Friday, November 22, 2024

4 Grocery Stores Self-Made Millionaires Shop at To Stick To Their Budgets

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While being wealthy can sometimes mean splurging on luxury items and not having to worry too much about financial matters ā€” contrary to popular belief ā€” even self-made millionaires can be thrifty.

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And when it comes to grocery shopping, inflation has been hitting Americans at the register ā€” self-made millionaires included. In May, food prices were up 2.1% in the past year and the index for food at home ā€” your grocery bill ā€” was up 1%, according to consumer price index (CPI) data released June 12.

With that in mind, GOBankingRates asked several self-made millionaires which grocery stores they prefer to make the most of their money and stick to their budgets.

Avoiding Whole Foods ā€˜Like the Plagueā€™

Brenda Christensen, CEO of Stellar Public Relations, said that when she lived in Los Angeles,Ā  she ā€œwouldnā€™t dare step inā€ an Erewhon Market and avoided even Whole Foods ā€œlike the plague.ā€

ā€œI used to be a big Costco fan, but it was a bit overwhelming in size,ā€ she said.ā€ I live in Florida now and Iā€™m a big Publix fan because itā€™s not prohibitively expensive but a grade above Costco and the others.ā€

Christensen added that she shops only items on sale and buys in bulk, so for her, the key is really about finding a place that has good to better quality at a good price.

ā€œFor instance, I wonā€™t step into a Walmart because the quality isnā€™t the bestā€¦no matter the low prices,ā€ she said.

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Instacart as ā€˜Time Is Moneyā€™

Chrissy Grigoropoulos, Esq. CEO of Property Shark Realty Inc. and The Grigoropoulos Law Group, said that as a self-made millionaire and mom of two, she grocery shops more than once a week.

ā€œTherefore, I try to utilize my time as efficiently as possible! Time is money!ā€ she said. ā€œI do try to flip through the fliers that arrive by mail to see which supermarket has the best deals for the week, cheap meat per pound etc.ā€

Her secret she said: using Instacart.

ā€œSince an hour at the supermarket can cost me hundreds if not more in lost time, having a shopper do the shopping in fact saves me money,ā€ she said. ā€œI save hundreds monthly by using the application to complete my familyā€™s food shopping. I save money by not impulse buying while walking through the isles and only buying sale items or items I need.ā€

Kroger for the Cost-Conscious

Jeff Rose, CFP and founder of Good Financial Cents, said that his family primarily shops at Kroger.

ā€œWith four kids, we are cost-conscious about our grocery spending, so we use the Kroger card to save on meat and other popular items,ā€ he said. ā€œWe take advantage of weekly sales and digital coupons to further stretch our budget. Additionally, by using our Kroger card for gas, we save an estimated $100-$200 a month.ā€

Substantial Savings at Aldi

Gene Caballero, co-founder ofĀ GreenPal, said he switched from shopping at Publix to Aldi, mainly ā€œbecause the savings are substantial.

ā€œAt Aldi, the quality of the products feels the same to me, but the prices are much lower,ā€ Caballero said.

And he noted that while you need to bring your own bags and rent a shopping cart, these minor inconveniences are a small price to pay.

ā€œBy shopping at Aldi, I save about $300-$500 a month, which is significant, especially since I love cooking at home,ā€ he added.

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This article originally appeared on GOBankingRates.com: 4 Grocery Stores Self-Made Millionaires Shop at To Stick To Their Budgets

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