The grocery price book is your best asset when it comes to saving money at the store each week. However, when most people think of cutting costs their first thought is using coupons, only buying what’s on sale and switching from name brand to generic whenever possible.
What Is A Grocery Price Book?
A grocery price book is the foundation to a well planned out trip to the store. It is where you record the prices of the products you buy most, allowing you to quickly spot a good deal. Once you have created your price book it should be with you each time you go to the supermarket. Just think of it as an extension of your shopping list.
Making Your Price Book
I suggest starting your book by recording the information for 10-15 products your family uses the most. Then continue to add to your book with each subsequent visit to the store. Start your price book by dividing the page into six columns: product name, product size, full price, unit price, store and date.
For example: Product name: Prego Spaghetti Sauce Product Size: 28 ounce jar Full Price $2.28 Sale Price: 4/$5.00 ($1.25 each)
This information will become the benchmark on which all of your purchasing decisions are made.
When creating your own grocery price book it’s important to make it something that is portable and easy for you to take with you. That can be anything from a digital format, a piece of notebook paper or even a small notebook. Personally I prefer to create a digital price book and then print a copy to take with me when I go shopping. That way if it needs updated I can do so easily.
By taking the time to create a grocery price book, you will eventually know that Prego Spaghetti Sauce is the best deal when they are on sale 4/$5.00 or $1.25 each. But it is an even better deal if you have a coupon to go with it.
Why Are Benchmark Prices Important?
Benchmark prices are the price points that tell you if you should stock up on an item and when to hold off on the purchase if possible and wait until the price is lowered. Every twelve weeks items go on sale at your local supermarket.
As you find these new lower prices record them in your price book, they then become your new benchmark price. With your grocery price book in hand and a well thought out shopping strategy you will soon be saving more than ever.
Important Note: Some people continue to record new benchmark prices using the final price after coupons. They are looking for the absolute bottom price for the product. Personally I don’t follow this method as it is dependent upon the use of coupons to get that rock bottom price. While I on the other hand want to find the lowest price possible without having to use coupons.
Using this simple method you will save more money than you would have otherwise. That coupled with a greater understanding of how the price cycle works you can save you hundreds of dollars throughout the year without ever using a coupon.
Before leaving home take a moment to see if anything on your list eligible to earn you extra cash through the Checkout 51 or SavingStar apps. Then upon return don’t forget to scan your grocery receipts after your weekly shopping using Receipt Hog or Receipt Pal to earn credit towards cash or Amazon gift cards.
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