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Now that you've retired, living on a budget has a whole new meaning. Splurges and unnecessary expenses can force you to dip into your savings. And that's why retirees enjoy the financial benefits that warehouse clubs have to offer.
Whether you're new to this type of shopping experience or just want to learn how to get more out of your Costco membership, we've got you covered with the best ways to save money. From choosing Kirkland Signature generics over brand-name buys to buying in bulk, here are our top tips for making the most out of your next haul.
Editor's note: Prices and availability are subject to change and may vary by location.
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Upgrade to an Executive Membership
Yes, the Gold Star membership is the less expensive level. But this $65 (per year) option doesn't include everything that "Executives" are entitled to. And we're not just talking about the fancy shmancy black card with the gold cursive "C."
Executive members can do more than shop in stores and online. This upgrade also gives you access to extended early shopping hours, an annual 2% reward on eligible purchases up to $1,250, a $10 monthly credit on eligible Same Day and Costco via Instacart orders of $150 or more, and special discounts on select Costco services.
Use a Costco Anywhere Visa credit card
Members know that Mastercard is not accepted in Costco stores. So, if you're already in the market for a Visa, the warehouse club's "Anywhere" card could save you money.
The annual fee-free card offers 5% cash back rewards on Costco gas and 4% on other eligible gas purchases. But that's not all. You can also get 4% cash back on eligible EV charging, 3% on eligible restaurants and travel (this includes Costco Travel), 2% on all of your Costco and Costco.com purchases, and 1% on other eligible non-Costco purchases.
Shop Kirkland Signature generics over brand names
Don't waste money on a pretty package. Instead, swap name-brand buys for Kirkland Signature generics. If cutting grocery costs is a priority, look for money-saving pantry picks, frozen foods, beverages, dairy items, desserts, freshly baked goods, and prepared deli meals.
You can also score serious savings on non-food Kirkland items, including pet products, beauty buys, OTC medications, disposable paperware, laundry detergent, motor oil, and more.
Take advantage of low pharmacy prices
Members often spend less on prescriptions from the warehouse club's in-store and online pharmacies. Not sure if you can save money on meds? Costco makes it easy to check. Either ask the pharmacist at your local club or visit the retailer's website to compare prices.
Try the optical center
Glasses from a warehouse club? Not only can you find fashionable frames in the store's optical department, but you can also get an annual vision exam. Choose from Kirkland Signature's HD progressives, drivewear, photochromatic, polarized, or blue light-blocking lenses. And bonus, all prescription glasses include an anti-reflective coating and free adjustments.
Get your hearing aids from Costco
Glasses aren't the only "health care" purchase you can get from Costco. The warehouse club also offers customers a free hearing test, free service appointments, and deep discounts on hearing aids. Executive members may also earn up to 4% cash back on their hearing aid purchase.
Fill your car's tank with gas
If the rising cost of gas has got you down, skip the local service station and fill up at Costco. The warehouse club's competitive pricing makes it worth the wait. Hint: Avoid wasting money on a separate drive to your local store just for gas. Instead, combine it with your next bulk buy shopping trip.
Search your club for in-store specials
Pay close attention to the signs in your neighborhood club. Local stores often have limited-time specials or offer manufacturer's discounts on specific items. Don't wait to snag these deals. The sale end date is posted on the price tag, making it easy to score these savings.
Check the app for online-only deals
Even though shopping in-store sales is an easy way to save money on everything from groceries to electronics, you can also nab additional deals online. Download Costco's app or visit the retailer's website to take advantage of some of the retailer's best bargains.
Not sure how to find web-based specials? Simply go to the product category and click the "Online Only" option to see budget-friendly prices.
Know what groceries to buy in bulk
Access to low-cost bulk buys is one of the top reasons to join a warehouse club. But that doesn't mean every oversized item is a bargain, especially for empty nesters and smaller households.
Perishable products like cheese, milk, and eggs may not save you money. So what products make financial sense for retirees? Shelf-stable selections and items you can easily freeze reduce food waste and can stretch your budget further.
Save with Costco Travel
Retirement means you have extra time for a quick getaway, a relaxing cruise, a road trip, or a family vacation. But you don't want to splurge on unnecessary extras. Enter Costco Travel.
The members-only perk offers special, limited-time deals to popular destinations like Aruba, the Caribbean, and Hawaii. You can also get discounts on cruises, hotel packages, theme parks, and rental cars.
Look for the asterisk
What exactly is the asterisk at the end of an in-store price? Also known as the "Death Star," this designation notes an item that is discontinued or not on reorder. Costco often dramatically discounts these products to clear the inventory. The result is a dramatically lower price and greater savings.
Bottom line
While you won't save money on every item at Costco, the warehouse club does offer plenty of perks for retirees. And that means you can feel confident about shopping.
Of course, Costco isn't the only store that makes it easy to keep more cash in your wallet. If you don't want the extra expense of another warehouse club membership, big-box retailers like Walmart and Target have similar bargains on groceries, home goods, beauty products, electronics, automotive items, and more.
More from FinanceBuzz:
- 12 ways to pocket up to $300.
- Are you a homeowner? Get a protection plan on all your appliances.
- 10 little weird hacks Costco shoppers should know.
- Learn how to escape the paycheck-to-paycheck grind.
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