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Inflation is making it really difficult for a lot of people to pad their savings accounts these days. Grocery costs are up 11.3% on an annual basis, according to the most recent Consumer Price Index. And a recent Wall Street Journal article pointed out that egg prices are up 70.1% over the past year -- the highest annual increase since 1973.
But that article has also been met with a bit of controversy. Its headline is "To Save Money, Maybe You Should Skip Breakfast." And while one would assume that this advice is meant at least somewhat in jest, the Internet seems pretty angry about it.
Of course, a good way to save money on food is indeed to buy less of it. But it's also not necessarily the most healthy or practical solution to the problem of higher food costs. So if you'd rather save money on groceries without going hungry or skipping meals, here are some tactics to employ instead.
1. Buy in bulk strategically
You'll often pay less per ounce or unit when you buy groceries in bulk rather than in smaller quantities. And you don't even need a Costco membership to buy in bulk. Amazon carries a number of pantry staples in bulk quantities, and your local supermarket might have its own selection.
That said, it's important to buy the right things in bulk. If you're not sure whether you can consume perishables like meats, cheeses, and produce before they go bad, stick to smaller quantities and save the bulk buying for products like cereals and grains. If you purchase bulk items at a lower price per unit or ounce but wind up throwing one-third of your haul away, you won't end up saving yourself money.
2. Look to discount grocers
Shopping at discount grocers like Aldi will commonly result in a lower credit card tab than sticking to traditional supermarkets. Now one thing you should know about stores like Aldi is that you'll need to exercise patience when shopping there, because the inventory isn't always consistent. But if you have a discount grocer like Aldi nearby, and stopping in a few times a week isn't so inconvenient, you may find that you're able to save quite a bit while eventually procuring all of the things you need.
3. Don't forget about dollar stores
Your local dollar store may not be your go-to source for groceries. But if you look around, you might find certain staples at an unbeatable price point. And if you're convinced that buying food at your local dollar store will mean getting stuck with a brand you've never heard of, think again. Often, you'll find recognizable names on the shelves, only at a lower cost than your nearby grocery store.
Whether the Wall Street Journal actually thinks it's a good idea to skip breakfast or not, the reality is that you can lower your supermarket spending without having to go to that extreme. In addition to buying in bulk, frequenting discount grocers, and scoping out dollar store selections, one easy way to save on food is to simply be mindful of sales. Read the circular that lands in your driveway rather than toss it, and buy things your family eats often when they're available at a discount. Doing so could help your paycheck go further at a time when food prices are so elevated.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Maurie Backman has positions in Amazon.com. The Motley Fool has positions in and recommends Amazon.com and Costco Wholesale. The Motley Fool has a disclosure policy.
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