When I joined Costco years ago, I was skeptical about paying the annual membership fee that gave me access to these giant outlet stores. But having been a member for over a decade, I can say with confidence that these annual dues have, over the years, more than paid off.
But while I happen to be a huge Costco fan, a membership isn’t for everyone. And if these factors apply to you, it might be time to cancel.
1. You rarely use your subscription
A standard Costco membership costs $60 a year, but if you shop there a lot, you can easily recoup that cost, and then some through the savings you make on groceries and household essentials. In fact, buying my products at Costco easily saves me $30 a week, so for me, this dues is a no-brainer.
But if you find that you don’t visit Costco often, or that Costco doesn’t stock most of the items you buy regularly, it might not be worth paying that fee. Look through your credit card statements for the last six months and see how many Costco purchases you’ve made. If it’s not a lot, these fees may not be worth paying.
2. You move to a place where there is no Costco nearby
I happen to live in an area where there are not just one, but two Costco warehouses within a 15 minute drive. But not everyone has such easy access to Costco. And if you’re moving to a location that will put you 30 minutes or more from the nearest Costco store, you might not want to pay for a membership.
Even if you still like the idea of shopping at Costco, the time and money you spend getting there could make it a decidedly impractical option, despite the potential savings. In that case, you might be better off looking for sales at a supermarket much closer to you.
3. You tend to overspend every time you visit Costco
Although Costco only offers a limited selection of groceries and goods, this can easily open the door to overspending. When buying food at the supermarket, for example, you can sometimes give in to impulse buying and buy ice cream or cookies on a whim. At Costco, you could run for milk and other basics and come out with a kayak, a new winter jacket, or a giant stuffed giraffe.
If you’ve been known to go overboard at Costco, to the point that you’ve racked up credit card debt, you might want to cancel your membership if you’re not sure you can break the habit. That said, before going this route, you can try bringing only cash to Costco so you’re forced to stick to a predefined shopping list. But if that doesn’t work, you may need to remove Costco access from the table.
There are many benefits to being a Costco member. But if these factors apply to you, you might want to cancel your membership and save that money.
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