When building your stockpile, the best way of saving money is to buy in bulk as you are getting more for your money. The products also cost a fair bit less individually when you purchase them this way.
Get it right and you will save a lot of money. Get it wrong and you will be wasting it.
Bulk buying requires careful planning to achieve the best savings and lower risk for spoilage and today, we want to give you some simple steps that will make sure that you are only saving when you are buying in bulk.
What is Bulk Buying?
When you buy in bulk it simply means that you are buying a large quantity of the same product at the same time. As an example, you could purchase 15 packs of the same food instead of the usual one pack.
It isn’t just food either. Let’s say that you want some paracord to add to your gear. 100 feet (30m) of paracord might cost you £10 but you could get a 1000 feet (300m) roll of paracord for £60. When you work that out, buying the latter means that you saved £40 as to get 1000 feet in separate 100 feet units, you would have paid £100.
The main idea when buying in bulk is to minimize the cost per unit.
As you can see with the example above, you are still going to have to put a considerable amount of money in to it but you probably wouldn’t need to buy more of those items for quite a long time.
Compare the Costs
The first step is to make a list of the must-have products at your local grocery store along with the prices that you normally pay.
We mentioned the cost per unit above and you can work this out when buying in bulk by dividing the cost by the quantity or unit of weight. There are calculators online and phone apps that can work this out for you quickly and efficiently.
To really make this work, you want to try and push the cost per unit at least 50% below what you would normally pay.
You need to have a good think about exactly what it is that you NEED to stock up on. It is great seeing a load of laundry detergent that might last you all year but if you don’t really have the space for it, don’t buy it.
Be realistic and focus only on necessary items. Stocking up on an item you won’t use for a while does nothing but stretch your budget.
Don’t Bulk Buy Perishables – unless you can process them straight away
It is only worth buying something in bulk if you can use it before it expires. The key is stocking up on items that won’t go bad.
Buying a load of fruit upfront is great, but only if you have the time and equipment to take it home and make a big batch of jam within the next couple of days.
Buying plenty of meat is great, but only if you have the space in your freezer and can freeze it immediately.
Never purchase perishables unless you have a plan in mind to do something with it straight away. Having to throw away items because they went bad is not saving money, it’s wasting it!
Coupon Stacking and Sales
To really maximize your savings, you need to start to stack coupons on top of your bulk purchases. Print off several copies of your coupons and then wait until the items go on sale. Put all the coupons together on top of the sale.
Providing the sale doesn’t have a limit, this can really work in your favor. Remember, the goal is to minimize the cost per unit, and using a coupon on top of a sale achieves that quite effectively.
Do You Have the Space
I touched on this a little bit earlier but if you don’t have the space for certain items, don’t buy them. Always make sure that you have the available space for buying what you require in bulk before heading off to the store.
You can get creative in where you store your items but you don’t want to go overboard.
Everybody likes to be able to save money so ask around your friends and family and split the cost between all interested parties.
This is a great method for when you find great deals but don’t have the space for the amount. You can simply split it saving everybody money.
For example, if you buy a 50 lb bag of rice and split it four ways, each person will end up with 12.5 lbs, which is a much more manageable amount.