Smart Shopping Strategies During Inflation
In the face of rising prices, managing your finances becomes more crucial than ever. Today, we’ll explore effective ways to stretch your dollars and maintain your budget. This blog will provide practical tips and insights on navigating the challenges of inflation with five distinct strategies: making a detailed shopping list to avoid impulse purchases, utilizing discount apps and coupons, buying in bulk to save on essentials, choosing generic brands over name brands, and timing your purchases to coincide with sales and promotions. By implementing these strategies, you can make informed decisions and ensure your money goes further during these economically challenging times.
Make a Detailed Shopping List
We’ve all been there. You’re about to finish your grocery shopping and you stroll past that last aisle. You suddenly start adding things to your cart that are “absolute must haves.” Then you get to check out and wonder why your bill is $30-50 more than what you expected? Although it’s not bad to splurge every now and then, doing it consistently forces you to go over budget in your grocery category. One way to overcome those impulse purchases is to make a detailed shopping list. Most people purchase groceries once a week. If this is you below is a simple way to make a detailed grocery list.
- Assess Your Current Inventory. It’s important to review what you already have in your pantry, fridge, or freezer. Watch out for items that are running low or about to expire, and if needed add them to your list. Knowing what you have will also help you avoid buying duplicates, reduce waste, and save money.
- Plan Your Meals. Planning your meals not only simplifies your shopping, but also prompts mindful eating. Start by outlining meals for breakfast, lunch, and dinner, considering dietary needs and any upcoming special occasions (birthdays, anniversaries, holidays, etc.). Make sure to list key ingredients for each meal and aim for versatile items that can be used in multiple dishes. Estimate portion sizes to prevent overbuying, and cross-reference your list with your current inventory to avoid duplicates.
- Prioritize Items. You can either follow the store layout or prioritize items by importance. Placing essentials at the top of your list ensures you won’t forget them. This structured approach will keep you on track and help prevent aimless wandering.
- Leave Room for Spontaneity. Sticking to your list is key for budgeting, however, a small allowance for spontaneous purchases can help enrich your shopping experience. You may discover a sale or find a new product that fits your needs. But be mindful not to let these extras throw off your budget or clash with your planned meals.
- Double-Check Your List. Before you hit the store, give your list one final review. Ensure all essentials are included, and remove any unnecessary items. This last-minute check can save you from making return trips and help align your purchases with both your budget and meal plans. It’s also a good time to cross-reference your list with any coupons or discounts that may be available.
Utilize Discount Apps & Coupons
There are a variety of discount apps and services out there that can help you. We’re going to highlight a few of the most popular from Ramsey Solutions 16 Best Coupon Apps of 2024.
- Ibotta: This app is on nearly every list of “best coupon apps.” With it, you are able to find and add offers for things you plan to buy. Simply submit your receipt, then Ibotta will give you cash back for items matching your saved offers. Once your total adds up to $20, you can cash out and stick those earnings in your checking account, PayPal, or a gift card.
- RetailMeNot: This service helps you save money while shopping online and in-store at your favorite retailers. Just type in the store you’re planning on shopping at, and RetailMeNot will list all its active offers.
- ShopSavvy: This is considered a “price comparison tool”, but it offers much more. If you’re at the store, you can scan a barcode to see if there’s a better deal out there. Or you can get their mobile browser extension to price compare while you’re shopping online. They’ll even give you user reviews and summaries including pros, cons, and the bottom line so you can figure out if a purchase is a good idea.
- Specific Store Apps: If you are a creature of habit and tend to shop at the same stores regularly, check to see if they have a store app. Many grocery and big box stores offer their own apps with weekly or daily deals. Often, you are able to maximize savings by utilizing the store’s app at the time of purchase, and then stacking those savings with the offers available in the apps above.
Time Your Purchases with Promotions
Watching for sales is one of the easiest ways to save on your groceries. Many stores have weekly ads or websites that showcase current sales and promotions. However, if you’re planning on using sales to stock up on items, beware not to go overboard and buy more than you can use before its expiration date. We recommend if you are stocking up on items that are non-perishable items such as canned goods, pasta, and cereal.
Buy in Bulk
According to LendingTree’s chief credit analyst, Matt Schulz, buying the “right products” in bulk can bring savings that “really have an impact on your budget.” But what are the “right products?” One of the easiest to point to is paper towels. When you buy a 196-sheet pack of Bounty Select-a-Size paper towels, you’ll pay $9.99 at Wal-Mart. While at Sam’s Club, you can buy a 1,260-sheet pack for $23.48. “The overall cost of that purchase might be well more than what you would normally spend in one visit,” Schulz says. The extra upfront cost on one trip will end up saving you money on future trips. However, be sure to be strategic about the products you buy in bulk.
Other items that you can save by buying in bulk include: bottled water, batteries, shampoo, and protein shakes. Although buying in bulk may offer more bang for your buck, there are a few things that may not be worth buying. Most items that make this list all have one thing in common: shelf life. Things such as: mayonnaise, ketchup, bread, etc.. If you are going to use them within their expiration date, they may be cost effective. However, if not, you may want to reconsider buying them as needed.
Choose Generic over Name Brand
The decision between a generic product and a name brand product ultimately comes down to personal preference, priorities, and budget constraints. During times of inflation, choosing a generic brand can save your money at the checkout line. According to a study done by the Private Label Manufacturers Association, consumers can save an average of 25% to 30% on their grocery bills by choosing store-brand options over name brands. For a family of four, this could amount to hundreds of dollars in savings each year. Take a look at the products you regularly purchase, and decide which ones you’d be willing to swap out for a generic brand option.
Navigating inflation can be challenging; but with the right strategies, you can protect your budget and maintain your financial well-being. We’re committed to helping our members thrive even in tough economic times. Implement these smart shopping strategies and take control of your finances, ensuring your hard-earned money works harder for you.