How to save on food in the food price inflation

The increase in food costs has affected how many consumers pay for the food and how well they can keep up with other bills.

“We can’t avoid having to buy groceries and buying groceries,” said Kimberly Palmer, a personal finance expert at Nerdwallet.

A recent report by the Urban Research Institute found that between February 2022 and August 2024, credit card delinquency rose 39.8% due to food prices rising. In 2023, the research company discovered that about a quarter of adults paid for their groceries with credit cards, and as a result, they took on debt.

More Americans are using Buy Now. You will pay a later loan and buy groceries. Approximately 25% of respondents said they bought this year’s purchases now, paid later loans, and bought groceries from 14% in 2024. There’s a lot more behind on these bills. 41% of respondents made late payments on BNPL loans over the past year, up from 34% the previous year, the report found.

Some consumers are in the more disastrous straits. According to a new Pew Research Center report, over the past year, around 19% of Americans polled said they need to get food from food banks and pantry.

When it comes to saving groceries, experts say they want to prepare as much as possible.

“Use all the resources available,” Bankrate’s Kates said, including comparing prices and going to wholesale and discount locations.

Here are five ways to save on grocery costs:

Thomas Gremillion, Food Policy Director for the American Consumer Federation, says a good first step is to plan your meals ahead of time.

Once you have an idea of ​​the type of meal you are trying to prepare, write a list of what you need before you step into the grocery store.

According to Gremillion, people tend to spend less money when they go to grocery stores with their lists.

Watch the supermarket sales circulation as planned. Often, they have discounted prices for certain brands and meat cuts, said Palmer of Neld Wallet. “It helps to maintain that flexibility,” she said.

Participating in the local store’s loyalty program will allow you to receive additional discounts in addition to weekly sales and deals, Palmer said. You may need to trade personal information such as phone numbers and emails, but you usually get a lower price in exchange, she said.

In addition to selling, look for manufacturer coupons, Kates said.

Credit Carma reports found in Credit Carma reports that around 56% purchase common or store branded products.

Doing so will save you money. According to a 2022 blind test conducted by the Consumer Report, store brands are about 5% to 72% less than name brand products per serving. Approximately three-quarters of the 70 store brand products used in the test tasted as good as the name brand.

Compare store prices on websites and apps and make sure you spend time on specific purchases while they are on sale, Cates said.

A Credit Karma report found that 22% of consumers said they prioritize shopping at retailers offering promotions. Another 35% shop at discount stores such as Dollar Tree and Dollar General.

And it’s no secret that shopping in bulk at wholesale clubs can also provide savings. Wholesale clubs such as BJ Wholesale Club, Costco or Sam’s Club offer a variety of membership stages ranging from $50 to $55 on the most basic plans.

The Credit Karma Report found that 17% of respondents are applying or considering food stamps, while 16% are dependent on food banks. These can be valuable resources for families in need.

Courtney Alev, a consumer finance advocate at Credit Karma, says the Supplementary Nutrition Assistance Program (SNAP benefits) is a federal government program that provides food benefits to low-income families. For more information, please contact your local snap office. To qualify, you may need to meet certain requirements.

Experts say local food banks and pantry are available to anyone who can afford groceries.

However, you may need to provide information depending on the food bank’s specific standards or policies, experts say. For example, some people may need proof of their residence and income, Aleph said.

You can find your nearest food bank on websites such as Feedingamerica.org and 211.org.