5 Smart Ways To Stock Up on Groceries Amid Inflation and Still Save Money
With ongoing tariffs and other global trade pressures due to the war in Iran, many economists warn prices on imported goods could continue to rise. In response, some consumers are stockpiling purchases in the hope of getting ahead of potentially higher inflation.
While that can be a good cost-saving strategy, it can also backfire if you don't shop carefully. Keep reading to learn how to stockpile for inflation without wasting money.
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1. Plan Ahead With Purpose
Price increases could prompt some consumers to shop sooner than usual for things like gifts, new appliances and phone upgrades. That makes sense if you're sure you'd be making those purchases in the near future anyway, but rushing into purchases for fear of missing out on today's prices could lead to buyer's remorse.
2. Don't Accumulate More Necessary
Going overboard on commonly stockpiled items like medications and toilet paper can be counterproductive. While you can store toilet paper forever, medicines might expire or lose potency before you use them.
Stockpiling can also create artificial shortages, as seen during past periods of panic buying. Not only does hoarding make it unnecessarily difficult for people who need these necessities, but the high demand can increase prices further.
3. Avoid Larger Sizes
Imported grocery items like coffee, maple syrup and olive oil are good choices for stockpiling because they have long shelf lives. They're also relatively expensive under even the best circumstances, so you could save a significant amount of money purchasing whatever amount you can safely store and use. However, stick with the package sizes you typically purchase. Giant-sized packages might be cheaper, but even shelf-stable items begin to lose freshness after you open them.
4. Replace Fresh With Frozen
Nutritionally, frozen fruits and vegetables are as (or more) nutritious than fresh, and they're always in season. Frozen berries, for instance, typically cost less per ounce than fresh and last much longer, making them a more cost‑effective option.
5. Reconsider Joining Wholesale Clubs
Costco, BJ's and Sam's Club are a tempting wholesale club options for anyone planning to buy in bulk. In addition to discounted prices on groceries, clothing and household items, you can also save on fuel, prescriptions, eyeglasses, car care and other services.
Wholesale club memberships can carry a significant annual fee. Check out prices and product sizes on the clubs' websites to get a sense of whether you'll really save money shopping there.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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