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There are steps you can take to spend less on food and fuel. Learn how you can trim these costs.
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Inflation has been wreaking havoc on consumers since 2021. And while it’s thankfully cooled a bunch this year after peaking in mid-2022, Americans are still grappling with higher living costs. And many are changing their spending habits to cope.
Recently, Bank of America surveyed members of Gen Z about their financial habits, and 73% of respondents said they’re spending less on groceries and gas due to rising prices and persistent inflation. Of those, 96% anticipate maintaining those changes over the next 12 months. But the reality is that anyone can benefit from reducing their spending in essential categories like these, even if prices do drop.
How to save money on groceries
Groceries may be an essential expense, but you can take different steps to spend less on them by:
Buying household items in bulk: It’s not just stores like Costco and Sam’s Club that give you access to bulk quantities of groceries. Just look on Amazon for pantry staples, or check out the inventory at your local Target or Walmart. Your regular supermarket might also sell bulk quantity items that result in you paying less. However, only buy items in bulk that are staples in your household. That way, you’re more likely to use them up and not waste them.Loading up at discount grocers: Discount grocers like Aldi have the potential to offer a lot of savings. However, you have to be willing to go off-brand to take advantage of those discounts. You may not want to do that when it comes to things like your kids’ favorite granola bars. But when you’re buying bread, pasta, and butter, why not save your money by giving up the fancy packaging?Doing more meal planning: The simple act of getting organized could save you money on groceries. Figure out what you’ll be cooking at the start of the week, and, if possible, try to coordinate your menu with what’s on sale at your local supermarket.
How to save money on gas
You need to fuel your vehicle to get around town, but you can save on gas by:
Paying in cash: Many fuel stations offer a steep discount per gallon for paying in cash. Do some research in your neighborhood to see what discounts you can snag by hitting the ATM before you fill up.Running errands more efficiently: You may be in the habit of running out to the store whenever the need arises. Instead, try to plan your shopping for the week, and use an app like Google Maps to figure out a cost-effective route.Fill up at Costco or join Walmart+ for the gas savings: Filling up your car at Costco may be a lot less expensive than filling up at another gas station in town, so try to make a point to fill up when you do your shopping. Meanwhile, a Walmart+ membership gives you $0.10 off per gallon of gas at thousands of fuel stations across the country. And, you get free shipping on grocery orders of $35 or more. Taking advantage of that membership could mean lower costs at the pump and fewer trips to the supermarket. That could also result in gas-related savings.
It makes sense that younger Americans are trying to cut back on large expenses at a time when prices are high. If you’re trying to conserve funds and improve your personal finances, it pays to do the same.
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