6 Simple Ways To Reduce Your Grocery Expenses
If you are a frequent grocery shopper, do take note! According to the Point-of-Purchase Advertising Institute, more than two-thirds of purchases done in a supermarket are unplanned purchases.
If you are shopping for groceries this weekend, we suggest you load this article and follow some of the hacks closely.
In case you are wondering, we did a read up on a study by Marketing Science Institute before starting off this list to make sure that we get it right. The study studied the behaviour of shoppers and strategies of supermarkets to get consumers to spend more.
The Correct Size Basket
You probably have heard of the importance of a shopping list when doing grocery shopping, but the size of the shopping basket has a greater impact on your unplanned purchases.
According to research, unplanned purchases increase as the shopping basket increases. A good habit will be to have that shopping list and gauge the type of basket you need to carry those groceries. If you do not have a long shopping list, use the basket or your hands instead of the trolley.
Grocery Placement On Shelves
There are a few placement strategies that supermarkets use to purchase the more expensive brand of grocery.
Supermarkets tend to place the item which they are trying to sell you at eye-level. At times, supermarkets allocate extra shelf space for that certain brand too. The brands of these groceries are usually from a more recognised brand which means they cost more than the rest.
Hence, the next time when you shop, remember to scan the groceries from top to bottom. You should be able to find a perfect substitute for a cheaper the price.
Do note that, supermarkets have a plan for kids too. Supermarkets do strategically place items such as toys at the eye level for kids, in hope that the kids will pester their parents to buy it.
The Envelope System
The envelope system has been around for ages, but little know how exactly it works. It is actually a simple system where you split your budget into different envelopes, each labelled for a different category.
When it is time for grocery, only bring out the envelope labelled for grocery shopping and nothing else. This will curb your temptation for unplanned spendings since you will not have enough to pay for it anyway.
From Fresh Flowers, Aromatic Rotisserie Chickens
Some of us might have personally encountered this at Cold Storage, where they place fresh flowers and delicious aromatic rotisserie chicken near the entrance or exit of the store. The idea of this is to heighten your spirit when you enter the store such that you will feel happier about buying more groceries.
Given that they are located near the exit, there is a tendency that consumers will give in to the temptation and add a few of those items to their shopping cart before they leave. If you are really there for those rotisserie chickens, good for you. If not, just think of the calories involved, resist that temptation and move away from the smell as quickly as possible.
Getting Rid Of Empty Calories
Like fast food, the least nutritionally-dense foods such as candy and ice-creams are more expensive. These sinful treats, despite them being delicious can be a huge contributor to your expenses. Try cutting down on the expenses for them and see the difference over time.
This might help you cut down on medical expenses too!
Stock Up On Duty-Free
If a 6-packs or a bottle of wine always made it to your shopping list, here’s my personal favourite. As a regular consumer of a cold one over weekends, stock up by maxing out your limit on Duty-free alcohol whenever you travel abroad can save you quite a bit.
Over time, you will be able to have a little stash of your own to tide you through some of those needy times.
Check out our blog for more unbiased opinions on your personal finance journey.