Running a household is no joke, but thankfully, with my bulk buy strategy, I can cross one thing off my never-ending to-do list. If you’re anything like me and want to spend less time and money on those pesky errands, then you’re probably itching to level up your financial management game. And no, I’m not about to turn you into a trad wife. We’re doing this with style, so you can live your best life while keeping those finances in check.
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So, what’s the deal with bulk buying, and why should you even care? Picture this: never running out of toilet paper or toothpaste, always having your go-to snacks in your pantry, and forgetting what it’s like to stress over budgeting for essentials. Sounds pretty sweet, right?
That’s the magic of bulk buying. It’s all about intentionally stocking up on your household must-haves in large enough quantities that’ll last you at least 3 to 6 months. This savvy move saves you cash, time, and those dreaded multiple trips to the store. Say goodbye to aimless Costco hauls and hello to shopping with a plan and sticking to your budget.
Back in the day, my parents were all about that Costco life. We were there so often that I thought it was the norm for everyone. It wasn’t until my college days, when I tried to replicate their epic Costco hauls, that I realized they weren’t bulk buying; they were just shopping in large quantities because, well, that’s what big families do. Let me tell you, as a solo college student, it was a bit much.
Fast forward to becoming a mom, and my perspective on Costco changed big time. I still remember my apartment post-baby shower, overflowing with boxes of diapers, wipes, and all the baby essentials. Having a stash of everything felt amazing. But when we ran out of diapers for the first time, it felt like the world was ending. That’s when I truly appreciated the value of a well-planned bulk buy.
Ready to get strategic and start bulk buying like a pro? Let me walk you through my tried-and-true six-step process that’ll have you mastering the art of bulk buying in no time.
First things first, cleaning isn’t just about making your space look pretty—it’s about setting yourself up for success. When I started my bulk-buying journey, I quickly realized that clutter was not my friend. My apartment was so small, I couldn’t fathom where I’d store everything. But then it hit me—decluttering was about more than just making room; it was about reimagining my space.
So, I got creative and transformed my coat closet into a storage haven. I even found a corner in my garage where, if I parked just right, I could fit a standing shelf. Best $40 I ever spent on Amazon, hands down.
Now that you’ve got your space in order, it’s time to figure out what you need. We’re talking about everything from household essentials to your snack favorites. Grab a Google sheet or a good old-fashioned piece of paper and start brainstorming. A solid starting point is focusing on household essentials. I like to break this into subcategories of cleaning supplies and personal care—think laundry detergent, paper towels, and toothpaste, deodorant. These items are perfect for bulk buying and can be stored pretty much anywhere.
When it comes to food, I like to break it down into non-perishables and perishables. For non-perishables, think rice, canned goods, and seasonings. For perishables, I’m all about freezing meats and veggies to make meal prep a breeze.
We’ve all got our quirks, but when it comes to bulk buying, knowing your consumption habits is key. I’ve had my fair share of mishaps, like ending up with enough frozen chicken to feed an army. But I’ve learned from my mistakes, and I’m here to help you do the same.
It’s not just about saving money; it’s about understanding how much you need. For example, I used to buy in bulk without a second thought. Big mistake. I ended up with way more than I could use, and my wallet felt the pain. But once I started tracking how much we used, my bulk buys became a lot more efficient. A pro tip here is to buy an extra item of what you’re already getting and see how it affects your consumption. Jot down when you first started using the product and then it ran out, trust me this information is going to come in handy.
Who doesn’t love a good deal? When it comes to bulk buying, the savings are out there—you just need to know where to look. In the beginning, I thought sticking to one store was the way to go. But then I discovered how amazing price matching is. By comparing quantity and prices across different stores. I started saving big time on my bulk buys when I started buying just what I needed to last through my 3-month haul. It’s like a game, and I’m all about winning.
Now, let’s talk money. With a sinking fund, you can save up for your bulk buys without resorting to credit card debt. Whether you’re setting aside a little each month or using a chunk of your tax refund, the key is to have a plan. When I started bulk buying, I started using my short-term goals savings account within my High-5 Banking Method, just for this purpose. Each month, I’d add a bit to the account until I had enough for my shopping spree. No more last-minute financial stress for me.
This is it—the moment of truth. With your plan and shopping list, it’s time to make your bulk buy happen. I’ll be honest, the first time I did this, I was a bundle of nerves. But once I embraced online shopping, everything changed. It’s so much easier to stay on budget and get everything you need without any surprises at the checkout. Another great option is curbside pick-up for items that can get damaged in transit. For most food and liquid items, I go into the store to get to avoid any mishaps. But for everything else, just get it shipped.
