4 Reasons to Cancel Your Costco Membership in 2024

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Many people get great value out of a Costco membership. But read on to see why it may be time to stop paying for yours. [[{“value”:”

At a price point of $60 a year for a basic membership or $120 a year for an Executive membership that comes with cash back on your purchases, a Costco membership could more than pay for itself in the form of savings all year round.

But a Costco membership isn’t for everyone. And here are four good reasons to consider canceling yours this year.

1. You’re not finding the time to actually get there

Some people save money each week shopping at Costco. But if you can’t remember the last time you set foot in a store or actually used your membership, then it may be time to cancel. That membership isn’t going to do you much good if it’s not being used.

That said, before you rush to cancel your Costco membership, see if you may have a one-time need for it at some point this year. If you’re thinking of booking a vacation through Costco Travel for December, that’s reason enough to hang onto your membership instead of getting your $60 or $120 refunded. You might save well more than that on a travel package alone.

2. You keep throwing money away on bulk food purchases

One of the benefits of shopping at Costco is saving money on groceries by purchasing them in bulk quantities. But if you find that you’re consistently tossing sour milk, throwing out wilted greens, or dumping moldy cheeses, then it may be time to rethink your food purchasing habits.

Bulk discounts are only worthwhile if you actually eat all of the food you bring home. If your cooking schedule isn’t consistent, or if you have a spouse who travels a lot for work and often isn’t home to eat dinner, then it may not be worth it to buy so many of your groceries in massive quantities.

3. You’ve become an empty-nester

The more people you have in your household, the more money you’re likely to spend on groceries, tissues, and laundry detergent. But if you’ve recently become an empty-nester, then it may no longer be necessary to pay for a Costco membership.

Let’s say that in the past two years, both of your children have moved out, leaving just you and your spouse under your roof. If you’re buying bulk produce and meat for two, that’s a lot of the same leftovers night after night. You may decide that you’re better off seeking out sales at your local supermarket and cooking smaller quantities of each meal you prepare.

4. You’re tired of losing money to impulse purchases

If you’ve ever wandered the aisles of Costco, you may have been tempted on more than one occasion to pick up something that wasn’t on your shopping list. But while it’s one thing to want to add extra items to your shopping cart, it’s another thing to actually add items to your haul on your way to the checkout lanes.

If you find that you pretty much can’t get through a Costco run without making an impulse purchase, then it may be time to cancel your membership. Sure, you might be saving $20 a week on groceries. But if you’re also consistently spending an extra $40 a week on unplanned buys, then you’re not really doing your finances any favors.

For many people, keeping a Costco membership absolutely makes sense. But if these situations apply to you, it may be time to reconsider.

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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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