MANILA, Philippines – To keep lifestyle inflation down, consumers should be smart in how they shop for groceries.
Financial adviser Salve Duplito said there are ways to cut costs by not allowing “marketing guys to get into your head.”
“Every time marketers sell to a niche segment, their costs go up. This means prices also go up even if the contents are not really that different,” she said on ANC’s “On The Money.”
Prices of some products, like shaving cream, are cheaper if bought from the men’s section, Duplito said, noting that there is not much difference between shaving cream for men and for women.
When eating out in the mall, consumers are usually forced to order drinks, which may cost more compared to drinks bought in the grocery.
Duplito suggests buying a bottle of water or juice from the grocery instead of ordering drinks at a restaurant.
She also suggests buying groceries once a month at a specific date.
“When you start missing certain ingredients before the first Saturday of the month, you will find yourself itching to run back to the grocery. Don’t do it. Force yourself to live with the items remaining in your pantry. Be creative and substitute ingredients,” she said.
In your once-a-month visit, Duplito said to buy in bulk and stick within your budget.
“Learning to love frugality, rather than dreading it, is the simple power that can keep lifestyle inflation down,” said Duplito.
“Learn to curb your lifestyle inflation before it curbs your financial freedom. Whether you’re earning minimum wage or more than P1 million a month, this is a disease that can destroy silently without you knowing it,” she added.