The price of food is going up. The United States Department of Agriculture (USDA) reports that the price of all foods has risen 3.4% from July 2020 to July 2021. The USDA organizes food in many categories, such as fruits, vegetables, and more. Two categories in particular consumers may want to take notice of are the food-away-from-home (restaurant purchases), which has increased 4.6% since July 2020, and the food-at-home (grocery store & supermarket purchases), which has increased 2.6% since July 2020.

There are many driving factors for the increase of food prices, such as increased demand by consumers, increased production costs to farmers caused by droughts, and more. The White House/Biden & Harris administration has taken concern with the meat-processing industry. They attributed half of grocery store and supermarket price increases to meat. According to the White House briefing room, since December 2020, “prices for beef have risen by 14%, pork by 12%, and poultry by 6.6%.” They believe due to the lack of competition in the meat-processing industry, meatpackers are raising prices unnecessarily.

The White House is planning to address the lack of competition in the meat-processing industry, but until then, here are some tips to help you save money during increasing food prices.

1. BUY IN BULK

There are many benefits to buying in bulk. One benefit of buying in bulk is fewer trips to the store. This allows you to save on time and transportation costs. Another benefit of buying in bulk is the savings per unit. It may feel uncomfortable paying more for a bulk item than a smaller unit item, but the savings will add up over time. Buying in bulk is also good for the environment because less packaging is used than in smaller packages.

Even though there are many benefits to buying in bulk, many people do not have the resources to take advantage of bulk buying. Not having access to a personal vehicle with the space to transport items home makes bulk buying more difficult for some individuals. Another barrier to bulk buying is not having ample storage space at home. Not many people have extra cabinets, closets, or a second refrigerator or a deep freezer to store extra items. This results in more trips to the store and more spending in the long run.

2. BUY AS MUCH AS YOU NEED

Unless you’re new to grocery shopping, most people have a pretty good idea of how much food they need on a daily, weekly, or monthly basis. If not, it is good to start taking notice. Buying more food than you need and having it spoil is costing you more money. Pay attention to items with a shorter shelf life, such as produce, meat, and dairy. Take some time to go through your food supply and take note of what you have. Sort according to your convenience and take notice of items that may be expiring soon or those that are already expired. This will free up space and ensure that your space is being utilized efficiently. This may take some time and effort, but the benefits are worth it. Items that are sitting in your cupboard and not being used are costing you money. 

3. BUY STORE BRANDS

Another way to save money during increasing food prices is to buy store brands. Store brands are items that are available exclusively from a store. A Walmart store brand will not be available in any other store but Walmart.

The benefit of buying store brands is that they are cheaper than national brands. National brands are items that are not exclusive to a particular store, and they can be found in stores across the country and the world. An example of a national brand is Colgate toothpaste. Stores do this as a marketing technique to encourage shoppers to buy more of their products. Buyers should still compare prices and not assume that an item is cheaper because it is a store brand.

4. MAKE A SHOPPING LIST

Making a shopping list saves time and energy by reducing the time you spend at the store and reducing the number of trips a person takes. It also saves you money by reducing impulsive buying from being in the store longer than you have to. The more time you spend in a store, the more you’re exposed to the store’s marketing techniques. You may end up buying items you do not need because they are on sale.

Making a shopping list gives you the opportunity to take inventory of all the items you have and helps in planning your shopping. Some people use a pen and pad to maintain a list, but using your phone can be more convenient. Many people do not carry around a notepad everywhere they go, but most people have their phones with them at all times. This can help you write down items that pop into your head at random moments.

5. SHOP IN SEASON FOR FRUITS & VEGETABLES

Buying fruits and vegetables when they are in season is another great way to save money. When produce is in season, farmers produce more, which causes prices to go down due to the increase in supply. Also, produce doesn’t need to be stored as long when it is in season, which also contributes to lower prices. Take some time to research the season of the fruits and vegetables that you frequently buy. This will give you the opportunity to take advantage of the savings of buying some items in season.

6. USE COUPONS

Coupons are a great way to save money. They are an effective tool in combating increasing food prices and also help save money on other items. Coupons are tickets issued by a manufacturer, a store, or a restaurant with the ability to reduce the price of an item. An example of a coupon is $1 off orange juice or $5 off of a meal. On the coupon you can find the expiration date of the coupon, if there is any. It also explains the limitation of the coupon, such as “only good for one item” or can only be used on items of a certain cost. 

