Should You Join Costco in 2023?

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It could be a smart move.

Key Point

• You can save a lot of money by shopping at Costco.
• A membership fee is included, so you need to make sure it makes sense to pay a membership fee.

These days, many consumers struggle to keep up with basic expenses like housing, transportation, and utilities. You can thank inflation for that.

Worse, it is unclear whether inflation will taper off in 2023 or remain high. So, if you’re looking for ways to ease that burden in the new year, you may want to focus on some of your larger spending, such as groceries.

Joining Costco might be a good solution. Costco’s basic membership currently costs $60 a year, and the warehouse club giant recently announced that it has no immediate plans to increase membership fees.

Many consumers save a lot of money by shopping at Costco, but before paying that $60 fee, you want to make sure the membership is really worth it. And you can ask yourself these questions to find out.

1. Do you have enough storage in your home?

Buying items in bulk that Costco allows often pays less per unit or ounce than buying the same items individually. I need a place to put it. If he only has a small refrigerator and freezer, he may struggle to stock up on perishables, and if he lives in an apartment with one or two small closets, toilet paper, paper towels, etc. You may not have space to store them all together.

2. Do you have a large family to support?

Joining Costco is easy if you have a large family. A big benefit is that you can save money by buying groceries in bulk. However, if you don’t have enough people in your household before those items go bad, it may not be worth buying them.

3. Do you have pets that you care for?

Stocking up on pet supplies at Costco can lead to fewer tabs on your credit card. If you have pets, a Costco membership may be a good deal, even if you don’t live alone or have a large family.

4. Is there a Costco nearby?

This is the most important question to ask yourself when considering a Costco membership. You can only benefit from that membership if you actually use it. So if your nearest Costco is 45 minutes away, it might not be worth buying a membership if you don’t go there very often.

Also, think about the cost of gas these days. Shopping at Costco could save you $20 per grocery purchase. But when it comes to spending an extra $20 on gas to get there, the savings are gone.

Joining Costco in 2023 could save you money on food, household essentials, pet supplies, and even clothing. But before you pay the annual fee, make sure it’s really worth the money that way.