Personal finance expert Dave Ramsey has identified nine bulk items that can help you save money in the long run.
Although buying in bulk may initially cost more, it can lead to fewer trips to the store, less money spent on gas, and a reduced chance of making impulse purchases. This guide will outline the top items to buy in bulk and provide tips to avoid overspending.
Navigating the Wholesale World
Costco and Sam’s Club are the most prominent players in the wholesale market, but Ramsey notes that bulk deals can also be found at other stores like BJ’s Wholesale Club and online outlets like Boxed and Amazon.
However, he warns against common mistakes that can lead to overspending, such as buying unnecessary items to avoid a return trip or doing all your grocery shopping at the warehouse store to justify the membership cost.
The Essential 9 Bulk Items
To truly maximize savings, Ramsey recommends buying the following nine items in bulk: toiletries, dental care items (electric toothbrush heads and dental floss), paper products (toilet paper and paper towels), batteries, gum, cereal, canned goods, rice, and dry beans.
On the other hand, it is advised to buy perishables, condiments, and spices in smaller quantities to avoid waste.
The Escalating Cost of Food
The USDA Economic Research Service (ERS) Food Price Outlook revealed that food at home prices increased by 11.4% in 2022. Although prices are expected to rise more slowly in 2023, they will still remain above historical averages.
With food prices on the rise, it is more important than ever to find ways to save on grocery costs, making bulk buying a more appealing option for many households.
The Real Savings of Bulk Buying
A 2021 study by MagnifyMoney compared the non-bulk and bulk costs of 20 products and found that non-bulk shoppers could save approximately 25% by switching to bulk buying.
The most significant price difference was found in batteries, while toilet paper showed no difference in price. This highlights the importance of selecting the right items when buying in bulk to achieve maximum savings.
Is Bulk Buying Right for You?
Ramsey emphasizes that bulk buying may not be the most practical or budget-friendly option for everyone. It is essential to consider your lifestyle, budget, and storage space before deciding to buy in bulk.
If it aligns with your circumstances, purchasing a few household staples in bulk can lead to substantial savings.
Steering Clear of Overspending
Ramsey cautions against common mistakes that can lead to overspending, such as purchasing unnecessary items to avoid a return trip or doing all your grocery shopping at the warehouse store to justify the membership cost.
It is crucial to plan your purchases carefully and avoid unnecessary spending to truly benefit from buying in bulk.
The Perils of Perishables
Fruits, vegetables, dairy, and other perishables have a shorter shelf life and are more likely to spoil before being consumed.
As a result, it is recommended to buy these items in smaller quantities to avoid waste. Purchasing perishables in bulk may lead to unneeded waste and ultimately negate any potential savings.
Importance of Planning
Careful planning is essential to maximize savings and minimize waste when buying in bulk. Creating a well-thought-out shopping list, considering storage space, and accounting for the shelf life of products are all crucial steps in the planning process.
Remember, the ultimate goal is to save money and reduce waste.
Start Your Bulk Buying Journey
With Dave Ramsey’s top nine bulk buys and these practical tips, you are well-equipped to navigate the world of bulk buying.
Be sure to select the right items, avoid perishables, and plan your purchases carefully to maximize savings and minimize waste. Happy saving!
