Lets acknowledge the elephant in the room. Inflation is kicking our butts. Food costs are through the roof. Our wallets feel a lot lighter and when we leave the grocery store we feel a bit of sticker shock.

In 2023, food costs have increased 7.7 percent higher than in April 2022, according to the U.S Department of Agriculture. Food costs on average eat up (no pun intended), 10 – 15% of our monthly budget.

Groceries aren’t like a car or house purchase where we may hold off and watch the market. Nope, can’t do that. So, what do you do when faced with ballooning food costs?

Use these tips to be help successful manage your grocery budget.

1. Keep staples handy – rice, flour, sugar, pasta, beans, meat, frozen or canned vegetables and fruits.

2. Stock-up on ground meats.

Ground turkey, chicken or beef are generally affordable and can help make dinner or lunch in a cinch. They are very versatile, forgiving, and can be added to rice, pasta or potatoes for a quick and easy meal.

3. Make friends with the defrost button on your microwave.

How many times have you had food in the freezer but stopped dead in your tracks and reached for the take-out menu cause everything was frozen. Most microwaves have settings for defrosting. Give it a whirl, you’ll be happy you saved that $50 bucks.

4. Use Coupons

Don’t be afraid of coupons. We Wealth Chasers love to save money! We are not shy! Remember, grocery stores WANT your business and are competing to get your business. No need for the old coupon-cutting. Download your favorite grocer’s app and sign-up for rewards and digital coupons. I saved $35 this week just from using the App.

5. Meal Plan

I can’t tell you how much this has changed my life. Less food-waste and best of all less stress around meals. I don’t follow it to the “t” but having that general outline has been a game changer.

6. Buy in Bulk

If you have a large family, membership at a big-box retailer will more than pay for itself. Bulk purchases grocery products and get great deals on paper products and staples.

7. Shop Store Brands

Make store brands your brand. Often you can save anywhere from 10 – 25% on store-brands compared to their name brand counter parts. Best of all, most are comparable in quality to other manufactures.

8. Shop Unit Cost

This is a big one. It’s easy to compare prices by looking at the sticker price, BUT the key is unit cost. If you do nothing else, I want you to practice this one starting today. Here’s an example of how it works:

Box A of cereal is $4.50, right next to it is Box B for $3.50. Instinct tells us grab Box B. Stop! The price on Box might be less, but you are actually getting less for your money. Box A contains 25 ounces and Box B has 15 ounces. Not only are you getting less for Box B, but it costs almost 7 cents more per ounce.

I encourage you try at least one of these tips. You’ll be happy you did. These won’t make you a millionaire but they’ll help you control your spending, be a wise consumer and help you along on your pursuit of wealth.