Despite the overall slowing down of inflation in the United States, grocery prices remain high, making purchasing a cartful of essential items seem like a luxury expense. 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 increased by an average of 21% over the past three years. Some shoppers are trying to find the best prices by shopping at multiple stores.
High inflation means a devaluation of money, leading to a decrease in purchasing power where the same amount of money can buy fewer things. While current inflation levels in the U.S. have significantly slowed down from the peak, with the Consumer Price Index (CPI) growing by 3% year-on-year in June, marking the lowest annual increase in over three years, prices of basic necessities remain under pressure.
Under the ongoing pressure of inflation, some people are cutting back on purchases of big-ticket items like furniture, dining out at restaurants, and buying branded products to save on expenses. However, everyday essentials cannot be avoided, even if they become more expensive. Despite this, there are still ways to save money to ease the pressure.
The Associated Press provides expert advice on how to save money on groceries, including several ways:
You can use food-sharing apps to save money, such as Olio, which connects people within the community to share surplus food. You can also take advantage of the “Too Good to Go” website to purchase surplus food at discounted prices.
In addition to paper coupons, many stores offer coupons through their apps in this digital age.
Kiersten Torok, with years of experience in maximizing coupon savings, has helped her get through tough economic times. During the 2008 economic recession when her parents lost their jobs, Torok started using coupons. In the 2020 COVID-19 pandemic when she also lost her job, she relied even more on coupons. Now, she shares tips on social media platforms on how to effectively use coupons to save money.
Apps like Flipp allow you to browse coupons from all major grocery stores, while Ibotta gives you cash back when using coupons.
For those looking to start using coupons, Torok suggests trying them at your favorite stores first. She reminds everyone not to buy items they don’t need, even if there are significant discounts.
Making bulk purchases in certain stores can be very cost-effective. David Brindley, deputy editor of the AARP Bulletin, suggests cooperating with friends or family members to buy items in bulk, allowing you to enjoy the discounts offered.
Bulk purchases often yield the best unit price. If buying items you frequently use, such as pasta, cleaning supplies, baking ingredients, canned goods, personal care products, or even pet food, consider buying in bulk. But avoid impulse buying – it’s only a good deal if you consume these items within a reasonable time.
Budgeting is key to controlling expenses on groceries, but first, you need to track your current spending.
Brindley suggests checking your recent spending on everyday items. If you haven’t kept receipts, you can review your bank account statements. Once you know your grocery expenses, you can set a goal, such as keeping expenses within a specific budget range or reducing spending.
The array of products in grocery stores can be tempting, leading some consumers to make impulse purchases. In reality, some items may not be necessary as you may already have them at home. Sarah Schweisthal, a personal finance expert and social media manager at the budgeting app YNAB, suggests checking what items you already have at home before going to the store to avoid buying duplicates.
Schweisthal also recommends making multiple meals using similar ingredients to save money and reduce food waste.
Once you’ve tracked your current expenses and checked your existing items at home, the next step is to make a plan.
Creating a shopping list can help you plan ahead, avoid impulse purchases, and save time on future shopping trips. Your shopping list can be written by hand or digitally.
Additionally, you should budget for expected expenses to ensure you don’t exceed your budget.
To help you stick to your shopping plan, Schweisthal suggests adding some flexibility, such as setting aside a specific amount to buy snacks or new products outside of your plan.