The 7 ways to save money after inflation rise: How to save on your weekly shop | Personal Finance | Finance
Inflation has risen by a record 3.2 percent in the year to August, while the price of food has also risen considerably. These staggering price hikes on everyday essentials could leave many Brits out of pocket. But Express.co.uk have asked the experts and here are several tips on how to shop smarter.
Inflation levels in the UK have reached their highest levels in nine years – meaning we could all be hit by more costly weekly food shops.
But financial experts at money.co.uk have shared with Express.co.uk some simple ways you can cut your spending, to stop the latest inflation rises from hurting your bank balance.
How can you reduce the price of your weekly shop?
James Andrews, senior personal finance expert at money.co.uk said: “While we do not expect inflation to remain at current levels for long, it’s important to plan for the here and now.
“And remember, just because inflation falls, that doesn’t mean prices will drop, merely stop rising. With food costs bearing the brunt of this rise, there are several ways to keep your weekly costs lower.”
READ MORE: DWP benefits claimants could be eligible for £1,500 boost
Take advantage of loyalty schemes
Many supermarkets offer loyalty schemes for their customers.
While it may seem like a faff to sign up for these schemes, they could save you a lot of money in the long run.
Mr Andrews said: “One way to get ahead is by taking advantage of loyalty schemes, which is much easier today than it was in years gone by, thanks to the magic of the app and smartphone.”
He added: “Both Tesco Clubcard and Nectar cardholders can use applications on their mobile to collect points at the till.
“You can then redeem these points for discounts on shopping and other benefits.”
Check your eligibility for supermarket vouchers
Parents and caregivers are often eligible for supermarket vouchers, so it is well worth checking to see if you qualify.
The vouchers can be spent on food at shops including; Aldi, Asda, Tesco, Morrisons, Sainsbury’s, Waitrose and M&S.
To find out if you are entitled to these vouchers, simply contact your child’s school.
Make the most of introductory offers
Lots of supermarkets have introductory offers for new customers online.
You can easily find these on their websites and you can also use discount codes found in supermarket magazines online.
Compare supermarkets prices
If you choose to convert to online shopping, then you have the added benefit of being able to easily comparing prices between different stores.
Mr Andrews said: “Spend some time looking at each supermarket’s website to see which has the best prices.
“You could even build the same shopping basket at multiple stores and then compare the total bills (before paying them of course) to see how much you are able to save.”
Avoid Metro or Local supermarket branches
Smaller stores tend to be more expensive than larger supermarkets.
While they may be less convenient than your local corner shop, swapping to larger stores, at least for your big food shops should save you a lot of money.
Don’t be a brand snob
Mr Andrews recommends Brits opt for cheaper supermarket brands.
He said: “As hard as it may be, try and avoid being a brand snob. In their heyday, shops like Waitrose and M&S were the market leaders for quality food, however, thanks to the meteoric rise of shops like Lidl and Aldi, you can get good quality groceries much cheaper.
“And don’t get too hung up on brand names. Some of the own-brand versions are actually the same product, made in the same factory, just with a different label.
Make a budget and stick to it
While this may sound obvious, it’s all too easy to spend an additional £20 by not sticking strictly to a pre-planned budget.
Make sure to plan your meals for the week and stick to your shopping list.
It’s all too easy to stick tempting treats into your basket, but this could see your bill soar.