We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.
If your grocery bill feels like it’s been getting out of hand lately, you’re certainly not alone — especially if you live in Nevada.
A recent LendingTree analysis of USDA and U.S. Census data shows that Nevada households now spend an average of $10,390 annually on groceries. That’s over $2,000 more than the national average of $8,167.
Don’t miss
- I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
- Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
- Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
Nevada spends the fourth-highest amount on groceries, behind only Utah, Alaska and Hawaii. Nevada and Utah also spend the second highest share of household income on groceries at 10.1%, just behind Idaho’s 10.4%.
Kitchen staples like mini sweet peppers have skyrocketed in price by as much as 99% in some instances, while the price of avocados rose by up to 75%, forcing families to rethink their entire approach to grocery shopping.
Here’s how Nevada families are adapting.
Shoppers feeling the sting of higher prices
With grocery bills in Nevada a whopping 27% higher than the national average, many shoppers are second-guessing what they pick up at the store.
"There’s a lot of stuff that I don’t buy anymore because I won’t pay for it," Anna Marie Hyatt, a Las Vegas resident, told KTNV ABC 13 News. "I am not going to spend six bucks on a bag of chips.
"Whoever has the cheapest price, that’s where I am going to buy it."
Every dollar counts when American households are spending an average of 7.4% of their household income on groceries, according to LendingTree. But when it comes to stretching your dollars, it’s not just about spending less. You want to have more money to spend, too.
Platforms like Acorns can help you invest your spare change into low-cost ETFs whenever you make a purchase on your credit or debit card. Acorns automatically rounds up the price to the nearest dollar, then places the rest into a smart investment portfolio.
This turns every grocery run — plus your other purchases — into a micro-investment for your future.
Even better, you can get a $20 bonus investment when you sign up with a recurring contribution.
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Investing is a key way of generating wealth. While it won’t decrease the cost of groceries, it can increase the money you have to spend at checkout.
Nevadans tighten grocery budgets, but at what cost?
Another way to get more bang for your buck is by buying in bulk, trading brand names for generics and planning meals ahead of time.
Make sure that any money you’re not spending, investing or using to pay down debt is still earning interest too.
With Wealthfront Cash, you get an account with $0 fees and 4.00% APY — almost 10 times the national savings average. You can use it like a traditional checking account by setting up direct deposits, and even get your paycheck two days earlier.
If you fund your account with $500 or more, you can get a $30 bonus with Wealthfront Cash.
Another way to cut costs? Ensure that you’re paying the best rate possible for essentials, like insurance — especially since average homeowners insurance premiums grew 8.7% faster than inflation between 2018 and 2022.
That’s why it’s important to shop around for the best rate available. OfficialHomeInsurance.com can help you find low rates near you without the hassle of calling multiple providers for quotes. Simply fill out a few details and you could save an average of $482 a year.
According to another LendingTree report, the cost of car insurance is set to rise this year by another 7.5%. Beyond wearing the crown for some of the most expensive groceries in the country, Nevada also happens to have some of the highest auto insurance rates.
Make sure you’re not overpaying with OfficialCarInsurance.com. You can compare multiple insurance providers in under 2 minutes with their easy-to-use platform. After entering some information, you’ll instantly get a selection of offers from trusted brands, such as Progressive, Allstate and GEICO, to make sure you’re getting the best deal you can.
Then there are the pets. While you might not have considered pet insurance as an essential, a surprise medical bill for your furry friend can put a serious dent in your monthly budget.
According to a 2023 report by Care Credit, emergency surgery can cost anywhere between $1,500 and $5,000.
BestMoney makes it easy to shop for affordable pet insurance and gives you peace of mind. You can instantly compare coverage benefits, deductibles, geographical availability and reviews — all in one place.
Supplementing your income
The cost-of-living crunch could also force some folks to hit pause on major life goals.
Homeownership, for instance, is getting further out of reach. More than eight in 10 Nevada households wouldn’t be able to afford the median home price in the current market, according to Nevada Housing Now.
If you do own a home but are struggling with everyday necessities, consider tapping into your home equity to supplement your income.
You can make your money work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.
Having access to your home equity could help to cover unexpected expenses, pay substantial debt, fund a major purchase like a home renovation or supplement income from your retirement nest egg. Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.
Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.
Just answer a few simple questions, and LendingTree will match you with up to 5 lenders with low rates today.
Another way to leverage your home is with a reverse mortgage. They can be used to supplement your income, pay off substantial debt or fund renovations. You can choose to borrow the funds as a lump sum or fixed monthly payment, and can spend it however you want.
The reverse mortgage becomes due once the borrower passes away, stops using the home as their primary residence or sells the property.
You can check out the Moneywise list of industry-leading companies offering reverse mortgages. Compare offers instantly and request a free information guide to help you understand how to get started.
What to read next
- JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
- This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs
- Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Related Posts
