Save on your bulk buying with these creative tips!
Buying products in bulk is not always the answer when it comes to saving money. You may feel like you are getting value when you look at the price per unit, but if you really stop and consider it, you are usually better off paying the smaller out of pocket cost even if it is more per ounce. However, that is not always the case. Bulk buying can amount to huge savings when you take a more creative approach and evaluate the sorts of bulk purchases that are going to pay off in the long run.
Here are some ways to really save money with bulk buying:
- Consider your future needs
- Consider the frequency of use
- Consider promotional pricing
- Consider resale value
Keep reading for the details…
Consider Future Need
You can’t just buy big on every item because of the bulk pricing advantage. You must have a need for the product that justifies the bulk purchase. Only then does the reduced price have a real advantage. Once you’ve established a need for something that you know you will have to reorder or replace on a regular basis, you should consider whether a subscription model will work for you. signing up with a subscription service that offers lower prices in return for regular purchases is kind of like buying bulk in installments. Plus, in many cases, joining is free and there is no penalty for pausing your account. With those potential issues out of the way, subscribing to a program with Amazon, or something similar can be a really good way to save money with bulk buying.
Consider Frequent Use
Other than evaluating future need to justify the use of a subscription service, there is also the question of frequency. When faced with a chance to buy bulk for an item, the first thing you should ask yourself is how often it will get used. If you have never used or rarely use an item, you are not likely to benefit much from the “savings” of buying bulk. You will have to factor in waste to determine how “worth it” the purchase actually was. If you have to make any major changes or commitments to your lifestyle in order to benefit from a bulk purchase, then that purchase will likely become a regret. Even if it was made with the best of intentions. Instead, stick with what you are familiar with and look for deals in those categories.
Consider Promotional Pricing
One of the best ways to save money while shopping is to know what items should go for. Comparison pricing is great, but establishing a retail baseline is essential for identifying really good opportunities. When you know what an item like chili typically goes for and the price dips far below that baseline, you have a potential stock up price. Items like chili that will keep well in storage are ideal bulk items when the price is right. You can save money with bulk buying pasta, pasta sauce, cat food, all kinds of things with a higher shelf life that you are likely to get a lot of use out of.
Consider Resale Value
Another creative way to save money with buying bulk is to try and flip items you purchased for way less than their retail value. There are all sorts of reasons you could save by purchasing clearance or liquidation items for far less than their worth. When you find a great deal that comes with bulk sales, you may be able to keep what you want for yourself and turn a profit by selling off the rest. This is more money invested than money saved, but you can save on beauty products you want and sell the rest for a potential profit.
Are you a Costco or bulk buyer? If so, what tips would you add? If you found this post helpful we’d love for you to share it!