Blog

Nov

4

2020

Slash Your Grocery Bill

Here are seven tips for slashing your grocery bill.

It doesn’t take much for spending to spiral out of control during the holiday season. In less than a two-month time span, consumers will open their wallets for Thanksgiving dinner, the holiday gift-giving season, and various New Year festivities that can leave a big dent in anyone's budget. Use these tips to slash grocery bills and save before, during, and after the holiday spending season. Keep it up all year round and be in a better financial position to tackle next year’s holiday season with the extra savings. 

Most Americans think that by buying fast food, they’re saving money because of the low prices. Think about it; an average fast-food chain family meal will cost you thirty dollars. What if you could buy food at a low price and get more of it? With a little planning, it is possible to buy food without breaking the bank. Here is what you can do:

Tip #1: Don’t shop hungry – Consider shopping after having a meal.

Do not shop on an empty stomach! Try to shop on a full stomach, and you're more likely to purchase only what you need and not what you’re craving. 


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Tip #2: Check your pantry – You may already have many of the ingredients on hand.

Ever brought something and realized you have the same item in your pantry. Before shopping, take inventory of the pantry and fridge to limit duplicate purchases.

Tip #3: Take advantage of coupons, discounts, and sales.

Plan your shopping trip, and look at what deals are out there before going to the store. Coupons can be found in local newspapers, the store’s website, and through various apps. Many grocery stores now offer digital coupons, making it easier to remember to use them. Find stores that would allow you to double on coupons.

Tip #4: Plan ahead.

Make a shopping list with coupons in mind. Try to avoid buying anything that is not on your shopping list. Planning saves you time and money in stores. 

Tip #5: Compare prices.

Compare costs before buying. Most local stores sell about three versions of the same product, so make sure to compare all three. Also, compare the cost between different local grocery stores and shop price, not brand.

Tip #6: Compare weight and numbers.

Compare price with its corresponding weight or amount. For example, it is cheaper to buy 20 granola bars for $8 than to buy 10 for $5.

Tip #7: Buy in bulk.

Big savings start when you buy in bulk. You'll find big savings on your groceries at retailers like Costco, Sam's Club, and BJs. The downside is having to pay an annual membership fee. Depending on how often you visit these stores, your savings may cover the membership cost in the long run. 

This article was brought you by Balance, Viriva’s financial education partner.