While being wealthy can sometimes mean splurging on luxury items and not having to worry too much about financial matters — contrary to popular belief — 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 — self-made millionaires included. In May, food prices were up 2.1% in the past year and the index for food at home — your grocery bill — 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.
Brenda Christensen, CEO of Stellar Public Relations, said that when she lived in Los Angeles, she “wouldn’t dare step in” an Erewhon Market and avoided even Whole Foods “like the plague.”
“I used to be a big Costco fan, but it was a bit overwhelming in size,” she said.” I live in Florida now and I’m a big Publix fan because it’s not prohibitively expensive but a grade above Costco and the others.”
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.
“For instance, I won’t step into a Walmart because the quality isn’t the best…no matter the low prices,” she said.
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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.
“Therefore, I try to utilize my time as efficiently as possible! Time is money!” she said. “I 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.”
Her secret she said: using Instacart.
“Since 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,” she said. “I save hundreds monthly by using the application to complete my family’s food shopping. I save money by not impulse buying while walking through the isles and only buying sale items or items I need.”
Jeff Rose, CFP and founder of Good Financial Cents, said that his family primarily shops at Kroger.
“With four kids, we are cost-conscious about our grocery spending, so we use the Kroger card to save on meat and other popular items,” he said. “We 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.”
Gene Caballero, co-founder of GreenPal, said he switched from shopping at Publix to Aldi, mainly “because the savings are substantial.
“At Aldi, the quality of the products feels the same to me, but the prices are much lower,” 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.
“By shopping at Aldi, I save about $300-$500 a month, which is significant, especially since I love cooking at home,” 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
