SHO isn’t just about side hustles to make extra money, we also want to make sure we supply people with information about meaningful ways to preserve your income. Saving money, especially in an inflationary environment is EXTREMELY important.
Remember, every dollar you save is straight to your bottom line. If you are working and drawing a salary or hourly wage, that dollar you get in your bank account is likely already taxed. So every dollar you save is money you can apply to something else (investments or other things you may need). And every dollar saved for someone working for themselves is money that can be applied back into their business OR into their personal life.
So don’t look at working off a budget or plan as something that is an inconvenience. Rather it’s an opportunity to continue to build your personal worth and wealth. Planning takes effort, but the discipline will make a difference and lead you to success. A business plan creates a 30% greater chance of growth according to one post by Huubster on excellentbusinessplans.com. The same is true when looking at your personal finances and retirement planning. A plan and discipline lead to greater chances at success.
So hooray to becoming a better shopper! Don’t take our word for it though, here’s a couple of links to some sites that help provide tips to the conscientious shopper. But to put it in perspective, think about this, if you can reduce your grocery bill by 25%, that could mean an average savings of $100-$250 a month. That’s $1,200 - $3,000 per year. That’s essentially like giving yourself a raise!
Great Tips For Planning Your Shopping Behavior: Dave Ramsey
Dave Ramsey has created a financial planning media group that provides people with financial advice around getting out of debt, increasing income and spending smarter. They have a really informative post from February that calls out that 82% of Americans perceive increases in their grocery bill. Here’s their tips to save…
Shop Private Labels - Aldi, Trader Joes, More...
I previously have alluded to Aldi as a shopping alternative that focuses on private label brands and some savings on produce. Personally I save about $30-$50 each time I go there without sacrificing the quantity of things I get. Admittedly, some of their private label goods are not quite as good as the brand labels, but in most cases they are comparable. But more importantly, the produce is good and cheaper. So If you have an Aldi’s or Trader Joes within reach, you might want to give them a try.
I love shopping there now…but don’t take my word for it. Lauren Bennet wrote this nice piece back in December 2021 comparing Aldi to other markets. Read more here.
Saundra Latham posting on Cheapism.com back in 2019 comparing Walmart, Aldi and Kroger - as much as 20% savings shopping at Aldi: Read more here.
Rebecca Choi did a price comparison of the two (Trader Joes and Aldi). Read more here.
A comparison of prices from Michael Timmermann for Aldi and Trader Joes: Read more here.