The average family of four spends about $200 a week, or $800 a month at the grocery store.
Wouldn’t it be nice to keep some of that hard-earned cash and use it to build your savings or help reach your personal goals?
Well, fortunately, you can drastically cut your spending on food and other household items – all without feeling like you’re depriving yourself or your family.
Here’s how to slash that food budget by more than 30% and keep $250 a month in extra cash in your bank account.
Use the following 4 tips for just 4 months and you’ll save $1,000 at the grocery store! Try these tips for the entire year and you’ll save three grand!
There’s also a bonus tip to help you generate even more savings.
Tip #1: Go generic more often
Cut your spending by 10% simply by skipping highly advertised (and more expensive!) brand-name goods. Many generic products at the grocery store are about the same quality as brand name items – and significantly cheaper. When you’re buying basic items and staples like flour, sugar, rice, and other essentials, stick with generic brands and you’ll end up saving a good amount of money on groceries alone.
Monthly savings: $80
Tip #2: Choose purchases based on the price per unit
When you’re at the grocery store, or even a warehouse/discount store, if you shop by the unit price for everything — from toiletries to food products — you’ll skim at least another 10% off your monthly bill. For instance, chicken at $1.00 a pound is a real bargain. And those paper towels your family quickly goes through? Do some comparison-shopping to make sure you’re getting the best price per sheet.
Monthly savings: $80
Tip #3: Take advantage of reward cards and loyalty cards
Many grocery retailers offer discounts to repeat customers – if you carry and use their loyalty card. Be sure to sign up for these cards since they’re free and don’t affect your credit in any way. Typically, using your store loyalty card will trim another 5% from your overall spending.
Monthly savings: $40
Tip #4: Do one food swap
On the way to work, do you make a daily trip to a deli, food cart or your favorite coffee place for a cup of java – and then you grab a bagel too? If so, do a food swap. Instead of spending $3 on a single bagel, buy bagels in packs of six or more from the grocery store for the same price.
If bagels aren’t your thing, think about your own food habits and when you tend to eat out for convenience instead of taking something from home. We all have at least one food item or beverage that we routinely buy when we’re on the go: maybe it’s a daily coffee or something else. But saving that $3 a day during the workweek can put cash back into your pocket.
Monthly savings: $50
Bonus Tip: Go online for additional rebates, coupons, and discount codes
More and more retailers are offering Web-only specials, Facebook deals, and other exclusive offers to customers who subscribe to a newsletter or tune in to the store’s social networking activities. So keep clipping those coupons from the paper. But before doing business with any retailer – whether it’s your first time or you regularly shop there – be sure to also go to their website to search for any online coupon codes or social media deals that may be available. You’ll shave 5% off your bill if you do.
Monthly savings: $40
By following these easy tips, you can painlessly save $1,000 at the grocery store and set yourself up to boost your bank account all year long.
