Food inflation has hit retirees hard over the last several years, particularly those living only on Social Security. While you can’t do anything about inflation, you can cut your grocery spending by making a few changes.
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Here are three big mistakes retirees make while grocery shopping, plus experts’ insights and practical tips that can help you on a Social Security budget.
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Not Having a Budget
Chad Olivier, CEO and certified financial planner of The Olivier Group, says one of the biggest mistakes is not having a budget.
“What happens to most people that do not have a large family to cook for is that they tend to eat out a lot,” Olivier explained. “A better way to stay within a budget is to meal prep and cook a couple of large meals and freeze them so that it lasts for several weeks.”
Not only will this save you money, Olivier said, it also means you’ll have great home-cooked meals.
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Not Planning Ahead
“One of the most common mistakes retirees on Social Security make when grocery shopping is not planning ahead,” said Jon Alper, an expert in Florida asset protection and estate planning at Alper Law. “Without a clear list or meal plan, it’s easy to overspend on unnecessary items or rely too much on convenience foods, which are often more expensive and less nutritious.”
He recommends creating a weekly meal plan based on sales and what you already have at home, making a shopping list and sticking to it, and buying staples in bulk (when it makes sense). He also suggests buying store brands rather than name-brand items.
“Generic or store-brand items often have the same quality as name brands but cost significantly less,” said Alper.
Anchoring Spending Patterns to Pre-Retirement Levels
R.J. Weiss, certified financial planner and CEO of personal finance website The Ways to Wealth explained that a common mistake is anchoring spending patterns to pre-retirement levels.
“In retirement, your budget should align with your current lifestyle, not the spending habits you had while earning an income,” Weiss said. You can achieve this by starting from scratch and building your budget from zero.
“This might mean letting go of old habits, like shopping at a specific store, but the focus should be on making decisions that reflect your present needs and priorities, not your past lifestyle,” he added.
This article originally appeared on GOBankingRates.com: 3 Big Mistakes Retirees Living on Only Social Security Make While Grocery Shopping