Ven. Gen 10th, 2025

Some advertisements and offers on this page are from advertisers who pay us. That may influence which products we write about, but it does not affect what we write about them. Here’s an explanation of how we make money and our Advertiser Disclosure. Yahoo Personal Finance · Getty ImagesUpdated 20 min readSaving money takes time and discipline — and it can be a challenge if you face competing financial obligations or unexpected costs. Your ability to save can also be impacted by external factors, including the rising cost of living and high interest rates on debt.As of November 2024, the personal saving rate was 4.4%, down from 4.6% the previous year. With many Americans continuing to bear the brunt of inflation and higher costs in a post-pandemic economy, saving money could prove to be more challenging than it was just a few years ago. However, there are ways to reevaluate your current spending habits and cut costs to designate more toward your savings account.Read more: What is the average savings by age?The most recent Consumer Expenditure Survey from the Bureau of Labor Statistics found that spending on groceries was up by 8.4% in 2022 (the most recent data available). Americans spend an average of $5,703 each year on food at home — nearly $500 monthly.Of course, you have to eat, so can’t completely eliminate this big monthly expense. That said, there are certainly ways to save money on groceries. Make a list before you shop: It can be easy to get lost in the colorful aisles of a grocery store and throw unnecessary snacks into your cart. Before you go shopping, take stock of what’s already in your refrigerator or pantry and make a list of your must-buy items. That way, you don’t buy duplicates or spend on groceries you don’t really need. Shop generic: Name-brand products tend to come with higher prices. An easy way to cut grocery costs is to shop the supermarket’s brand of items. Chances are, the ingredients are pretty similar. And generic foods typically cost 25% to 30% less than their name-brand counterparts — which can really add up with each shopping trip. Buy in bulk: This may not make sense if you’re grocery shopping for one. But if you have a larger family, buying items in bulk can help you save big. However, be sure to calculate the price-per-unit (that’s the total number of units divided by the cost of the item) and ensure it’s less than the cost-per-unit when purchasing a smaller quantity. You’ll also want to consider the item’s shelf life and ensure your family can eat through your supply before it goes bad. Consider a rewards credit card: There are several rewards credit cards that offer cash back and bonuses for purchases made at supermarkets, as well as retailers, restaurants, gas stations, and more. Using a rewards card for grocery purchases that you need to make anyway can help you shave down the cost further. Just be sure you charge only what you can afford to repay at the end of the billing cy 

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