4 Self-Made Millionaire-Approved Ways To Save Money on Groceries
The cost of groceries continues to climb, with prices rising 1.9% over the past year, according to the latest Consumer Price Index report. While there's nothing you can do about the prices themselves, there are steps that you can take to reduce your grocery spending.
Bernadette Joy, a financial coach and self-made millionaire, sticks to a few key methods to keep her own grocery bills low. Here are her favorite ways to save money on groceries.
Allow Yourself To Eat Out
This might seem counterproductive, but Joy believes it can ultimately end up saving you money if you allow yourself to dine out — within a predetermined budget.
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"I recommend having a 'fine dining' allowance — eating out up to three times a week," she said. "Why? Because overbuying groceries that end up in the trash is a bigger waste of money than an intentional meal out. When you allow yourself a set number of restaurant meals, you look forward to cooking more, reduce food waste and avoid impulse grocery shopping.
"The goal isn't to never eat out — it's to be intentional about how you spend on food," she continued.
Keep a 'Lean Kitchen'
Much like having a zero-based budget gives every dollar a purpose, Joy believes that every food item you buy should have a purpose. She explained what this means in her book, "Crush Your Money Goals."
"Take inventory of what you already have stored in your refrigerator, on your kitchen counters and in your pantry," she wrote. "This not only prevents impulse purchases but also ensures that every ingredient serves a purpose and you just buy what you need."
Don't Buy Groceries Bulk
Although many experts advise buying groceries in bulk, Joy said that this doesn't make financial sense for most households.
"While buying in bulk may seem cost-effective, it often leads to unnecessary expenditures and waste in the long run," she wrote in her book. "In my experience, I've learned that bulk buying only starts to make financial sense for families of five or more."
Joy advised buying fresh groceries you know you will eat instead of buying in bulk.
"Prioritizing freshness over bulk ensures that you only buy what you need, when you need it," she wrote.
Switch to Smaller Plates and Bowls
When you eat off a large dinner plate, your instinct is to fill it up, even if that means you're eating more food than you actually need.
"The major game changer for us in saving money was one simple switch: eating from smaller plates and bowls," Joy wrote. "We have the habit of finishing what's on our plates, and so smaller plates mean we eat a lot less."
Using these tips, Joy was able to bring her weekly grocery bill for two down to $75 from nearly double that.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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