Maximizing Your Shopping Budget: The Five Back Gift Card Way

Shopping on a budget can be challenging, especially when it comes to groceries. It’s easy to fall into the trap of buying items that you don’t actually need, which can send your grocery bill skyrocketing.

One way to avoid this is by using a shopping list. Having a list will keep you focused and help you avoid impulse buys.
1. Shop Around

The holidays bring a lot to think about: bearded out-of-town guests attempting to enter your home through the chimney; embarrassing office-party antics; and, of course, gift cards. Gift cards are great for subsidizing holiday expenses, but they can also be a source of impulse spending. That’s why it’s important to shop around before you spend your money, especially if you’re using a credit card with cash-back or rewards options.

Before you go shopping, look at grocery store flyers, newspaper ads and online to see what’s on sale. Then make a grocery list of the items you need to purchase for meals and snacks. You can even make a menu to help you stick to your plan. Also, don’t forget to check out private-label stores like GH Seal Star ALDI or online services such as Misfits Market, Boxed, Thrive Market and Imperfect Foods to find deals on grocery items you use regularly (like detergent and garbage bags).

Another way to save is to avoid the center aisles altogether, which are full of expensive processed foods that can derail your budget (and your diet). Instead, shop the outer edges for items such as fresh produce, grains and beans.

Finally, don’t forget to price-check everything in your cart before you buy. Then add up the total with a calculator or on your smartphone to ensure you’re not going over your shopping budget. You may be surprised to find that you’re saving more than you thought. And be sure to bring your reusable shopping bags, which many stores offer discounts for. They’re a small but effective way to reduce your impact on the environment and your wallet. NerdWallet, 2019. All rights reserved.
2. Look for Sales

There are a few things you can count on every holiday season: time off from work; overweight, bearded out-of-towners breaking into your house via the chimney; tone-deaf neighbors singing; embarrassing office party antics; overeating and, of course, gift cards. But did you know you can also maximize the value of your gift cards with a few smart shopping strategies?

Gift cards are like currency and as such can often be purchased for less than their face value. This is particularly true when you use a rewards-earning credit card to buy them.

Purchasing your gift cards during sales or discount periods is another great way to get the most out of them. Similarly, you can save by timing major purchases, like appliances, furniture, cars and electronics, according to annual sale periods. And it's worth checking prices over time -- tools like the Camelizer browser extension or apps like Honey can alert you to price drops when you're doing online shopping.

Buying items on sale can be a great way to stock up and save, but don't go overboard and end up with a closet full of stuff you never use. It's often better to purchase items that you will use regularly, especially staples like dishwashing soap or paper towels.
3. Make a Shopping List

Food is one of the largest household expenses, but there are many ways to cut corners without cutting back on quality or sacrificing variety. By ring-fencing your grocery budget within the overall budget for the month (or week) and using a shopping list to keep you from going over, you can save on food and free up money to put toward other areas of need like debt repayment or your emergency savings fund.

It’s easy to lose track of the items you need, so making a grocery list and bringing it with you to shop is one of the most important things you can do to save money on groceries. Go through your pantry and fridge each week to inventory the items that need to be restocked or are low, then create a list of all the items you need to purchase. Be sure to include specific quantities where necessary and don’t forget to include items that aren’t food but still need to be bought, such as detergent or garbage bags.

If you don’t have time to write a grocery list each week, look for pre-made ones online and even download a free app like Evernote to make it easier to keep track of your purchases and budget each week. Having a comprehensive list can also come in handy if you need to outsource your grocery shopping, such as when someone offers to run to the store for you while you’re sick or the kids are busy.

Whether you buy according to your plan or shop according to sales, always compare prices before you check out. Oftentimes, buying according to sales can end up costing you more in the long run. For example, buying something just because it’s on sale isn’t a good deal if you didn’t need it in the first place.
4. Avoid Impulse Buys

When something catches your eye at the store or while scrolling online, you may be tempted to buy it. These impulse purchases can add up quickly, but you don't have to let them ruin your budget. The goal is to spend only on what aligns with your financial goals.

Emotional shopping, being influenced or manipulated by marketing, and not having a clear picture of your finances are some of the biggest reasons why you might make an unnecessary purchase. To help avoid these impulsive purchases, it's important to have a savings goal and budget that you review on a regular basis. It might also help to shop with a buddy that holds you accountable and has similar financial goals. And if you use credit cards, consider keeping them at home and only bring cash with you for those purchases.

Taking a step back and asking why you're making the purchase could also be helpful. Oftentimes, purchases are made to fill a need like raising your spirits after a bad day or feeling a rush from the instant gratification of buying something new. Dube suggests writing down your values to help recalibrate what you really care about, and letting those serve as a guide for spending.

Whether it's a new pair of shoes or a new dress, you can save yourself a lot of money and buyer's remorse by avoiding impulse purchases. By limiting your shopping to what you need, using a list, and staying away from social media, you can keep your spending in line with your budget goals. And if you do find yourself in a situation where an impulse purchase just seems too tempting to resist, try giving yourself some time to calm down and decide if it's worth the risk of buyer's remorse down the road. https://fivebackgift.net/
5. Compare Prices

Comparing prices is a natural part of the shopping process, but it can also be a real budget booster. You may be surprised to find that an item you initially considered purchasing is actually cheaper than another version of the same product at a different store or brand.

Using a price book to compare prices is a common shopping trick that can help you save money on everyday items such as groceries and household goods. Write down the name of each store where you shop, and then list all the brands of the item that they sell (or a generic brand, which is often cheaper). Then, when it comes time to make a purchase, review your price book and see where you can get the best deal.

If you're tired of manually comparing prices, there are many online shopping comparison tools and apps that can do the work for you. Some of these programs let you search for products, compare prices and even locate coupons for your favorite stores.

Some of these tools are free, while others require a subscription or loyalty program membership. However, if you're serious about saving money, a subscription may be worth the investment.

Buying gift cards with a credit card can be an excellent way to maximize your rewards and get a great deal on your purchases. But before you buy a gift card with your credit card, be sure to understand any restrictions, drawbacks or costs associated with the card. For more information, read the NerdWallet guide to buying gift cards with a credit card. You can also create a free NerdWallet account to gain insight on your credit score and personalized recommendations for the right card for you.