One of the smartest decisions I have ever made was to take business classes in high school. I learned how businesses save a fortune simply by buying the items they use in larger quantities instead of as they use them. Unfortunately, this teaching runs counter to how many people manage their finances. They only have so much money until payday that they need to spend on A, B, and C. While they’re at it, they also want to eat out a time or two so instead of stockpiling something they use every day (like bathroom tissue) they purchase just enough to last until their next paycheck arrives.
This is why so many people stay broke. They think short-term instead of long-term in regards to their purchases.
The truth is this: when you purchase items in bulk you can save a small fortune. It doesn’t take a lot of money to do this, either. All you have to do is select a single item that you use regularly and purchase a larger quantity when you run low. Eventually you will amass a stockpile that will save you a LOT of money in the long run.
For instance, I am a big fan of melamine sponges (magic erasers). Add a little water to these beauties and you can clean almost anything without a lot of scrubbing or unhealthy chemicals. Despite the fact that they tear up easily, these little sponges are an essential part of my cleaning arsenal since my time is limited these days due to working a public job, volunteering, and writing.
A two-pack of these sponges costs $1 if you purchase the generic brand at my local Family Dollar so I usually stock up whenever I make it to WalMart since they cost 88 cents for a two-pack there. I realized that I might be able to apply the bulk buying principle to these erasers. I went online and discovered that I could purchase 100 of these sponges at Amazon for $7.59 with free shipping.
I saved almost a day’s wage just by buying them in bulk! If I were to purchase 100 of these sponges at my local Family Dollar I would have spent $50 before tax. If I had bought them at WalMart I would have spent $44. I saved $42.44 and $36.44 respectively as a result.
I don’t know about you but I love having an extra forty dollars in my pocket. I would rather have that money to spend on other items instead of spending it on a single item. This one purchase earned a whopping 82.82% return on my initial investment. Considering that you’re lucky to receive 1% interest on a savings account these days I consider this a major win!
While it might take several years for me to use up that supply of sponges they neither eat nor drink so they will cost nothing to store on my shelf. Even better, I won’t have to worry about the cost of these sponges going up for some time in the future.
Today I have a challenge for you. Instead of spending seven bucks at your local fast food dive for a bunch of unhealthy junk food, why not invest that money by buying something in bulk that you use on a regular basis instead? Shop around for a good deal on an item you use regularly and stock up to maximize your savings. When you’re done, calculate how much money you saved and share it in the comments below.
You will save a fortune.