But wait, there’s more! After you’ve nailed your bulk buy, it’s all about keeping things in order. We’ve been at this for a while, so our bulk buys usually last about 6 months. We stay organized and keep an eye on our stock, so we know when it’s time to restock. But usually around 3-4 months, we make sure to discuss restocking our bulk buy during our monthly Family All-Hands Meetings. I’m telling you, the 4 Game Changers all work together to help you keep your household and finances in order.
Look, I get it—bulk buying takes a bit of effort. But if you’re serious about saving money, and time, and reducing stress, following my six-step process is going to be an automatic game-changer. Whether you’re a shopping wiz or a newbie, there’s no better time to take control of your household management and finances. Are you ready to start your bulk-buying journey?
Between mass layoffs and talk of a potential recession, one thing remains certain: It’s never too late to start saving for the unexpected.
Inflation has stuck around, with the Consumer Price Index rising 3.4% in 2023 according to data from the Bureau of Labor Statistics (BLS). The rising cost of goods means paying more for the same and can take a bite out of your discretionary income. Learning how to save money and manage the money you do have can put you in the best position for whatever comes your way.
If you’re among those who may be behind on building your nest egg, here’s how to get started.
Your ability to save is related to the gap between your income and your expenses. If there is no gap, you may find yourself living paycheck-to-paycheck or relying on credit cards to get by.
“In times like this, it is more important than ever to have a strong awareness of your cash flow. You must be mindful of what you are spending money on and how much you are spending,” says Gerald Grant III, certified financial planner and a financial professional at G Financial Group working in alliance with Equitable Advisors.
That’s why it’s a good idea to really look at your total income and expenses to see where you stand financially. For example, your net income is how much you’re able to take home after taxes. While you might think you earn a certain amount, looking at your earnings after tax gives you a better idea of what money you actually have to work with.
Your expenses include all the things you spend money on, big or small. This includes the three big expenses, which are housing, food, and transportation. Other key expenses include dining out, coffee, gym memberships, streaming services, insurance, subscriptions, and more. You may think you have a handle on your expenses but a lot can fly under the radar without you noticing.
“With credit cards, Apple Pay, and easy payments online, the thought process is being removed from spending money. It’s easy to tap, swipe or click to pay without much effort,” says Grant. “It’s important that you take the time to analyze how you are spending your money and the impact inflation is having on your day-to-day expenses. Every extra dollar you spend is a dollar you can no longer save or invest.”
Taking an honest look at these numbers can offer greater insight into your personal finances and help you budget based on real numbers.
A budget works by allotting specific amounts of money towards certain categories, so everything is accounted for. There are various types of budgets, but with all of them you want to track where your money is going so you can see if your budget is on target or needs to be adjusted. Having a weekly or monthly sit-down with your money can help you gain momentum and see things in close to real-time.
Some financial tools that can help you track expenses include:
If you want to save more money or start a savings practice but feel you can’t afford to, the place to start is reducing or even cutting any unnecessary expenses.
“The first action to reducing your expenses is to track your expenses and break them out between discretionary and non-discretionary expenses. It doesn’t matter how hard you try reducing your expenses, there are certain items that will never go away completely,” explains Grant, III. “You must eat, you must have somewhere to live, you need to get to and from work, etc. Therefore, you should spend most of your energy on finding ways to reduce those expenses you have more control over.”
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To cut back on any unnecessary spending:
Focusing on the largest expenses such as housing, transportation, and food can give you the fastest results, but also may require more of a commitment.
For example, reducing housing costs may mean downsizing, opting for a roommate, or renting out a room on Airbnb. Reducing transportation costs can mean using public transportation when possible or walking or biking, weather-permitted. If that’s not an option, your best bet is to look for the most affordable gas prices using GasBuddy.com and shop around for the best car insurance rates.
Food costs can be reduced by buying whole foods and fewer packaged foods. Though buying packaged foods can also reduce restaurant or take-out spending on those nights you absolutely don’t want to cook, so you may not want to say no completely.
Also, buying certain staples in bulk could be cost-effective. When going out, you can look at menus ahead of time to choose a place that’s within your budget and see if there are any online coupons.
For utilities, you want to be comfortable but also be aware of how your electric, gas, heating, and cooling bills add up. When not in use, turn off the lights or turn down the heating or cooling if it’s not necessary.
You can also try to negotiate your bills, ranging from your rent, phone bills, internet, and more. If you want some extra help in that department, you can use a service like Trim, which helps negotiate or cancel subscriptions for you.
Reducing expenses is a great way to kickstart savings, but there’s a limit to what you can cut down on. At a certain point, you may have scrimped in every area possible and still find you’re not able to meet your financial goals. If you’ve hit your frugality limit or just want more breathing room in your budget, increasing your income is key.
