Despite the overall slowdown in inflation in the United States, grocery prices remain high, making purchasing a full cart of essential items seem like a luxury. Saving money has become a topic of concern for many people.
According to data from the U.S. Bureau of Labor Statistics, grocery prices have on average risen by 21% over the past three years. Some shoppers are trying to find the best prices by shopping at multiple stores.
High inflation means money loses value, leading to a decrease in purchasing power, and what the same amount of money can buy diminishes. While inflation in the U.S. has significantly slowed from its peak, with the Consumer Price Index growing by 3% in June, marking the lowest annual increase in over 3 years, the prices of basic necessities continue to put pressure on consumers.
Under the ongoing pressure of inflation, some people are cutting back on purchases of large items like furniture, dining out less, and avoiding buying brand-name products to save on expenses. However, daily essentials cannot be avoided, even if prices are rising. Despite this, there are still ways to save money to ease the strain.
The Associated Press provides expert advice on how to save money on groceries, including the following strategies:
– You can use food-sharing apps to save money. Apps like Olio connect people in the community to share surplus food. You can also utilize the “Too Good to Go” website to purchase surplus food at discounted prices.
– In addition to printed coupons, many stores offer coupons on their apps in the digital age.
Kiersten Torok has years of experience in maximizing coupon use. This method has helped her navigate economic hardships.
During the 2008 economic recession, Torok’s parents lost their jobs, forcing her to start using coupons. Throughout the COVID-19 pandemic in 2020, after losing her job, she relied even more on coupons. Now, she shares with others on social media how to effectively use coupons to save on expenses.
Apps like Flipp allow you to browse coupons for major grocery stores, while Ibotta offers cashback when using coupons.
For those looking to try using coupons, Torok suggests starting at stores you already like. She advises against buying items, even with significant discounts, if you don’t need them.
In some stores, bulk buying certain items can be very cost-effective. David Brindley, deputy editor of the AARP Bulletin, recommends collaborating with friends or family to buy items in bulk to take advantage of discounts.
Bulk buying often results in the best unit price. If you regularly use items like pasta, cleaning supplies, baking ingredients, canned goods, personal care products, or even pet food, consider bulk buying. But be mindful not to impulse buy – it’s only a good deal if you can consume these items within a reasonable timeframe.
Budgeting is key to controlling food and grocery expenses, but first, you need to track your current spending.
Brindley suggests checking recent expenses on household essentials. If you don’t have receipts, review your bank statements. Once you understand your grocery expenses, you can set a goal like maintaining spending within a specific budget range or reducing expenses.
The array of products in grocery stores can be tempting, leading some consumers to make impulse purchases. In reality, some items aren’t necessary because you already have them at home. Sarah Schweisthal, a personal finance expert and social media manager at budgeting app YNAB, advises checking what you have at home before going shopping to avoid buying duplicates.
Schweisthal also recommends making multiple meals with similar ingredients to save money and reduce food waste.
After tracking your current expenses and reviewing what you have at home, the next step is to plan.
Creating a shopping list helps you plan ahead, avoid impulse buying, and save time on future shopping trips. Your list can be handwritten or digital.
Additionally, you need to establish anticipated spending to ensure it stays within your budget.
Schweisthal suggests adding a bit of flexibility to help you stick to your shopping plan, such as allocating a set amount to purchase snacks or new products not part of your plan.