Every little effort towards saving your money helps you to build wealth and gain financial stability.
If you are not a money saving expert, then I am quite sure you would be looking out for innovative and new ways to save money.
So today, I bring to you one such effective and efficient way to save your money.
By Buying in Bulk, you can easily and effectively save your money. Buying larger quantities you end up paying less per unit of that item and thus get to save a considerable amount of money each month.
Though you may love going out for shopping, but just consider the waste of time and money involved in it. Research has revealed that a consumer spends more money in a month if he or she happens to visit a store more often than a consumer who visits a store less of times in a month. So you see that buying in Bulk decreases the overall monthly expenditure.
Buying in Bulk is usually taken up and works best for non-perishable items. This mainly includes regular grocery items. When doing bulk buying you can purchase items which have long shelf-life such as staples like flour, canned foodstuff, cornmeal, etc. You can purchase and stock up rice, oil, vinegar, pasta, dried beans, sweeteners, dry seasonings, coffee, toiletries, beauty products, and many other types of non-perishable stuff, as well.
You would be glad to know that there are numerous benefits of buying in bulk. This would further encourage you to undertake bulk buying. So let me put before you the major benefits of buying in bulk.
Benefits of Buying in Bulk
Buying in Bulk is Economical and so less expensive: Buying in Bulk is beneficial in the sense that it provides you the opportunity to save your money. By doing bulk buying, you pay less price per unit of that item. For example, a large bag of potatoes typically costs less per pound than buying individual potatoes.
Less of Shopping Trips: When you have stocked up the necessary grocery items, and other essential stuff, you don’t need to rush to supermarkets frequently. When you have the ingredients at your home, you would rather prefer cooking food than to buy food from a restaurant. So you make less of shopping trips and thus save your time, money and energy.
Less Use of Packaging Material: Bulk Buying facilitates less use of packaging material. So when you buy in bulk, you get more quantity of the item and less of plastic or paper packaging. This eventually helps you to safeguard the environment from wastes generated from packaging material and you contribute less to the landfills. Thus by bulk buying, you tend to become more environmentally friendly.
Facilitates optimum usage of Items: You tend to consume small quantity of items soon, and then rush to supermarkets to shop for more. Whereas, if you buy in bulk, the grocery items last longer. For example, if you buy a small packet of cereal or rice, you would like to cook it in one go while if you have a large bag of rice or cereal you take out that much quantity which is sufficient for you and your family. This way buying in bulk can help you to use the right amount of grocery items. With optimum usage of grocery items, you save your money and time, as well.
Be careful of the disadvantages of bulk buying
While there are benefits linked to buying in bulk, it also has some disadvantages. When buying in bulk you need to be careful about certain things. Firstly, you should avoid buying perishable items in bulk as they bear the risk of spoilage. Secondly, you need to consider the storage space availability with you before you buy in bulk. So you should examine and check the storage space with you before buying any item in bulk. If you have enough space, then bulk buying is not a problem.
The Right Way of Buying in Bulk
So as, to make bulk buying a gainful exercise, you have to make sure that you follow the right way of buying in bulk. These are some of the points you need to consider for the right way of buying in bulk.
• Do a Price Comparison of a bulk-packaged product based on its per-unit price so as to get the best deal. There are different brands of items and checking their unit-price enables you to buy in bulk products at a lower price and thus save money.
• Before buying in bulk, you need to test the product first so as to make sure that it suits your requirements and tastes. Thus, initially purchase a small quantity of the product. If you like it, then purchase in bulk. This way you would not be stuck with a large quantity of the product which you do not like.
• Check the expiration date of the products you buy in bulk. Know the frequency of your usage of the products you buy in bulk and make sure to consume the products before the expiry date so that you do not throw away the unused quantity or portion.
• Make sure that you have used or consumed the products before making a fresh bulk purchase.
• Compare the prices of items which you would buy in bulk at a wholesale market with that at a supermarket. Usually wholesale rate is lower than the supermarket rates.
• Pooling your money with friends and co-workers you can easily make a bulk purchase. This would not put a strain on your budget, and you would get the desired quantity of the products, as well.
Now, as you are fully aware of all the intricacies of buying in bulk, you can take up bulk buying in a smarter and profitable way. As you have seen above, you can also employ buying in bulk as a useful money saving technique.