According to the USDA, “in 2023, food prices grew by 5.8 percent.”
Do you go to the store, walk out spending a hundred or more dollars and don’t feel like you have much to show for it? May experience this for a single family or a couple in a home, let alone the families with children.
How much have grocery costs increased?
According to the USDA “in 2023, food prices grew by 5.8 percent.” Also, according to the USDA, “Food prices are expected to continue to decelerate in 2024 compared to recent years. In 2024, prices for all food are predicted to increase 2.2 percent, with a prediction interval of 1.5 to 2.9 percent. Food-at-home prices are predicted to increase 1.0 percent, with a prediction interval of -0.1 to 2.1 percent, and food-away-from-home prices are predicted to increase 4.3 percent, with a prediction interval of 3.8 to 4.7 percent.
How can I save money at the grocery store?
There are many ways we can cut down on the grocery bill if we are willing to put a little effort into it. Below are seven money saving tips for your grocery shopping routine.
Tip 1: Make a List
Make a list before you head to the store. It is helpful to take inventory of what items you already have. This will keep you from purchasing items that you already have enough of, for example, eggs, produce or milk or other perishable items that could go bad before you use it.
Check your pantry as well, make a list of the items you need, that way you can hold off on some of the other items and wait for them to go on sale, and stock up then.
Tip 2: Use Grocery Store Membership Program
Many stores have a member card that you scan at check out to receive the weekly sales and promotions. Make sure you scan your card at check out. If you are traveling and don’t have a card for that store, ask the next person in line if you can use theirs, or even ask the cashier if they can scan one for you. Worst case, just grab a membership card, even if it is just for that one shopping visit. You never know though when you will use it again. Every dollar of savings adds up.
Tip 3: Limit Your Shopping Trips
Studies have found that the more trips we make to the grocery store the more money we tend to spend on groceries. This is due to impulse purchases and or not know if you have the item already at home.
Tip 4: Watch Prices and Sales
With the rise in grocery cost it is important to pay attention to prices. Actively assess the prices of items you purchase regularly and when that item is on sale, use that as an opportunity to stock up. This will save you money in the long run. Also watch for shrinkflation, where the price of the item may be the same or has gone down, but the size of the package has also shrunk.
Tip 5: Avoid Pre-prepped or Pre-packaged Items
Pre-prepped items such as veggies and even shredded cheese may save time when cooking, but often cost more due to convenience. Opt for whole items, like a block of cheese or fresh produce and cut them up at home, a little effort and time on your part will save money.
Tip 6: Know Your Usage Rate
Your usage rate is how quickly or frequently you use up a product. Figure out how long a particular product or products last and stock up accordingly. This will help reduce trips to the grocery store as well.
If you have room in your freezer to stock up on extra frozen produce, meat, or other freezable items, take advantage of sales and stuck up at that time.
Tip 7: Buy Store Brand or Generic
Some products you may want the name brand item, but for a lot of items the store brand or generic can be just as good for less money. They can be more affordable and a great alternative to the premium brands.
Name brand items are usually at eye level and easy to grab, but looking at the top or bottom of the shelves, you will often find the generic or store brand items for less. On your next shopping trip try swapping out a couple name brand items for store brand or generic.
Take Away
Groceries can be a large portion of your budget. Thankfully there are ways to maximize discounts and other savings opportunities to help offset costs. Even though grocery costs have increased, your likely better off purchasing groceries and eating at home over dinning out or even ordering take out. These are just a few of the tips and tricks you can apply to save you money when heading to the grocery store.
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