There’s a reason why so many people are dealing with massive credit card bills this year. Inflation has drove up living costs in a variety of vital categories, and consumers have been paying extra for everything from clothing to gas to electricity since the beginning of 2022.
Food prices have also risen this year. The Consumer Price Index, which monitors changes in the cost of consumer products, climbed 8.2% year over year in September. During the same time period, the food index increased by 11.2%.
Meanwhile, food costs are likely to remain high at the beginning of 2023, probably throughout the rest of the year. So far, Federal Reserve interest rate increases have done nothing to lower inflation, so there’s reason to expect we’ll be stuck with high prices for a bit longer.
The good news is that there are actions you can take to reduce your grocery spending and save money at a time when inflation is on the rise.
How to Reduce Grocery Spending
In many circumstances, simply being aware of the food products you need vs those you already have on hand can result in cost savings. That is why it is beneficial to have a strict inventory system. Keep track of the products in your refrigerator, freezer, and pantry. And keep that list up to date as items are depleted and added so you don’t buy stuff you don’t need.
Simultaneously, make an effort to plan your meals ahead of time and to purchase with a list rather than winging it. This may help you avoid buying food on the spur of the moment and blowing your budget.
Finally, don’t overlook the significance of watching grocery sales. Grocery stores often update their circulars weekly, and if you don’t receive one in the mail, you can generally find it online.
Consider Purchasing in Bulk
This year, many shoppers have resorted to businesses like Costco to save money on grocery purchases by purchasing in bulk. If you’re concerned about rising food prices in 2023, this is one option to explore.
However, before you rush out to join Costco, check out your local supermarket’s bulk assortment. Many grocery stores sell bulk products, and because they don’t demand an annual membership fee like Costco, they can be a better choice.
Furthermore, there may not be a Costco or warehouse club location in your immediate vicinity. And if you have to travel an hour to get to one, you may wind up paying more on gas than you did on food.
Amazon is another excellent source for bulk food supplies. Look there for non-perishables that you use frequently. Remember that you don’t have to be a Prime member to get free delivery from Amazon if you satisfy a certain order minimum (typically $25). Overall, there are methods to buy goods in bulk to save money without incurring additional charges.
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