To make matters worse, economists polled by Bankrate say there’s a 52 percent chance a recession is coming, which could mean many of us will have less money to spare for everyday spending.
You may be familiar with the classic ways to save money on groceries. Avoid shopping when you’re hungry, for example, and buy generic products instead of brand-name equivalents. But how do these tips apply when inflation is making even the generic products more expensive? And what can we do to save money on groceries if the economy goes from inflation to recession?
Order Groceries Online to Avoid Impulse Purchases
If you want to keep your grocery bill down, you’re going to want to avoid impulse purchases. However, many supermarkets make it difficult to stick to your grocery list. “Tempting food displays lead to unnecessary grocery purchases,” Woroch explains. “People don’t realize how much extra they waste on impulse at the grocery store!”Some people steer clear of food displays at registers, aisle end-caps and other impulse-purchase traps by making a grocery list before they shop. Other people use meal planning techniques to help them stay on budget—and ensure that everything they bring home is incorporated into a future meal.
If your grocery lists and meal plans already help you avoid impulse buys, that’s great. But not everybody can successfully navigate a supermarket without succumbing to temptation. That’s why Woroch suggests ordering groceries online instead. “Ordering online helps you stick to your list,” she says. “And you will ultimately save a lot more when not wasting money on impulse food items.”
Use Apps and Credit Cards to Earn Cash Back
Avoiding impulse purchases is only the first step towards saving money at the grocery store. Savvy supermarket shoppers use cash back apps and credit cards that reward grocery purchases to maximize their rewards—and their savings.“Figure out which of your credit cards will give you the most money back for food purchases,” says Woroch. She also suggests adding a flat-rate cash back credit card to your wallet, just in case you do your food shopping at a convenience store or big-box retailer that doesn’t earn grocery rewards.
“Most grocery credit cards are limited to food stores and don’t qualify for extra points or cash back at big box retailers,” says Woroch. “Without a flat-rate cash back card, you could miss out on earning rewards if you buy groceries from Walmart or Target.”
Swap Overpriced Convenience Foods for Less Expensive Staples
Here’s one more tip that can help you save money on groceries, especially during a recession when prices might continue to rise. By swapping overpriced convenience foods for less expensive staples—name-brand cereal vs. store-brand oatmeal, for example—you give yourself the opportunity to not only save money, but also get more nutrition per dollar.Shopping for whole foods and staples instead of prepared foods and convenience items can save you money, but you’ll need to be prepared to spend more time in the kitchen. “Anything that has been chopped, diced, sliced, pre-seasoned will cost more for convenience,” Woroch says. “Buy the whole fruit or vegetable and larger slabs of meat to save 40 to 60 percent.”
