4 Signs You Might Want to Cancel Your Costco Membership in 2024

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Shopping at Costco isn’t right for everyone. Check out a few common warning signs that it may be time to cancel your Costco membership. 

Costco is one of the most popular warehouse clubs, with an impressive 127.9 million members. A membership isn’t that expensive, either. A regular Gold Star membership costs $60 per year, and an Executive membership costs $120 (and you can earn 2% back on Costco purchases).

Still, any time you’re paying for a membership fee, it’s important to make sure you’re getting your money’s worth. And if any of the following is true, you might want to reconsider your Costco membership in 2024.

1. You’re not shopping there as often

Costco has great deals throughout the year, from summer savings to Christmas gifts for under $30. It’s not hard to save more at Costco every year than the $60 or $120 you spend on a membership.

But that largely depends on how often you shop there. If you shop at Costco every week or two, then it makes sense to renew your membership. On the other hand, if you’ve noticed that you’ve been going to Costco less and less recently, then paying for a membership there could be a waste of money.

2. You’ve moved and don’t have a Costco nearby

It’s every Costco fan’s worst nightmare. You move somewhere new, go to the Costco store locator, and there’s nothing in your area. The days of taking a quick drive to the food court for a $1.50 hot dog and soda are over.

Some people keep their Costco membership even if the nearest warehouse is a bit of a trek. After all, you could make the occasional big shopping trip to stock up your pantry and freezer. Just make sure to think about the drive time and the cost of gas to figure out if it’s really worth it.

3. Your Costco trips are getting more expensive

Costco is famous for its low prices, so you may assume it’s going to help you save money. That can be true, if you’re careful about what you buy.

Costco is designed to get shoppers to spend money. And yes, that’s true with every store in existence. The difference is that Costco is extremely good at it. It’s packed with impulse items, you need to take a journey through the entire warehouse to get to the food, and there are free sample stations to convince you to add a few more treats to your cart.

If you go in with a plan and don’t add too many extra goodies, then you can save money by shopping at Costco. But if you find that you always spend more than you’d like, then those Costco trips could be doing your personal finances more harm than good.

4. Buying in bulk isn’t working for you

Buying in bulk is usually a good way to save money, and no store does bulk like Costco. This works out well for families who can use all the food they buy, and people with enough storage space for bulk items.

It doesn’t work out so well if you end up throwing out food you bought because it expired. Then you’re just spending more on food that ends up in the trash. Lots of people have to throw out some food from time to time, but when it’s happening often, you’re probably buying too much. That may mean you need to change what you buy at Costco, or perhaps Costco isn’t the store for you.

A Costco membership can be an amazing value if you love shopping there and don’t overspend on impulse buys. If you’re not benefiting much from it, it’s probably time to cancel your membership and save your money.

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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.Lyle Daly 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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