gas to food and everything in between. Society is currently living through a time characterized by prices that are soaring through the stratosphere at rates that would give NASA rockets a run for their money. Thus, it stands to reason that with the prices of nearly everything reaching unprecedented levels, it’s beginning to hit the wallets of a vast majority of individuals pretty hard. Hence, cutting costs wherever possible is becoming paramount. And with Americans spending nearly a quarter of their budgets on food, strategizing ways to save money on groceries is a key way to recoup some much-needed cash.
When you’re getting ready to do your groceries and stock your pantry don’t limit yourself to a single grocery store. In fact, don’t even limit yourself to grocery stores. Right out what you need ahead of time so you can look through deals at multiple retail locations where you might be able to cut costs.
For instance, say you need to stock up on toiletries, Walmart and Target might offer better prices (and perhaps a better selection) than what you can find at your local grocery store. Farmers’ markets are also great resources for fresh produce and because what’s offered is all coming from local growers you’ll likely be able to score a better deal than what grocery companies are having to pay to import products from other parts of the country or world. Overall, don’t hesitate to branch out and consider other stores as options in your quest to save money on groceries.
COUPONS, COUPONS, COUPONS
Coupons have come a long way since the days of flipping through a store periodical and clipping the ones that you’d think would serve to help you save money on groceries. Now coupons have become integrated within the various apps and credit cards we use for transactions on a daily basis. As an example, both the Cash App and Venmo have integrations that you can apply that will automatically save you a percentage on groceries when you use the app at a participating retailer.
As an added convenience, both the Cash App and Venmo offer their own cards that users can order for free. What’s more, is that many national banks now have taken a cue from the likes of the Cash App, Venmo, and others and have begun offering their own integrated coupons that their patrons can apply via their banking app. Another great way to save is by leveraging a credit card that has cash back perks. For those with stellar credit, Wallet Hub recommends the Blue Cash Preferred Card From American Express. Impressively, that particular card can grant eligible cardholders up to 6% cashback. For those with credit that’s in need of a bit of extra work, Capital One offers a nice range of cashback options that are also designed to help bolster lackluster credit, as well.
THE SAVING GRACE OF STORE BRANDS
Choosing to purchase a store-branded item over a name brand can go a long way in helping you to save money on groceries. Nine times out of ten store brands are measurably more affordable than their name-brand counterparts. Also, whether you realize it or not many store-branded products are manufactured in the same facilities as name brands. In fact, in recent years many folks have caught on that store-branded items are just as good if not better than most name brands. If you’re lucky to have a Wegmans near you and have purchased their store-branded items you can likely attest to that very sentiment. All in all, every penny saved adds up so don’t be afraid to opt for the store brand next time you go shopping and are trying to save money on groceries.
FROZEN FOODS ARE YOUR FRIEND
Frozen foods are absolutely your friends. Why? Because frozen foods last a long time. For instance, purchasing frozen fish over fresh can save you multiple trips to the grocery store. And usually, because frozen items come in bulk (using fish as an example) the price you pay per filet will likely come out to less than if you chose to go the fresh route. The same is true for vegetables and fruit. Also, fresh fruit and vegetables tend to spoil quickly and if you don’t use them up fast, you’ll likely end up throwing a portion out. Buying frozen negates the possibility of any unintended food waste. Frozen really is the way to go when you looking to get more bang for your buck and save money on groceries.
PLAN & PREP AHEAD
Planning the meals you are going to eat ahead of time and then preparing them throughout the week can go a long way in helping you to save money on groceries, too. This is largely because you’ll know exactly what you’ll be eating you won’t waste money buying any unnecessary ingredients. Essentially, simply knowing what you are going to eat will help to keep you within your inflation-friendly budget.
Finding ways to save money on groceries is, arguably, more important than ever. Planning ahead and leveraging cost-cutting measures can help to keep you within your ideal budget. Ultimately, money-saving strategies can not only help you stay afloat amid surging prices but can also ensure that you and your family continue to thrive despite economic circumstances that are out of your control.