Hi Taylor – I’ve noticed an uptick in my grocery spending again that seems more related to prices than the amount of food I’m buying. Are there any tricks for feeding my family when everything seems too expensive? – Heidi
Hey Heidi – I’ve noticed the same small increase and read an article or two about a spike in egg prices. I wish there were a simple way to keep food affordable, but it can really feel like we’re at the mercy of the grocery stores. However, if you’re willing to put in the effort and shop creatively, there are definitely some tricks that make a difference.
–1. Shop local. When the prices of major retailers go up, it can be related to hundreds of different factors; a shortage of truck drivers in one country can potentially affect the cost of cereal in another. When it’s something like eggs or produce becoming more expensive at a chain store, turning to a local farmers market is often the best solution. With no middleman you can get better prices, plus you keep your money circulating in your own community and help the people you know. If you can get cheaper eggs from your neighbor, everyone wins.
–2. Coupon shop. Even as items get pricier because of inflation and other causes, no store wants to keep things shelved past their expiration date. Go through every coupon book you can find to see what’s on sale and where, then adjust your meal plan accordingly. When prices go up and people keep buying those goods, there’s no motivation for prices to fall. When we collectively adjust our habits a little to buy less expensive stuff, eventually the costs will follow. Adapt as best you can and find those bargains, then hopefully you can get back to your routine when prices level out.
–3. Stock the cabinets. The biggest expenses are the ones that come in the heat of the moment when you have to buy turmeric, or dinner will simply be ruined. If you can buy items with a long shelf life and get them when they’re on sale, you’ll have fewer panic-purchases and will do less shopping in general. If you’re at the store and you’ve got a little extra spending money, stock up on the dinner staples that you can keep in the freezer so you’re ready to go. Just like retirement, investing, and homebuying, the most effective way to grocery shop is to do some really thorough planning.
There’s not much that can be done about prices once they go up—you won’t find one store that’s significantly undercutting all the others (at least not with anything left in stock!). Instead, adjust how you shop, and plan and you’ll be able to get by without spending all your money on one week’s groceries. Thanks for the question!
TAYLOR J KOVAR
CHIEF EXECUTIVE OFFICER
CERTIFIED FINANCIAL PLANNER™
