Battling Inflation at the Grocery Store

Today the new Consumer Price Index was released, reporting prices on consumer goods up a staggering 9.1%.  That my friends, is a 41 year high.  So if you feel lately as though you are literally fighting a battle each time you go to the grocery store it is because you are.  Inflation is rising at levels we have not experienced in decades and the inflationary pressures are seen clearly in a few key budget areas for all of us; food and fuel.  According to Forbes Magazine, food for the consumer rose 10.1% from May 2021 to May 2022.  Cereal is up 13%.  Eggs are up 32%.  Meat is up 18%.  No wonder our budget is feeling the pinch these days.  As I am a believer of habits and how they can either help or hinder our financial futures, I believe now is the time for us all to build new habits around our food purchases. Here are a few new habits to consider.

First of all, consider how much we as a nation waste on food each year.  According to a survey cited on the Today show recently an average family of 4 in the US wastes over $1500 per year on unused food.  What would you do with an extra $1500 right now?  Pay off a credit card?  Bolster your savings? Take that vacation? I believe we don’t waste out of intention, but out of our hurried, busy, hectic lives and we often simply forget what we already have.   So to battle that discouraging statistic always, and I do mean ALWAYS, take stock of what you have at home before heading to the store.  You may find something in your pantry or fridge you forgot was there or maybe something you purchased and didn’t use as you intended.  If you know what you have, you are better able to focus your grocery store visits only on what you need.  I’ll admit more times than I’d like I’ve found myself in the store wondering how much milk is actually in that milk carton.  And, sometimes I’ve purchased more milk because, well, I’m there and I don’t want to run out, only to get home and realize I had a nearly full container and now we will be drinking milk morning, noon and night to use it all up before it expires.  What a waste, simply because I did not take the time to really know what I had.  So start the habit of taking full stock before you buy. 

Second, consider buying more store branded items.  I get it – many store brands are subpar.  However, many store brands are on par with or even better than the commercial brands.  Examples are Costco’s Kirkland brand bacon and Vitamin water variety pack.  According to Consumer Reports, Trader Joe’s organic low fat yogurt is the highest rated yogurt.  Jeff Rossen, celebrity who issues the “Rossen Report” recently did a cost comparison where he and a colleague had identical shopping lists and visited Walmart.  Jeff bought all generic, mostly Walmart brand.  His colleague bought all name brands.  Their difference was astounding.  The brand name cart came with a total at checkout of $135.91.  The generic cart had a checkout of $85.24.  That was a $50.67 savings on just that one trip.  Y’all that is serious cash.  And here’s a little tip I’ve used.  Even if the flavor is not as strong in some generic items, you can always use what you have at home for pennies to spice it up. For example, we often buy the store brand frozen pizzas for somewhere between $3 and $4 each.  Before we pop them in the oven, we sprinkle any leftover veggies or even meat, lunch meat, etc that we have in the fridge on it and some additional dried Italian seasoning.  When it comes out, you cannot tell the difference and we saved ourselves sometimes 50-60% on the purchase. 

Ok, next habit, make sure you sign up for loyalty programs at whatever store you visit and make sure you use any coupons they offer.  Coupons are so much more convenient these days.  They come electronically and you can clip them on your mobile device so that they automatically ring up when you check out.  Simple savings!  And speaking of apps, there are many new apps out there that help identify additional coupons for you to use.  Apps like “Flip” and “IBotta” are said to be super easy and can generate real cash against your monthly food budget.  In all honesty, I have not used them yet – but am trusting those who have and who rave about them. 

Next, it is all about being prepared.  Did you find yourself using the delivery or curb pickup options during the height of the pandemic?  Today, delivery is expensive due to that other inflated commodity fuel, but the pickup option is still there, and it may be a great habit to continue to use.  I’ve heard it labeled “BOLPUS” or “Buy OnLine, Pick Up at Store”.  Here’s the beauty of that kind of service.  You avoid the impulse buys and stick to what you really need.  That can translate into real, meaningful savings of not only your money but also your time.  Instacart and Amazon Fresh are some of the best ways to order your groceries online and while they charge an annual fee, you will likely make that back by avoiding those impulse purchases. 

Finally, if you are in a place where you are doing some or all of these things and still struggling with your grocery costs, consider S&S – stretching and substituting.  What is that?  It is where you look for ways to minimize more expensive ingredients in the meals you prepare with less expensive items.  For example, if you’re making chili, buy a pound of ground beef, but only use half of it and substitute beans for the other half.  You still get all the protein and now you have ground beef you can add to another meal that week.  It takes creativity and time to do so, but when we are looking at the average price per pound of beef now approaching $8 according to Cattlerange.com, getting creative is the only option we may have.  If that does not work in your household, seek out an ethnic grocer near you.  The ethnic stores tend to carry more affordable meat options. 

We are all feeling the pinch of the food inflation and with circumstances as they are it may take some time before prices normalize.  With the war in Ukraine (impacting 30% of the global wheat supply), food production facilities that are still struggling to produce at pre-pandemic levels, fuel costs rising and crazy weather patterns such as severe drought in much of the west, this will likely not change quickly.  So, begin today to work on just one habit to add to your armor when you shop for the food you and your family need.  One habit today, a new one tomorrow and when we do see this reside, you will be firmly in the driver’s seat for a better financial future.