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Cornell University : Cornell Cooperative Extension
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| Yates Association |
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Saving Money in the Supermarket |
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Are you one of the 55 percent of supermarket shoppers who make lists but don't stick to them? It is known that you will spend less on food if you shop with a list. Take the time to make a shopping list based on menu plans and advertised specials and USE the list when shopping in 2 or 3 different stores to save about 10 percent on your grocery bill, even when you count mileage between stores. Allocate and designate a budget for family groceries and pay cash. There is a major increase in the use of credit for grocery shopping. Studies show that 30 percent of people who use credit cards to buy groceries don't pay off the monthly balance on the credit card. In effect, they are borrowing money at high interest rates to feed themselves and their families. Moreover, other studies show that these shoppers spend more money for groceries than do those paying cash. It may reflect the fact that shoppers, when they buy food on credit, aren't as careful as shoppers who budget and buy food with cash. That's
probably why more and more food stores are allowing customers to use
credit cards for their purchases: it is estimated that the convenience
encourages shoppers to spend 16 percent more. The amount charged on those high-interest credit cards is significant: a typical family of four spends anywhere from $108 to $135 per week on groceries. Not included in that figure is the cost of non-food items also purchased at grocery stores, such as shampoo, toothpaste, and other items. Add together all the items, and it is conceivable that a family shopping on credit may be racking up weekly bills of $200 and more. Such families may find themselves adding $800 a month to their credit card balance. In general, using credit to purchase groceries is not recommended. Credit should be reserved for durable goods like cars or major appliances, not for bread and milk in the supermarket. It's been proven that saving money in the supermarket is based on basics like using a shopping list, planning and keeping to the amount budgeted for family food and paying cash. Cornell
Cooperative Extension Yates Association |
