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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Grocery shopping is an unescapable chore of life and also takes up most part of the budget. We can all also agree that while we intend to buy one item, we end up leaving the store with so much more. Reducing on extra grocery and household expenses may not be possible, especially if you have a big family. However, there are several ways that you can use to save money when shopping for these.
Here some tips that you can follow when saving money on groceries and household items:
Set a budget – Setting a budget will go a long way in preventing you from overspending. While a budget can seem like a boring thing to stick by, it will be rewarding with time. A budget does not have to be restrictive. Begin by tracking your expenses and work out a budget. If you can predict how much you end up spending on an average, it will help you set aside a budget and curb down on you additional spends.
Buy generic items – A lot of brands use different labels to market similar foods differently. While you may be tempted to stack several items in different flavors, refrain from the same. Most often, the ingredients are the same. For example, if you are already buying plain cereal, you do not have to purchase another pack of strawberry flavored cereal. When adding products to your cart, check the product labels carefully.
Avail of loyalty programs – Grocery stores run several loyalty programs from time to time. Signing up for these programs will bring you great savings. It works in a way that you secure points every time you shop for given items. The accumulated points can be redeemed later for discounts or in the form of rewards at a later stage. You must however, clearly understand the terms and conditions of the varying loyalty programs.
Value-added credit cards – The right credit card can be the best tool to help save your money when shopping for groceries and household items. Depending on the credit card you choose, you can avail of benefits that include cash back, reward points, merchandise and more. Choose a credit card after evaluating your shopping behavior to make the best of the perks.
Saving money on groceries may feel difficult in the beginning, but overtime it does get easier. Effectively planning and being intentional about your purchases will help in keeping your budget on track.
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