Is a Costco membership worth it? Well, not always. It depends on your situation and if your savings cover the fee. Find out more..

Good morning Dinks.  I have a question, should a household of two people have a Costco membership?  The reason I’m asking is because this week a woman in my office was eating a granola bar that I’ve only ever seen abroad and when I asked her where she bought it she said “At Costco”.

I found this to be a bit unusual because I always thought a Costco membership was for big families and people who owned small convenience stores; she lives with her husband and they don’t have any kids.  I just never thought Dinks would have a membership to a bulk store, especially if you had to pay a fee for it – but I guess I was wrong.

Do you have a Costco membership?

When Costco first came out it was called The Price Club and it was all the rage in my hometown.  People either loved it or hated it.  My mom got a membership for our family of four and kept it after my parent’s divorce.  Her new husband doesn’t believe in paying a fee to go somewhere and spend more money so he avoids Costco at all costs (pun intended).

I personally don’t shop at Costco for a couple or reasons; the first being Nick and I don’t have a car and the second reason is because I don’t think it’s worth it.  However maybe I’m wrong.  My co-worker does all her shopping – from groceries to household items – at Costco.  Every first Friday of the month she goes shopping and buys everything she’ll need over the next few weeks from paper towels to ground beef.  She even buys fresh produce there, but of course it doesn’t last all month.

Is it really cheaper to buy in bulk?

I’m a big fan of buying in bulk because I believe in paying the cheapest price per unit for the best possible quality.  I will shop at Wal-Mart and Target and buy 12 rolls of Bounty if they’re on sale AND if I have a coupon.  This is a great deal and it’s guaranteed to last us until Bounty Paper Towels go on sale again.

Would I buy 24 rolls of Bounty if they were on sale?  I’m not sure.  On one hand we always need paper towels, but on the other hand where would I store 24 rolls of paper towels?  I think there is a very thin line between being a smart shopper and being a complete hoarder.

I love One-Stop-Shopping

This may be because I have to walk and take the subway when I shop or maybe it’s because I hate wasting time travelling from store to store.  I’m not sure, but either way a Costco membership ensures efficient one-stop-shopping. I like the idea of going to one place to get everything I need and then going straight home.

I also like to avoid crowds whenever possible, this is why I don’t shop on Saturdays – which I’ve come to understand is “Free Sample Day” at Costco.  I guess the benefits of a Costco membership is in the eyes of the beholder.  If you’re paying for something it’s best to get your money’s worth.  Costco also has a really outstanding return policy. You can return pretty much anything anytime (electronics have a 90 day cutoff).

Do you have a Costco membership? Is a Costco memberships worth it to you?

 

Find out if Costco gives out guest passes and new locations.

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Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.


This entry was posted in Extra $ by Kristina Tahnyak. Bookmark the permalink.

Avatar photo About Kristina Tahnyak

Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.

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Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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