Retirement is obviously a time that a lot of people look forward to, but economic uncertainty has many retirees wondering how to best stretch their fixed incomes. Inflation and tariffs only complicate the issue of properly managing the income you’ve saved for your golden years.
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One way to keep expenses low is to spend as little as possible. According to the Bureau of Labor Statistics, “Discretionary spending is the easiest way you can limit your expenses in retirement.” That’s where shopping at Costco comes in.
GOBankingRates spoke to Christopher Lee, a retired president of a construction company, who shops at Costco for his family of four. Here are the top items he buys to save money.
Is Costco’s Bulk Purchasing a Blessing or a Curse?
The Costco membership is known for coming with lower-priced tags on purchases and affordable bulk buying options.
“Bulk purchases also mean fewer trips to the store, less time spent on shopping and fewer decisions to make, which frees up more mental and physical energy for other things I enjoy like travel or other hobbies,” Lee said.
However, if you don’t have a large storage space to accommodate purchases, bulk buying from Costco might be a problem, especially for non-perishable items that accumulate faster than expected.
“I’ve had to get creative with how I store certain items to avoid clutter. Also, I’ve found that preferences can change over time, so some bulk items might sit unused if tastes change or if they don’t get used as quickly as anticipated,” Lee said. “It’s important to be mindful of how long something will last before committing to bulk.”
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According to Lee, you should only buy an item in bulk if…
- It’s a non-perishable item or something that will last a long time (like olive oil or dish soap).
- It’s something used regularly at home, so it’s guaranteed to be used up (like toilet tissue or paper towels).
- It’s a significant savings per unit and doesn’t create excess storage problems.
Items To Buy From Costco To Save Money
Things at Costco are generally a good price compared to getting the same quantity from other stores, and the quality of items is higher, as well. Here are Lee’s recommendations:
- Toothpaste and Sonicare replacements: Dental care is vital especially as you age. Costco’s cheaper than drugstores or Amazon especially when it comes to supplies like these. Lee saves about $1.50 per tube on toothpaste and $10 on Sonicare heads. He said bulk lasts three months for toothpaste and six months for Sonicare.
- Eggs (60-count): Eggs are a good source of protein and if you’re a boomer, you need to ensure you’re having the right amount of protein. Lee said Costco’s eggs are a better deal, adding, “I usually go organic, but conventional works if I need to save.”
- Dishwashing soap and laundry detergent: Laundry is an important routine, so dishwashing soap and detergents are essential for cleaning chores. Lee prefers Cascade over Kirkland for dish soap. For detergent, he uses Tide as a go-to for cleaning power and finds it works better than Kirkland.
- Toilet tissue and paper towels: Toilet tissues and paper towels are also a must-have in every home. Lee said Costco’s paper towels are really solid.
- Extra virgin olive oil: Olive oils are versatile for cooking and other functions as they’re an important ingredient for many DIY products. According to Lee, Costco’s olive oil is high-quality and fresh. A big bottle lasts about six months, and you don’t have to worry about it going rancid as long as it’s stored properly.
Final Take To GO: What’s the Catch?
While these items are beneficial for retirees, buying in bulk may not suit retirees who live alone. It’s more practical for those living with family members, so they can go through the items quickly. It’s also best to use a coupon or buy during sales if you can in order to maximize savings.
So, how much can this save you?
“I save about $685 on these items, and this could vary depending on specific purchases, discounts and how often these items are used,” Lee said.
$685 may not seem like a lot, but when you’re in retirement and not earning income, every cent and every dollar stretched counts.
Caitlyn Moorhead contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: I’m a Retired Boomer: Here Are 5 Things I Always Buy From Costco To Save Money
