Getting real with your receipts is honestly one of the most underrated ways to fix up your finances. And doing a post-mortem on your latest grocery haul is almost always a learning experience. Here are four things you should review on your receipt to better understand your spending habits and save money the next time you go grocery shopping.
Splitting Needs vs Wants
What on your receipt was a necessity for a recipe, or something that was on the list you made before you walked through the doors? And what was sticking out on an endcap or on sale that you bought just because you happened to pass by?
Splitting these could also look like separating things like pantry staples or fresh fruit and vegetables from snacks, treats, and basically anything without much nutritional value. You don’t necessarily need to stop buying the latter, but recognizing your go-to essentials versus splurges makes it way easier to cut back when you need to.
Compare Against Your Budget
Add up your grocery costs and see how much of your monthly budget it’s eating. This means keeping your receipts for a few weeks, but that’s one of the easiest ways to catch bad habits and reinforce good ones. See if there are any trends in your spending, like the amount you spend on snacks getting closer and closer to an unacceptable number.
If you’re way over what you planned, then it’s time to get real with yourself and cut the extras back even more. You could also switch over to a weekly grocery budget to stay on top of your spending and have financial meetings with yourself to ensure you’re hitting your targets.
Review How You’re Using What You Buy
Stop buying things just to toss them. Yes, you want to believe that you’ll finally eat that haul of wilted veggies this week. But until you’ve figured out a way to help yourself do that, you’re just wasting money and resources. And if you have some in your fridge right now, let this be a sign that you should go do something with them before they go bad.
This is an ideal way to grocery shop to eliminate food waste, but it’s also a way to uncover some creative methods for repurposing other things, too.
Get Tech Involved
There really is an app for that. Your phone is teeming with apps that scan your receipts, categorize your purchases, and even pester you about your spending. The old school pen and paper with hard copy receipts works just fine, but using technology can streamline everything and keep your spending information organized better than a manila folder for some.
If your grocery store has an app, consider downloading it and using it to help inform your lists. They’ll offer coupons and help you plan your shop so you’re more likely to stay on track with spending. Just make sure you don’t fall for discounts you don’t need; just because something is on sale doesn’t mean it’s a good value for everyone.
