Tricks for Saving Money on Groceries

While you might be able to cut back on certain things to save money during times of economic uncertainty and high inflation, you can’t really stop eating. That’s why it’s important to get smart about your grocery bill and use tricks like these to come out on top.

A look at grocery prices

It likely comes as no surprise that grocery prices are going up. In fact, according to the U.S. Department of Agriculture, these costs increased 11.4% between 2021 and 2022. This is a bigger, faster single-year jump than we’ve seen since 2002. 

Here’s a breakdown of the most significant increases:

• Eggs: 32.2%.
• Fats and oils: 18.5%.
• Poultry: 14.6%.
• Other meats: 14.2%.
• Cereal and bakery products: 13%.

There are various reasons for these price jumps. For example, the increased cost of eggs and poultry can mostly be attributed to an outbreak of avian influenza (bird flu); other pressures include the conflict in Ukraine, high energy costs, pandemic-related supply chain disruptions and more.

Tips for a happier grocery budget

With all those costs adding up, it’s more important than ever to save money where you can. Here are a few smart ways to protect your grocery budget:

#1: Make a plan

The best thing you can do to save money at the grocery store is to plan ahead. That can mean a few different things:

• Plan your meals: Meal planning outlines what you’ll eat for the week, including drinks and snacks. This helps limit overbuying and impulse purchases.
• Create a budget: Give yourself a financial limit and bring a calculator to make sure you stick to it.
• Make a list: Have everyone in your household add requests to a single list, then prioritize and filter. 

#2: Compare prices

Don’t take the grocery store’s word for it. Be sure to compare prices across different stores to ensure you’re getting the best deals. You can also use these comparisons to help organize your shopping trips. For example, if one store has great prices on hygiene products but not produce, plan to visit this location only when you need particular items. 

#3: Be mindful when shopping

 Mindfulness can take many forms depending on how you shop. Here are just a few ideas:

• Shop alone: This helps limit impulse buying and makes it easier to stay focused.
• Eat first: Don’t grocery shop on an empty stomach, as you might buy things that satisfy an immediate craving instead of a longer-term need.
• Use curbside pickup: If you don’t have to go into the store, you may be less tempted to grab things you don’t need.
• Be smart about online shopping: Online grocery apps often recommend related items or products you frequently purchase. Don’t add any of these things to your shopping cart until you’re sure you actually need them, especially if they’re perishable.

#4: Keep stock of your storage 

What do you currently have in your fridge, freezer and pantry? Forgetting and rebuying items can quickly get pricey, so it’s best to keep track of what you purchase and how quickly you use it. This also helps you budget more accurately and get a clearer picture of what you actually consume in a certain period of time.

Need more help managing your money? Reach out to a Vectra Bank professional for tips, tricks and support.