Essential Tips On When To Buy in Bulk To Save More Towards Your Savings Goal.
Do you live on your own? Just got married? Let me ask you this pertinent question.” How do you buy your groceries?” As and when they finish or you buy in bulk? Have you ever considered that buying in bulk can help you save extra cash which can go into a savings account to earn more interest?
Inflation keeps fluctuating every other day and prices of goods on the market keep rising. This makes buying in bulk a good choice to make for extra-savings.
It’s not every grocery item that can be bought in bulk, mind you. Foods which are less likely to perish, often make more sense to buy in bulk.
Are you stumped on what to buy in bulk? Here are some tips on which items you should bulk buy to get extra cash to save.
Toilet Paper – TP never perishes and can stay in storage the whole year round. Buy this in bulk the next time you go shopping
Cleaning & Laundry Detergent – Washing and cleaning products can make a dent in your pocket if you buy them singly than bulk. Buying 5 bottles of detergent is more cost-saving than one at a time.
Toothpaste – Ever noticed how you quickly run out of toothpaste? Brushing twice a day (as recommended by dentists) makes it finish faster so you buy more. But buy a pack of 6 to avoid buying in singles. Much cheaper that way.
Dry Foods – Dry foods like Agushie, Beans, Millet etc. can be stored in the freezer for a long period of time for several uses. The fluctuating price of food will not affect you because you are well stocked up.
Soap – Just like the detergents, you are in a much better place when you buy soap in bulk. In the long run this move is cost-saving.
Rice – Which would you rather buy? A large bag of rice which you can store in bulk for more than 6 months or a small bag of rice which finishes within a month causing you to go out and buy another?
These tips help my home to save in the long run, which contribute to saving more. I can see us drawing closer to our vacation goal and it’s really exciting to be able to reap after all the hard work and sacrifice.
Even when buying in bulk you still have to track your expenses and this video below will show you how to track your expenses
Keeping track can be cumbersome but not if you use the tips showed in the video. You can also have a small notebook like mine which I use to record daily spending.
We all need motivation on any journey we take and your savings goal is no different from other journeys.
You need motivation, a visual reminder of your goal (a photo of your goal on your fridge or bedside), breaking your big goal into mini-goals and involving your family and friends to give you major props.
This video is also about how to fight your vices which holds you back from saving.
It’s very important to identify your vices and by doing that you are able to track them more effectively and cut back eventually. Always give yourself a goal on how much you will cut down on your vice. Little goals add to bigger goals. By adding up how much you cut back you can then deposit these into your savings account. Try using the Barclays Savings Calculator to see how much you save.
Don’t forget to reward yourself for saving more in a particular period. You deserve it.
This article is the sixth in a series of sponsored posts for the BARCLAYS SAVINGS CHALLENGE. I hope the challenge has been as interesting and impactful for you as it has been for me. You can follow the discussion on Twitter and Facebook and share your own experience by using the hashtag #AFRICASAVES. Visit the Barclays page for useful savings calculators and information on their savings accounts.