For many families, food and toiletry items are the largest variable expense each month in their budget. According to the US Department of Labor, the average American family of four spends $8,513 per year on groceries (about $709 per month).
I find that figure to be extremely high. I'm sure that there are families that spend that much, but we average (much) less than $400 per month for food and toiletries. How do we do it?
We stock up on grocery and toiletry items when they are at "rock-bottom" prices, not just when we need them.
What is a "rock-bottom" price?
A rock-bottom price is the lowest price available for that item. Many times, I'll purchase the item when it is at its lowest sale price, plus I'll use a coupon for the item to save even more.
How do you know when it's a "rock-bottom" price?
Keep track of prices by creating a price book for your staple items. Basically, you want to keep track of the prices over time of some of your staple items at various stores where you shop to determine what the best price is, so that you know when it's a good price for stocking up.
Here are my Best Methods for Saving on Groceries:
- Menu Plan - each week (or month) plan your menus so you know exactly what your going to eat any given week
- Make a Grocery List - Shop your stockpile and determine what you need to purchase for your week's menu plan
- Stockpile items at "rock-bottom" prices
If you follow these steps, you'll have a plan so you don't waste food or order carry-out at the last second, and you'll have purchased your items at the best prices.
How do you save money on groceries?