Eight grocery shopping tricks for smarter retirement living

In an age of economic challenges and rising living costs, managing your household budget effectively becomes more important than ever. The impact of inflation is felt keenly, and one area where it often hits hardest is your grocery bill. 

As reported by the Australian Bureau of Statistics, food spending has surged by 12.4 percent which is on top of the already daunting task of balancing your finances. 

However, there are practical steps you can take to reduce your grocery bill and ensure a comfortable retirement. To help, meet George Barbara, who, due to a back injury, found himself in early retirement at 42 years of age. George has learned valuable lessons about stretching a budget and making the most out of grocery shopping with his wife Amelia. Using his advice, here are some strategies to help you do the same:

Plan your meals

One of the simplest, yet most effective, ways to save on groceries is by planning your meals ahead of time. Take a moment each week to decide what you’ll be cooking and make a list of the ingredients required. This not only helps you stay organised but also prevents impulse purchases and reduces food wastage. 

George Barbara explained the importance of having a plan for grocery shopping and added that preparation doesn’t prevent the occasional treat, as long as you know how to spoil yourself.

“Having a shopping list keeps us organised, but if we see a sale, we normally will purchase [a treat] because treating yourself is important.”

Write a shopping list

Building on the idea of meal planning, create a shopping list before heading to the supermarket. Stick to this list diligently and avoid wandering through the aisles, tempted by enticing displays and promotions. A well-thought-out list can help you stay on track and within your budget.

“A shopping list keeps you focused. You won’t be buying things you don’t need, which saves money,” George explained.

Shop around and watch for sales

Comparison shopping is a tried-and-true method to save money on groceries. Keep an eye on advertisements, flyers and online deals from various stores in your area. When you spot sales on items you regularly use, take advantage of the opportunity to stock up at lower prices. The best way to do so is by checking out the weekly catalogue of your local shop.

“We’ve turned sale hunting into an outing — it’s not only fun but also saves us money,” George said.

George Barbara chilling in retirement. In the background you’ll see part of his garden. George is an avid gardener who grows many of his own crops for consumption.

Buy in bulk

Purchasing non-perishable items in bulk can be a cost-effective approach. Items such as rice, pasta, canned goods and toiletries can often be bought in larger quantities, which typically come with a lower unit price. Just be sure to assess your storage space and ensure that you can use these items before they expire. Shops such as Costco also sell goods in larger quantities which can allow for savings to be made on the unit cost.

“Items like toilet paper and detergent are cheaper when bought in bulk. Just make sure you have storage space,” he said.

Consider alternatives

Opting for generic or store-brand products instead of name-brand items can significantly reduce your grocery expenses. In most cases, you’ll find that the quality and taste are comparable and the savings can be substantial over time.

“We’ve found that many generic brands are just as good as the more expensive ones. It’s a simple way to cut costs,” George said.

Always check the unit cost

When shopping, pay close attention to the unit cost labels on the shelves. These labels provide the price per unit (e.g. per ounce or per kilogram) and allow you to make informed decisions about what package offers the best value. Sometimes, buying a larger size may save you money in the long run.

Minimise food waste

Reducing food waste is not only eco-friendly but also budget-friendly. Keep a keen eye on expiration dates, store perishables properly and consider using leftovers creatively in subsequent meals. By minimising waste, you can stretch your grocery budget further.

“We’ve become creative with leftovers. It’s surprising how much money you save by using everything. I come from a family of nine children — this is something I’ve seen first-hand since I was a child,” he stated.

Leverage loyalty programs and coupons

Many supermarkets offer loyalty programs or digital coupons that provide discounts and exclusive deals to their customers. Sign up for these programs and explore coupon apps to unlock additional savings on your grocery purchases.

“We save a lot with loyalty programs and coupons. It’s a little extra effort that pays off,” George concluded.

In the face of rising living costs and grocery price increases, it’s crucial to be proactive about managing your expenses. By incorporating these practical strategies into your shopping routine, you can help reduce the strain on your retirement budget and enjoy a more financially secure future. Cutting your grocery bill is not only a matter of saving money but also a way to ensure that your retirement living remains comfortable and worry-free.