I’m a Self-Made Millionaire: Here’s What I Splurge and Save on at the Grocery Store

Self-made millionaires often credit several factors, like making good investments and being frugal with their spending, to successfully increasing their net worth. Strategic grocery shopping is another key practice necessary to maintain self-made millionaire status.

GOBankingRates spoke with two self-made millionaires to find out more about their spending habits when they visit the grocery store. Here’s what they’re willing to splurge on and what they like to save on during a shopping trip.

Several self-made millionaires that spoke to GOBankingRates said that one of their favorite grocery store splurges is purchasing their favorite cuts of meat. 

Anyone splurging on meat is recommended by self-made millionaire Dr. Ann Kaplan to get it on sale when possible. Kaplan said shoppers can start by checking prices online before they head to their preferred grocer. 

Add these prices to your shopping list to better hand shop the aisles and keep an eye out for any “catch of the day” sales, where Kaplan said shoppers will find preferable prices.

The next time you need to shop for dried pasta at the store, take a pro tip from self-made millionaire Lauren Keys. 

Keys said a box of dried pasta holds 500g inside every box, no matter its noodle shapes or the retailer selling the pasta. The price tag, however, may vary depending on the grocer where you do your shopping. Savvy shoppers may compare prices across grocers, much like Keys does, to get the best deals.

“Our local grocer, Publix, sells a box of pasta from their generic house brand for $1.65 and a box of name brand for over $2,” said Keys. “At Walmart, the same amount of dried pasta is $0.98 for the generic house brand and $1.68 for the same name brand.”

Many self-made millionaires don’t mind splurging on fresh produce while also saving via buying frozen vegetables and fruits. 

If you do find yourself splurging on fresh produce regularly, Kaplan recommends investing in a dehydrator, a vacuum packer and an electric spice grinder. She uses the example of buying fresh strawberries that are on the verge of going bad. Shoppers can use the dehydrator to dehydrate the excess and feel confident they can prevent too much food waste.

“With these three items, not only will produce not go to waste, but you can also then take advantage of bulk fresh produce purchasing with less concern for its preservation,” said Kaplan.

This tip comes from money expert Dave Ramsey, who recommends swapping out brand names in favor of generic cleaning products at the store.

Certain cleaning products, Ramsey said, can even be bought at the dollar store. Swing by your local dollar store and add generic trash bags, scrubbing brushes, dishwashing liquid and other cleaning supplies to your shopping cart for much less.

Keys said she splurges on brand name oat milk since she uses it for her morning latte. 

However, much like shopping around for cheaper dried pasta, you can and should check prices at different stores to find out which grocery chain carries your favorite brands for less. As an example, Keys said Chobani Oatmilk retails for $5.15 at her local Publix but costs just $3.98 at Walmart.

A small purchase like buying the “better mustard” at the grocery store has the potential to lead to overspending faster than one realizes. 

Before entering the store, Kaplan said you would likely have never considered buying a more expensive condiment over a less expensive brand. This innocuous purchase may jeopardize your ability to build wealth and lead to getting into credit card debt or embracing the mindset that “it’s a little purchase that doesn’t matter.”

Still need to buy condiments like ketchup or salad dressing? Choose the inexpensive brand and per Kaplan’s recommendation, consider buying these items online to receive the best cost savings.

If you want to buy snacks like granola bars, cookies or chips, Kaplan recommends shopping at a grocer or warehouse club where you can buy these items in bulk. 

Determine the best, most cost-saving place where you can shop for these items and only make your purchases there.