6 Ways to Beat Inflation in the Grocery Stores

Inflation is unavoidable but we can be smart in dealing with it.

According to ycharts.com, US Inflation for June was 2.97% compared to 4.05% the previous month. This is against the backdrop of 9.06% last year. The long-term average is 3.28%. So does that mean the US Fed has done its job and inflation is declining? The jury is still out there.

Wherever we are on the scale of economic state now, it’s best to err on the safe side. Food prices are one of the most critical topics in times of inflation. With prices of food and daily necessities soaring high, here are some of the ways to be a prudent consumer.

1. Experiment with house brands and cheaper alternative

Humans are creatures of habit and routine. A big part of our life as an adult would have been heavily influenced by our childhood. I bet most of the items in our kitchen now reminiscence what our parents had in theirs, and that includes the type of food and brands on them. After all, Mum knows best, eh?

That brand you have been familiar with is likely to go through multiple price hikes due to inflation. The quality may have dropped along the way and there could be cheaper and better alternatives today.

The key here is not to go in with the intention of replacing every item in the house and opt for cheaper alternatives. Treat it like an experiment and/or experience. If you are not comfortable with doing this with food, start with cleaning products. If it doesn’t work as well as you have hoped for, just finished it up and stick to your go-to brand. Repeat the experience. I found it fun to do this as it’s no longer about being powerless as a victim of inflation and being forced to cope. It’s about adventure and different experiences.

My experience told me that there is always a balance point. Do I realize the difference between the two brands? How much cheaper would the alternative choice have to be before I switch over? Would it bother me if use a different brand for specific different applications, for example, I could be using my favorite dishwasher to wash the dishes but when it comes to cleaning the sink, I’ll use the alternative, cheaper option. Ultimately, there is no specific right or wrong for everyone. Just follow your feeling and guts. If nothing else, it’ll make a good conversation to be able to share which brands work (or not) over a homemade dinner with friends.

2. Focus on in-season produce

The common advice is to have a shopping list created before you hit the store. The idea is for you to focus on what you need and planned, and avoid the temptation of the bar of chocolate you just passed by.

Scrap that!

Instead, go and check out what’s in-season in store. In-season typically means the produce is in abundance, and when that happens it usually means that prices are driven down to boost consumption and reduce wastage. This is a great opportunity to capitalize on.

Work your weekly dinner plan around what’s available at a reduced price. Be creative, be bold. It’s an excellent opportunity to try out new recipes. In the long run, you would still be able to have your favorite meals. Maybe not this week but the following month. You’ll likely get bored with the same meal anyway. This is easily applied to green and fruit produce.

3. Stock up on discount

This sound like a piece of dull-witted advice but I can assure you that, based on my observation, not enough consumers make the most of it. It’s a common sight to see people with a cartful of loads on paydays. A closer look into the cart reveals that many of the items are on normal pricing.

“It’s so hard to make a return on regular investments that … you’re better off buying two years’ worth of toothpaste when it’s on 50 percent discount” - Billionaire Mark Cuban

Instead, it may be more worthwhile to make a few more trips to the store, take notes of the prices of the everyday items you use and make purchases of discounted items of the day. I’ve personally made a trip to the store with every item in the cart at a discounted price.

Again, the aim is not to be perfect. There will be items where discounts are as rare as a unicorn. It’s about trying to maximize the situation to your benefit.

On the flip side of the coin, make sure to only buy in bulk if you are sure you are going to finish up the stock. All the savings will come to naught if wastage happens at the end of the day.

4. Make full use of credit cards and members’ perks.

According to CNBC, Americans owe nearly $1 trillion in credit card debt. But saying that credit cards are evil is akin to saying that money is evil. Granted, the love for money or an excessive focus on wealth can lead to negative outcomes such as unethical behaviors. Money is not evil. It all boils down to your action. Likewise, the same can be said about credit cards.

There are a lot of credit cards in the market that provide perks and rewards. Personally, I take cash-back credit cards over reward cards. I make sure that each card I own has its purpose and tally the transactions I made with the credit card that gives me the most cashback.

I’ve been able to make a few hundred dollars every year just with the practice, and the money saved is channeled to my investment to make sure it works harder still.

As long as you manage it well, with the right credit cards, you’ll end up in a better financial position.

Likewise, if you always shop at certain specific stores, you might as well signup for any membership they offered. It may not be a lot but in the long run, you win.

5. Monitor usage and reduce wastage

According to Feeding America, Americans waste more than $408 billion each year on food. The average American family of four throws out $1,600 a year in produce. What could you do with the extra $1,600 a year? A lot considering 57% of Americans can’t afford a $1000 emergency.

Before hitting the store, make sure to take a snapshot of what’s in your fridge, and consider what, and how much you need to buy. Make the best use of what’s available. You may be able to serve up a mixed stew with a mix of leftovers instead of stocking up on new ingredients.

Track your consumption rate, especially the perishable. All the savings from bulk buying discounted items will be naught if you couldn’t consume them by the best-before date. You might be losing money instead.

6. Follow the immigrants

Not the be racist or anything but I think we can earn a lot from other cultures. Let’s face it. Most immigrants go through the trouble of going to a foreign country in the hope of better life for their family, and money is surely a scarce commodity. Most will make the best use of their money, stretching it as much as possible.

To know what’s cheap, what’s affordable, and what’s on a great deal, observe how the immigrants shop. You would be surprised how much savings you could make if you follow some of their choices. Once, I observe a group of young and able group of immigrants and sure enough, most of the items they picked up are at reduced prices, some I’m aware of as I tracked the prices of the items but I’ve learned a couple of things from them too.