Strategies for minimizing expenses on your large grocery purchase as food prices increase
Food Inflation Soars for Fourth Straight Month: Practical Tips to Cut Supermarket Spending
Food inflation rose for the fourth consecutive month in May, with prices up 2.8% compared to the same period last year, according to the British Retail Consortium (BRC)-NIQ Shop Price Index. The increase, from April's 2.6%, is disturbing for consumers as it continues to squeeze households' grocery budgets.
Fresh food prices have experienced the most significant surge, with a 2.4% rise since May last year, up from a 1.8% increase in April. As a result, financially-conscious shoppers are searching for strategies to stretch their food dollars further. Here are eight practical tips for supermarket savings without compromising quality or nutrition:
- Create a Food Budget: Matthew Parden, CEO of money management app, Marygold & Co, suggests allocating a specific budget for food shopping and sticking to it. A dedicated budgeting pot for groceries helps limit unnecessary spending.
- Plan and Stick to a Shopping List: This simple tactic helps avoid impulse purchases and reduces waste. By mapping out weekly meals and adhering to a targeted shopping list, shoppers can avoid supermarket temptations and ensure they buy only what they need.
- Maximize Loyalty Programs: Supermarkets often offer loyalty schemes that provide savings through points and cashback. Parden also recommends using supermarket gift cards for additional discounts.
- Take Advantage of Yellow Label Discounts: Many supermarkets offer discounts on products nearing their expiration dates, denoted by yellow stickers. Being aware of yellow tag days or their locations can lead to significant savings on items like meat and fish.
- Choose Non-Brand or Own-Brand Products: In taste tests, unbranded items often perform well, and opting for supermarket-owned brands is often more affordable.
- Leverage the Tinned Aisle: Tinned foods, such as fish, are cost-effective, have a long shelf life, and can be versatile in recipes.
- Utilize the Freezer: Purchasing frozen fruits, vegetables, and even fish is an excellent way to reduce waste while staying within budget. Additionally, cooking meals in bulk and freezing them for later can help manage costs and meals.
- Shop Near Closing Time: Local markets, supermarkets, bakeries, and greengrocers often offer price reductions on fresh items just before closing. Using the Too Good To Go app can help discover nearby stores offering surplus food at reduced prices.
By applying these strategies, shoppers can manage their grocery spending while maintaining the quality and nutrition they expect. As food inflation continues to mount, these tips could assist families and individuals in making the most of their supermarket dollars.
- For those looking to stretch their food dollars further, creating a food budget can be an effective strategy, as suggested by Matthew Parden, CEO of money management app, Marygold & Co.
- Additionally, planning and sticking to a shopping list can help shoppers avoid unnecessary spending and supermarket temptations, while ensuring they buy only what they need.
- On the other hand, maximizing loyalty programs, taking advantage of yellow label discounts, choosing non-brand or own-brand products, and utilizing the freezer are all practical tips that can help consumers save on their grocery expenses without compromising on quality or nutrition.
