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You might manage to lower your costs in a very big way.
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Inflation has been making it increasingly difficult for consumers to cover their expenses. In fact, a lot of people have had to raid their savings accounts over the past year and change just to keep up with basic bills.
But while living costs have risen across the board, the cost of food has absolutely soared. Grocery prices were up 11.3% from a year prior as of January, according to the Consumer Price Index. And it may be a while before food costs drop to more modest levels.
If you shop at Costco, you may be aware that the warehouse club giant has not been immune to price increases. And perhaps you’re spending more on groceries at Costco now than you were a year ago. But if you make these moves, you might manage to eke out more savings.
1. Check out the sales
Although Costco prides itself on its generally competitive prices, each month, it offers further discounts on a select list of items. If you’re a Costco member, you should get a coupon book in the mail that will tell you which items are being offered at a discount that month (and to be clear, you don’t need to clip any coupons — you’ll get the sale price automatically at the store). And if not, you can look at Costco’s monthly specials online.
Now to be clear, it’s not a great idea to purchase items simply because they’re on sale. But if you use olive oil regularly and are running low, and you see that Costco has it marked down in March from its usual price, then it could be a good time to stock up.
2. Upgrade to an executive membership
A basic Costco membership costs $60 a year, while an executive membership costs $120. You might think you’re saving yourself money by sticking to a basic membership. But actually, upgrading could result in more savings.
The reason? With a Costco executive membership, you’ll snag 2% cash back on your grocery purchases (and all Costco purchases, for that matter). And if you do enough shopping at Costco, you may find that you come out way ahead financially by virtue of upgrading.
3. Sample new items so you don’t buy things you end up throwing away
Costco frequently introduces new products into its lineup. But it’s a good idea to wait for those items to be available in free sample form before buying them.
When you’re talking about something you’ve never tried before, you run the risk of not actually enjoying it once you bring a bulk package of it home. And that’s a good way to throw your money away rather than save it.
Higher grocery costs could be with us for quite some time. You may end up spending more to feed your family these days than you did a year or two ago. But you can still eke out extra savings at Costco by shopping strategically, choosing the right membership, and sampling new items before buying them to make sure they really should come home with you.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
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.
