One in four Americans have no retirement savings. Austin Kilgore, a consumer finance expert with the Achieve Center for Consumer Insights, a digital personal finance think tank, said our grocery cart is one place where we can bridge the money gap. Food expenses take up an average of $6,490, or 12.4% of annual expenses for many retirees.
Kilgore recommended six items retirees — or most of us — should never put in their grocery carts to save and spend smartly.
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Food You Already Have
Before heading to the grocery store, determine what you have, what you need, and what you don’t. Clean and organize your cabinets, pantries, drawers, refrigerator, and freezer.
Throw away anything past its expiration date and anything you won’t eat. Get rid of leftovers you promised you’d eat and things you bought at the grocery store that sounded good at the time but don’t anymore.
Organize what’s left so you can see what you have and eliminate duplicate purchases. From there, you can plan your meals.
“Maybe it means buying a fresh vegetable or can of tomatoes to complete a meal versus buying everything,” Kilgore said. “Some people who go through this process like to ‘eat down,’ which means eating up whatever you have in the house before buying more.”
Too Many “Extras”
A recent GOBankingRates survey found that nearly half of Americans plan to live on $1,000 or less in retirement, aside from housing.
While people say they “keep to a budget,” Kilgore said many people don’t have an actual budget – whether it’s in a spreadsheet or written down on paper.
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Sale Items You Won’t Use
Don’t fight the urge to veer away from your shopping list. Instead, plan meals around what’s in the weekly sale ads and any great deals you find. You can also check the clearance and mark areas in the store. You can also get discounts on items like meats with an upcoming expiration date within a few days
Kilgore also said many supermarkets offer digital coupons. While they can be confusing at first, it’s worth going to the customer service counter to ask questions.
Overpriced Bulk Buys
Membership warehouse retailers like Sam’s Club and Costco are popular among retirees. They also carry items in smaller quantities, non-perishable, individually packaged, and multi-packs of groceries.
“It’s also a smart idea to purchase and split up goods with family, friends, or neighbors,” Kilgore said.
Kilgore also said mid-size packages often offer better value than larger sizes. Some stores display unit pricing on the shelf. But it’s just as easy and accurate to check yourself using your cell phone calculator.
Too Many Perishable Products
Bulk buying – whether at membership warehouses or the local supermarket – only saves you money if you buy products you’ll consume quickly or items you frequently use.
Aaron Cirksena, CEO and Founder of MDRN Capital, a retirement planning services firm, said bulk buying becomes expensive for retirees when they purchase large amounts of perishable goods like meat, vegetables, and fruit that go bad quickly. Retirees buy too much food when they live alone or with a spouse.
“Also, with produce like fruit, don’t buy it already sliced,” Cirksena said. “It is usually more expensive. For example, a pineapple cut in slices could be $5 or more, whereas buying an actual pineapple could be around $2 to $3.
Cirksena also recommended being aware of buying name brands. You can find the same products off-brand while saving money.
Off-Season Produce
Purchase fresh produce and other items at farms, orchards, and farmers’ markets. You can do this in some areas year-round. In other areas, you can take advantage of the deals offered there for a few months.
“Learn what produce is in season and try planning menus around that,” Kilgore recommended. “You can generally save at least 15%.”
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This article originally appeared on GOBankingRates.com: I’m a Shopping Expert: 6 Things Retirees Should Never Put In Their Grocery Cart
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