Even if you have access to more money, keeping that money involves being strategic with finances. And with costs rising higher each day, millionaires are being extra savvy in budgeting for their groceries.
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GOBankingRates spoke with millionaires Tommy Mello, founder of A1 Garage Door Service, and Jason Wong, general manager of Rosedwell Machinery Co, to discuss some ways they buy essentials.
“I’ve learned the importance of meticulous budgeting in both business and personal life,” said Mello. “Over the past year, I’ve had to adjust my grocery budget significantly to accommodate rising costs.”
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Adjusting the Budget: Planning and Prioritizing
“Initially, I allocated a fixed amount for groceries each month, but the rising costs forced me to be more flexible and strategic,” said Mello. He now plans his meals for the week and creates a detailed shopping list to avoid impulse purchases.
“This ensures I buy only what I need and reduces food waste.” Prioritizing essential items and cutting down on luxury or non-essential products has also been crucial. “I focus on buying fresh produce, lean proteins, and whole grains while limiting snacks and processed foods.”
Wong has also found this an effective strategy. “I think the key to managing grocery costs is prioritizing essentials.” He’s noticed that sticking to a list helps him avoid impulse purchases. “I focus on buying what I need and ensure I get the most out of every grocery trip.”
Wong said this approach has become even more important with rising costs. “I find that planning meals in advance and creating a detailed shopping list keeps my spending in check.”
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Bulk Buying and Seasonal Shopping
Purchasing staples like rice, beans, and canned goods in bulk has helped Mello save money in the long run.
“I buy fruits and vegetables that are in season, as they tend to be cheaper and fresher. I also take advantage of sales and discounts, stocking up on items when they are on offer.”
Wong agreed: “I believe in shopping smart to save money. I look for discounts, use coupons, and buy in bulk when it makes sense. I’ve joined loyalty programs at my favorite stores, which offer significant savings.”
Exploring Alternatives
Mello has also started exploring alternative grocery stores, farmers’ markets, and local co-ops, which often offer better prices and fresher produce compared to big chain supermarkets.
“Switching to store brands for certain items has also been a cost-effective change without compromising on quality.”
Wong also uses this method. “I shop at farmers’ markets for fresh produce, which is often cheaper and of better quality than what’s available in supermarkets.”
He said this strategy helps him support local businesses and stay within his budget.
Cooking at Home
“Cooking meals at home instead of dining out has significantly reduced my monthly expenses,” Mello explained. “I also prepare larger batches of meals and freeze portions for later, saving both time and money.”
For his part, Wong said his grocery budget has indeed changed over the past year due to rising costs and cooking at home has become more necessary.
“I’ve had to allocate more funds towards groceries, but I make up for it by cutting down on non-essential spending,” he explained. “For instance, I eat out less often and focus more on home-cooked meals. I think this not only saves money but also allows me to eat healthier.”
Emphasizing Quality over Quantity
“I think quality matters more than quantity,” Wong observed.
He’s started buying higher-quality items that may cost more upfront but last longer and offer better nutritional value. This includes organic produce, high-quality meats, and sustainable seafood.
“I’ve found that investing in quality ingredients results in better meals and less waste.”
Tracking Expenses
Mello uses budgeting apps to track his grocery spending meticulously. “This helps me stay within my budget and identify areas where I can cut back if needed.”
Tips for Budgeting for Groceries When Costs Are High
According to Mello, it’s crucial to stay flexible. “Be prepared to adjust your budget as prices fluctuate. Flexibility is key to managing unexpected changes.”
He also advises others to invest in quality.
“Sometimes, paying a bit more for high-quality, nutritious food can save you money on healthcare in the long run.”
Also, remember to educate yourself by staying informed about price trends and economic factors that affect grocery costs. He said this knowledge can help you make better budgeting decisions.
“Adapting to higher grocery costs requires a combination of strategic planning, flexibility, and mindful spending,” Mello highlighted.
“By implementing these practices, I’ve been able to manage my grocery budget effectively despite rising prices. As an entrepreneur, these budgeting skills are not only essential for personal financial health but also for running a successful business.”
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This article originally appeared on GOBankingRates.com: I’m a Millionaire: Here’s How I Still Budget for Groceries With Costs So High
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