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Costco offers some of the best discounts on various products and services — and taking advantage can be especially helpful for retirees who need to make their money last.
Read on for how financially savvy older adults can free up space in their budgets with a Costco membership.
How to save at Costco
Here are seven ways you can lower your shopping bill at the big-box retailer.
1. Take advantage of the executive membership rebate
Costco has an executive membership that costs $65 per year more than the basic membership, but depending on how much you shop, it could be worth it.
The membership comes with an annual 2% reward on most purchases at the warehouse, online and for the company’s travel offerings. That means if you spend $3,250 per year at Costco, you’ll break even on the upgraded membership.
2. Research medication costs
Costco negotiates directly with drug and medical device manufacturers and says that it passes along savings directly to customers. The company says customers receive “discounts on hundreds of popular medications — even generic medication” as well as exclusive member prices on certain prescriptions.
If you shop at Costco, you may be able to save on your essential medications (and your pets’ medications, too).
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3. Book travel deals
Costco isn’t just for buying everyday items. You can also book vacations with Costco Travel to save money. Bundles may be cheaper on Costco than third-party sites, and you can find a wide range of options.
Whether you’re looking to take a cruise, rent a car, or book a hotel and flight, using Costco’s Travel portal could help you save big.
4. Get your gas through Costco
Filling your car’s tank at the gas pump can take a big chunk out of your budget. But Costco tends to offer lower gas prices than the average gas station. Pair your shopping trips with a trip to the Costco gas pump to save.
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5. Purchase affordable hearing aids and eyeglasses
Specialty stores often have higher markups for hearing aids and eyeglasses. However, if you buy these same items at Costco, you can potentially save a significant amount of money.
6. Assess the home services offerings
Costco isn’t just a place to get your groceries and gas. You can also use its home services offerings for flooring and carpeting, window and door replacement, bathroom remodels, heating and air conditioning and much more.
While you’ll want to compare the cost to other providers, you may be able to score a deal with Costco’s offerings. Some purchases come with a Costco shop card worth a certain percentage of your purchase, which can be applied to membership or merchandise.
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7. Buy in bulk
Costco is known for its large quantities, making it a prime place to save by buying in bulk. You can stock up on household essentials like toilet paper and cleaning supplies, as well as non-perishable foods.
If you don’t need hefty amounts of your purchases, consider splitting your items with a friend or neighbor so you both save.
