What Wealthy Americans Do Differently at the Grocery Store
People often assume wealth is the result of one big event like inventing a groundbreaking technology, miraculously inheriting a castle from a long-lost relative or striking oil. And, yes, while those things can occasionally happen (hey there, Powerball jackpot winner), the truth behind how most individuals accrue wealth is much simpler and more boring: Wealth is typically the result of thousands of small decisions made over time.
First up? Everyday shopping habits. And nowhere is this more apparent than the grocery store.
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What are the small, everyday grocery shopping habits that separate higher net worth households from everyone else? MoneyLion consulted consumer experts; read on to find out what they had to say.
They Pay Attention to Unit Price Math
According to Xhensila Lala, economist and brand strategist at William Morris Wallpaper, wealthy Americans pay less attention to sticker price and more attention to price per ounce. She gave the following example.
A 16-ounce bottle of olive oil may cost $8.99 while a 32-ounce bottle costs $14.99, but the former breaks down to 56 cents per ounce while the latter breaks down to 47 cents per ounce. Therefore, when considering unit price, the bottle with the higher sticker price is actually a better buy over the long run. For this reason, wealthy Americans typically buy in bulk at stores like Costco and Sam’s Club.
They Time Purchases Around Markdown Cycles
Lala said grocery stores have set schedules of when they lower prices on products and wealthy Americans plan their shopping trips accordingly to take advantage of these savings.
Meat typically approaches its sell-by date mid-week and is discounted 30% to 50%; baked goods are discounted mid-afternoon after they’ve been sitting out a while; produce drops in price the morning a new shipment arrives.
“High-net-worth households treat this as they would with any other timed financial decisions,” Lala explained. “You show up on markdown day and purchase the chicken or ground beef on sale and freeze it immediately because the product is perfectly safe to eat and loses nothing in quality from being frozen right away.”
Have a Plan
According to Melanie Musson, insurance and finance expert at Clearsurance.com, wealthy Americans don’t just aimlessly shop at the grocery store; they meal plan, know exactly what they’re going to buy and have a weekly grocery budget. Having a plan helps to avoid impulse spending and overspending on items that will ultimately go to waste.
“According to the [U.S. Department of Agriculture] (USDA), a typical household wastes 30% to 40% of food,” said Caitlin Agnew-Francis, commercial sales manager at Desky. “In my opinion, this is the main difference between people who get rich and those who fail. It has nothing to do with the brands they buy, it has more to do with if they make the best of what they pay for.”
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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