There are several ways to boost your income:
“I have also seen many people adopt side businesses to generate extra income, preferably something you enjoy such as photography, baking, or even leading yoga classes,” says Clint McCalla, certified financial planner at LourdMurray. “There are also sometimes opportunities for individuals to increase their earnings within their existing career through various incentives that many businesses offer for the sourcing of new employees or clients, or completing a new certification.”
Remembering to save and putting in the work to save can be tough. The best antidote for this is to save money through automatic transfers from your checking account to savings and investment/retirement accounts. This removes the internal thought process and can help you build a savings habit, without much effort.
Make sure you’re getting the most out of your savings accounts by choosing one that’s earning you interest. “With many online savings accounts paying in excess of 4% on an annualized basis, consider moving excess savings away from financial institutions paying far less in interest,” says McCalla.
Set up an amount you feel comfortable with to set aside automatically. You can also request automatic payroll deductions to contribute to your 401(k), so you can slowly start to build a nest egg for the future.
Automatic savings can be powerful, but if your income goes up it’s time to reset your automatic savings as well. When earning more, you can fall into lifestyle creep and inadvertently spend more. So if you earn more, commit to saving and investing a higher percentage of your income. Maintaining your current expenses or increasing a small percentage can help you boost your savings rate.
To help keep lifestyle inflation in check, ask yourself what will make you feel secure in the long-run and not just in the short-term.
Monthly debt obligations can affect how much you’re able to save for your future. On top of that, high-interest debt such as credit cards can grow at a rapid pace, making it difficult to pay back. According to the Household Debt and Credit Report from the Federal Reserve Bank of New York, total household debt rose to $17.29 trillion as of Q3 2023, with mortgages and student loan debt being the biggest factors.
Focusing your efforts on paying off high-interest debt first can save you money in the long run. Credit cards can have APRs of around 18% or higher and paying only the minimum will make it tough to climb out, because of the added interest. This is a guaranteed way to save money on interest and once your credit card debt-free, you can focus on living within your means and saving more.
If you have a balance and a high interest rate on your credit card or other type of debt, you may want to look into debt consolidation. For example, if you have good credit you may be eligible for a balance transfer credit card. This allows you to transfer your balances from one card to another that offers an introductory 0% APR that can help you save money. Just keep in mind that a balance transfer comes at a cost though, as balance transfer fees are generally 3% to 5%.
“When it comes to high interest debt, the sooner you can pay it off, the better off you will be over time,” says Grant. “Folks often come to me looking to invest, while still carrying high-interest debt. Failing to realize that if the debt is costing you more than the investment is making you, it makes more sense to pay-off the debt prior to making any new investments.”
To reduce your current debt and avoid taking on additional debt:
An emergency fund can give your personal finances a solid foundation to stand on. No one is immune to sudden emergencies, such as an unexpected layoff, a sudden illness, car trouble, or a costly vet visit. Things will happen and having an emergency fund can help you deal with an already stressful time with more calm and stability. Plus, having that money can help you avoid or limit debt.
To start your emergency fund, open a high-interest savings account, like a high-yield savings account. If you want to avoid temptation, you can have it at a separate bank from where you keep your checking account.
Adding some friction to easy transfers can help if you’ve typically dipped into savings before. From there, start to build up the account with what you can afford every month. Eventually, you want to get about three to six months worth of expenses saved up. This is where automatic transfers can help. So every time you get paid, set an amount to transfer, whether it’s $10 or $100 or more.
And if you need to dip into your emergency fund, ask yourself if it’s truly an emergency. If it is, use the money without guilt or fear, and commit to building it back up.
Paying off debt helps you now, an emergency fund helps you later, and investing can help you in the long-term future. Like most people, you probably want to retire one day or focus on some long-held dream.
That’s where growing your money through investing can help, as your returns can be greater over time (though it’s important to note there are no guaranteed investments and the market is always fluctuating).
“Long-term wealth can be created through investing, but it should be done carefully and wisely…Consider developing a diversified investment portfolio to minimize risk and maximize returns. The portfolio should be aligned with your values, financial goals, and risk tolerance,” explains Deeksha Susty Beeharry, CFA and portfolio risk manager at Inter Fund Management (IFM) SA, an independent and entrepreneurial asset management firm in Luxembourg.
Consider where you’re at now and when you might want to retire and also look into different retirement vehicles. “Utilizing tax-advantaged retirement accounts, such as 401(k)s, IRAs, and Roth IRAs, can be beneficial,” Susty Beeharry adds.
When opening a retirement or investment account, make sure to choose the investments so that your money isn’t simply sitting there but is actually invested.
Figuring out how to save money is a personal journey and one that can change over time, depending on your circumstances. It can be challenging and also rewarding and give you options down the road. The key is paying off debt, creating a solid emergency fund, and carving a path for retirement, even if progress is slow. That way you have more breathing room for life’s unexpected adventures.
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