3 Reasons to Cancel Your Costco Membership in 2024

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Costco memberships can offer a ton of value. But read on to see why keeping yours may not make sense in the new year. 

If you’re a member of Costco, you’re in good company. As of September 2023, the warehouse club giant had an impressive 127.9 million cardholders and 71 million member households.

You may be well aware that a Costco membership has the potential to result in a lot of money for your savings account. But if these things apply to you, you may not want to keep your Costco membership in the new year.

1. You really haven’t been using it

If you spend a lot of money on grocery purchases at Costco, then it can be pretty easy to justify the cost of a membership. But if you only visited Costco a handful of times this year, then it may be that you’re not saving enough money to make that membership worth paying for.

Be realistic about how often you’re likely to use your membership in 2024. If you only tend to visit Costco a couple of times a year, it could be worth seeing if you could just tag along with a family member or friend when you need to go rather than pay for a membership yourself.

2. You’re downsizing

One of the benefits of having a Costco membership is getting to reap savings by buying household essentials in bulk. But if you’re making plans to downsize your living space in the new year, then having a Costco membership might stop making sense.

Buying things like cleaning supplies and paper towels in bulk really only works if you have a place to store them. You don’t want to end up having to house your supplies in the middle of your dining room because you no longer have the storage space to keep them tucked away.

Also, sometimes, a smaller living space means a smaller kitchen — and a smaller fridge to go along with it. That could make it harder to buy large quantities of perishable food.

3. You’re moving someplace where there’s no Costco nearby

Costco has an impressive 600 warehouse club locations across 47 U.S. states and Puerto Rico. But if you’re moving in 2024 and your new home won’t be located anywhere close to a Costco store, then it could make sense to cancel your membership.

Let’s say a typical Costco trip saves you $20 compared to what you’d spend at a regular supermarket. If you move far away from a Costco location, you might spend that $20 in gas back and forth just to get there. Plus, you’re spending lots of time on the road.

Now, you could decide to keep your Costco membership for online shopping purposes. That’s not necessarily a poor choice. But do know that Costco prices tend to be higher online than in stores. And sometimes, there’s a considerable price difference. So you’ll need to decide whether you’re willing to still spend that money if it means saving less.

You may have loved having a Costco membership until now. But if these factors apply to you, then you may be better off canceling your Costco membership in the new year rather than continuing to pay.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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