You can find coupons in newspapers, online at the store or restaurant’s website, in the store you are shopping, and even from the manufacturer of a product. Coupons are a great way to save money, but it does require some time investment. If you’re new to couponing, focus on finding coupons at places that you shop regularly and on items you use often.

7. SHOP LOSS LEADERS

Loss leaders are items priced below market value with the goal of attracting customers. Stores strategically place loss leaders in locations that encourage customers to be exposed to more items, in the hope that they will spend more money.

You can find items that are priced below market value in the store flyer. You can also collect the store flyer so you can plan your shopping instead of impulse buying. Loss leaders are a great way to save money on groceries, but they can also lead customers to spend more money on other items. Customers need to be careful that they don’t fall for this marketing technique. 

8. SENIOR DISCOUNT

Many grocery stores offer a discount for senior citizens on specific days, such as a Tuesday for senior citizens to get a discount. This is a great way for senior citizens to save money, but not all grocery stores offer a senior discount. Take the time to research the grocery stores in your location and ones you frequent to see if they offer senior discounts.

Grocery stores aren’t the only place that offers discounts for senior citizens. Discounts are also available at restaurants and sometimes available to other demographics such as children, veterans, and more. Also, restaurants may have a certain day that a free drink or an item is free or discounted to everyone. Taking the time to research if your local restaurants have any discounts can save you money. Also, it’s good practice whenever you’re at a restaurant to ask if there are any discounts, deals, or specials available to you.

9. SHOP AT SALVAGE GROCERY STORES

Salvage grocery stores can save a person a significant amount of money on food. Salvage grocery stores are stores that sell items that are near or past their best-by-used date, discontinued or failed items, and scratched or dented items. For these reasons, salvage grocery stores sell products at below market price. 

Salvage grocery stores are not a new thing. Many of them have been around for many years. They get their products from manufacturers that are trying to clear their products that are not selling and products that are not in the best cosmetic shape but are fine for consumption. Be aware of products that have more than a minor dent or scratch. The stores are usually good at sorting products that are not appropriate for sale, but it is important to do your own due diligence.

10. EAT LESS MEAT

Due to the fact that the main driver of higher food prices is meat, you can save money by reducing the amount of meat you consume. Many of us eat a lot of meat to begin with, and reducing our consumption of meat can benefit our wallets and our health. Substituting a vegan or a vegetarian meal once or twice per week can save you money in the long run.

11. CASH BACK CREDIT CARDS

A credit card that provides cash back for grocery shopping or dining at a restaurant is a great way to save money. Remember to pay the credit card in full each month to avoid paying any interest. You don’t want to lose savings to monthly interest costs for carrying a balance.

If you do decide to acquire a credit card that provides cash back on grocery purchases or dining out, ensure that you read the fine print. Some credit cards have limitations, such as what grocery store or restaurant you can visit and get cash back. You may get cash back at one grocery store but not at another. You can miss out on saving by not being aware of this.

12. BUYING DISCOUNT GIFT CARDS

Another way to save money on groceries and dining out is to buy discount gift cards. Gift card resellers, Amazon, a grocery store, and the restaurant you are planning to visit are places you can find discount gift cards. There was a time when gift cards were only sold at face value, but now you can get them cheaper.

13. Cash Back Apps

For those of you that are more comfortable on their phones, cashback apps are right for you. There are many apps that can help you save money on groceries and restaurant dining. For some of the apps, you have to provide a picture of your receipt to receive cash back or a discount. Many grocery stores and restaurants also have apps that you can use to get discounts. Try a couple of different apps and see which is right for you. This is another great way to save money on groceries and dining out.

14. LIMIT EATING OUT

Every now and then we may visit a restaurant because of the convenience. Over time, if this becomes a practice, it can be very expensive. If you find yourself going out to eat too often, you can save money by reducing the number of times you do. Cooking at home and meal prepping can save you a lot of money. At the same time, going out to restaurants is good once in a while; just don’t make it a regular habit. It can be very expensive.

FINAL THOUGHT

The USDA forecasts that food prices will continue to rise between now and throughout 2022. Not all tips will apply to everyone. You may find it easier to download a cashback app on your phone rather than making a shopping list. Many of you are probably already using some of these tips and will only take a couple. That is also fine. The goal is to make an effort, and that effort will pay off in the long run.