You may have noticed that your usual products at the store may have gone up in price and/or are offering less of the product. When companies start downsizing their products, but the price remains the same or more expensive this is known as shrinkflation. This typically happens during times of inflation. Let’s get into a few tips for how you can spend your money wisely during this time.
Compare Unit Price
Compare the unit price for the products. This can typically be found on the tags next to the total price. Or you can divide the total price by the quantity. Look for the product offering the largest quantity of the product for the best price.
Buy In Bulk
Consider buying in bulk. Depending on your household size it may be a better deal to buy your groceries and products from a warehouse club store. Typically, these stores offer larger wholesale quantities, which typically means you get more for your money. For a larger family, this may be a great option for cutting costs.
Shop At Multiple Stores
Shop at more than one store. Do your research online for the deals of the week and shop at the stores that are offering the best specials or coupons for the items you need.
Cost Effective Meals
Reevaluate your meal plans. You may want to consider having one or two no-meat meals a week to cut back on costs or go with a cut of meat that you typically wouldn’t get. Consider buying generic store brand items instead of name brands and purchase in-season produce or frozen fruits and veggies as these items will typically be more affordable.
Staying on track with your grocery budget may feel like an impossible task with prices rising and quantities getting smaller. It is important to remember not to panic, you can make this work you just need to take a closer look at how you are shopping. Remember to compare products for the best price, buy in bulk, shop at more than one store, and reevaluate your meal plans.
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