Tips To Maximize Your Savings When Buying in Bulk

Full Grocery Shopping CartThe popularity of warehouse stores like Sam’s Club and Costco encourage people to reap the rewards of shopping for their household needs in bulk. These stores tout cheaper prices for the average consumer who chooses to become a member of their warehouse club. But does everyone realize the savings?

Buying items in bulk quantities has its benefits, but it has its hazards, as well. Too often consumers are tempted by the vastness of the warehouse stores to purchase things they don’t really need or that aren’t really priced at bargain prices simply because the products are available. Getting all of the benefits of shopping in bulk quantities requires that the consumer do his homework and only make the purchases that will help him realize actual savings.

Only buy products you actually use
Sometimes when you’re shopping in a wholesale club it’s easy to become enamored with the abundance of products available at discounted prices. However, if the product goes to waste in your closet or pantry, then it wasn’t a bargain, no matter what you paid for it.

Don’t buy more than you can use before the product will spoil
Paper goods are great items to buy in bulk. They store forever (provided you have adequate space) and never go bad. You have to be a little more cautious when purchasing food stuffs, though. If you purchase fifty pounds of hamburger, but then have to throw out the last ten pounds because it spoiled, your purchase wasn’t quite as cost-effective as you hoped it would be.

Be familiar with the prices of products you use
Not everything available at a wholesale club is a bargain. If you know how your favorite products are usually priced at your local grocery store, you’ll be able to determine which products really are a good buy.

Share the wealth of your shopping proceeds
To help get your money’s worth out of your wholesale club membership, you can share your shopping bargains with friends or family. This alternative helps eliminate the worry about buying more than you can use in a short amount of time. You can share the cost of bulk items with friends or family and then split up the large, bulk purchases into smaller amounts that are more manageable for single families.

Buying product in bulk quantities can lead to a large savings for you and your family. You just need to be savvy about which things you purchase.

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7 Saving Habits To Start Now

PIggy SavesIncreasing your savings account doesn’t have to be painful. Even if you’re on a tight budget there is usually a spare dollar or two you can add to your savings. If you work on getting yourself into a savings habit, then you can enjoy watching your money grow. Here are a few tips we use:

1. Donate a dollar to yourself
Every morning take a dollar out of your wallet and add it to your money stash. You won’t notice the difference in your pocket, but you will see your savings grow faster. If you can spare two dollars, do it! Use a large change jar, empty milk carton, or some other designated container. It’s not so important where you collect the money just as long as you collect it. Periodically remove the money and deposit it in your savings account.

2. Save your change
At the end of each day put the change from your pocket into the jar. These amounts will add up surprisingly fast as long as you do this consistently.

3. Set up automatic deposits
Your bank can set up automatic deposits to your savings account each week. The trick is to find an amount that you won’t miss from your paycheck and have it deposited on your paydays. Even a small amount like $5 or $10, will add up over time.

4. Let the credit card company add your change
Several large credit card companies have a rewards program. Some programs work similarly to the change jar. They round each purchase up to the nearest dollar and put the change in your savings. Some companies even match a percentage of your savings from this method, so it’s free money to your savings!

5. Put your savings in an account that pays a higher interest rate
Check with your bank for their rates on mutual fund or money market accounts. As your savings grow CDs pay better interest than regular savings accounts and they give you an incentive to leave it and let it grow.

6. Start a tax-deferred retirement account
Check with your employer about putting automatic deposits into a 401(K) plan. Make the amount small enough so that it doesn’t affect your lifestyle. Your employer might even match a percentage of your deposits! If they don’t have a retirement fund program, then talk with your bank or an investment advisor about starting an IRA.

7. Buy at a discount and save the difference
For items that you were going to buy anyway see if you can find them on sale and then put the difference in your savings. Make the effort to use some coupons at the grocery store and then save your savings from your coupon items. As you see your savings grow from this method, “couponing” becomes more fun!