With the high cost of living, everyone is looking for ways to save money these days, and one of the best strategies to have more cash in your wallet is to make the most of your Costco membership. Smartly planned shopping trips and understanding your household needs are just part of maximizing your savings at Costco. Savvy consumers know that buying Kirkland Signature, the retail giant’s private label over name brands, is a way to cut costs, but there’s more. Best Life spoke with financial experts who shared their tips for getting the best deals at Costco and stretching the savings.
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1. Discounted Gift Cards
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Gift cards are great gifts, especially for the person who has everything, and at Costco, you can score mega discounts on them.
Head to Costco's website and check out what they have available for gift cards, Kristin Bjornstad, Financial Coach and Planner, says. “I saw a pack of 2 $50 Uber Eats gift cards for $79.99 and 2 $50 Spafinder gift cards for $79.99.”
2. Decode Price Tags
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Costco’s aisles can feel like a complex maze at times, but one way to help you navigate is to learn what the different prices mean. Decoding the price tags can lead to massive savings.
“Price tags featuring an asterisk represent clearance items that have been marked down to their lowest price and won’t be restocked, while prices ending in 97 suggest a manager markdown that likely won't be offered for any less, meaning it's a good deal,” Andrea Woroch, Money-Saving Expert explains.
3. Fill Up
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Live everything else, gas prices are surging, but at Costco, you can fill up for a lot less.
“As I'm writing this, gas is 20+ cents cheaper per gallon at Costco than other gas stations,” Bjornstad states. “That is a significant difference. If you live close enough to a Costco and drive regularly, the gas savings alone might make the Costco membership fully worth it for you! If you're a multi-vehicle family, it definitely will,” she explains.
4. Get the Executive Membership
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There are different levels of membership at Costco, and some might not think that executive membership is worth the $120 annual fee. However, you’ll get 2% back on purchases and additional Costco service discounts, and Allie Echeverria, MS, RD, LD, and modern home economics expert, is all about it.The executive membership costs double the basic, but Echeverria says, “I always get a minimum of $60 back, so the upgraded membership pays for itself. My basic grocery shopping usually gets me to $120 back annually, covering my whole membership cost.”
5. Save on Prescription Meds
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With so many Americans taking prescription drugs, another way to rack up the savings is to get medications at Costco. According to the Mayo Clinic, more than 70% take at least one, and more than half take two.
“You can save up to 80% on popular medications when you buy them at Costco,” says Bjornstad.
6. Smart Bulk Purchasing
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Costco is known for its competitive prices on bulk shopping, but you don’t need to buy everything just because it’s a good deal. “I always advise clients to purchase non-perishable items and things they use often,” Chris Yang, personal finance consultant and co-founder of Coins Value, says.
He continues, “For example, buying toilet paper, cleaning supplies, or even canned goods in bulk could bring a 20-30% discount off the regular retail price. You do need to have space to store things, and you do need to calculate the per-unit cost to make sure you're saving money.”
7. Cheap Tickets
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Before paying for an overpriced concert ticket, check with Costco to see what deals they’re offering. You can save big on everything from movies to sporting events and more.
“I've personally seen the Doobie Brothers in concert, and apparently, I can see them again at a discount if I buy the tickets through Costco,” Bjornstad says. “They even have discounted festival passes for the GoldenSky Country Music Festival in Sacramento.”
8. Get the Costco Anywhere Visa Card by Citi
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When used responsibly, you can reap the rewards credit cards offer. If you’re a regular Costco shopper, the Anywhere Visa Card by Citi might be worth considering.
“They give you 4% cash back on eligible gas for the first $7,000 each year, then 1% after that,” Bjornstad explains. “You'll also get 3% on restaurants and eligible travel, 2% on all other purchases from Costco, and 1% on all other purchases.”
You can use the credit card to fill up and save on gas, then earn money back.
9. Travel Deals
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Vacations are fun but expensive. The costs associated with traveling, like hotels, flights, and rental cars, add up quickly, but you can offset the price by booking through Costco. They offer discounts on travel packages (you can’t book flights only; it has to be a package), cruises, and more.
“Costco has a deal right now that is four nights for the price of three at a resort in Hawaii, plus daily buffet breakfast for 2 ($104 value per day), waived mandatory daily resort fee ($50 value per day), and complimentary self-parking (value of $40 per day),” says Bjornstad. “Plus, you get a 2% annual reward on top of that if you have an Executive membership.”
