“With only a small global minority (5%) describing themselves as truly financially secure and able to save and invest significantly, a large share report they are “managing,” while nearly one in three are struggling to make ends meet,” the study stated.
5 Ways to Cut Grocery Costs You Can Use Right Now
The good news is that it’s easier than ever to save on grocery store expenses, particularly with digitally based strategies such as mobile apps like Flipp and Ibotta that organize and streamline food, drink, and home goods purchases.1. Beat Shrinkflation by Being More Attentive
Smart shoppers likely have already noticed that in recent years it was packages that got reduced in price, not prices. “Consequently, you have to change how you view price tags,” Marty Bauer, ecommerce and retail expert at Omnisend, told NTD News. “Ignore the big numbers, and look at what’s written in tiny text. Focus on price per ounce and/or by the pound.2. Store Brands Are Perfectly Fine, So Don't Be Shy
Private grocery store labels are typically manufactured in the very same facilities as well-known brands and are basically of the same quality. “They just cost 20% to 30% less,” Bauer noted.3. Bypass the Big Stores
Avoid large grocery store chains like Publix and look for value in more cost-conscious options like Aldi or Walmart. “While you’re there, evaluate the real value of organic food,” Matthew A. Gilbert, senior lecturer of marketing at Coastal Carolina University, told NTD. “I just saw regular limes for $0.25 each at Walmart and organic limes for $0.69 each at Kroger—more than double the price.”4. Get Organized Before You Go to the Store
Groceries are one of the few areas where households still have some flexibility, but the savings usually come from being intentional rather than making dramatic changes.“Shopping with a list, planning meals before going to the store, buying store brands when quality is comparable, comparing unit prices instead of package prices, and stocking up on nonperishable items when they are on sale can all make a meaningful difference over time,” Ashley Morgan, attorney and founder of Ashley F. Morgan Law, PC, told NTD.
Morgan also encourages people to avoid grocery shopping when they are hungry.
“It sounds simple, but it really does lead to more impulse purchases,” she noted. “Also, shopping sales and buying seasonal items helps ensure you are reducing expenses. A lot of people get into a routine of buying similar groceries every week. But if you adjust based on what is on sale, it can make a meaningful different."
Impulse shoppers can mute themselves using grocery pickup services, which can also be beneficial for the household budget.
5. Go Big Before You Go Home
Additionally, buying in bulk can help cut grocery costs. “Allotting some money to buy in bulk often means a better price per item,” Morgan said. “For example, if you can buy your toilet paper at Costco, it is more money up front, but cheaper per roll.”Avoid This Big Grocery Store Error
One of the biggest mistakes Morgan sees shoppers make is trying to save money by putting groceries on credit cards, Buy Now, Pay Later programs, or paycheck advance apps. “Groceries are a recurring monthly expenses,” she noted. “If you’re financing groceries, there’s a good chance you’ll still be paying for this month's food after you have already bought next month's groceries. Once you start paying for groceries with debt, it can create a difficult cycle to break.”Consumers also need to be realistic, as most households have already cut back on discretionary spending.
“Grocery budgeting is important, but there is only so much someone can save on necessities,” Morgan said. “If the budget still does not work after making reasonable adjustments, the long-term solution may involve increasing income, reducing larger fixed expenses, or a combination of both.”
A former Wall Street bond trader, Brian O’Connell is the author of two best-selling books: “The 401k Millionaire” and “CNBC’s Creating Wealth.” His work is featured on national finance and business platforms like TheStreet.com, CBS News, CNN, The Wall Street Journal, U.S. News & World Report, Forbes, Fox News, and many others. O’Connell writes a weekly stock market column for Benzinga, and he’s served as chief insurance analyst for Insurance Quotes since 2019.