I’m a big fan of Mark Cuban. His interviews are motivating and educational for anyone looking to make progress in their professional career. He also gives advice that just about any person can use:
Cuban recently gave an interview to Vanity Fair that I read about on CNBC here.
He talks about an instant way to save money in the long run, which is to buy in bulk when something is on sale. Its absolutely true. The ability to stock up on something you consume on a daily basis should be used to your advantage. The return is not great, but the simple change in purchasing habits will leave more cash in your wallet. 50% percent off means you should stock up while you can. Prices historically go up year after year on basic items like household consumables.
It can be convenient to grab a bottle of toothpaste or roll of paper towels at the convenience store down the street every time it is needed. However, by buying one of a consumable at at time from a store that charges a premium due to its proximity to residential housing, you will easily overspend on each unit of consumable. Go ahead and test out this theory. :
I would challenge you to compare pricing at convenience and grocery stores vs the big box stores and discount online stores (especially when on sale).
Check out the difference between:
Add up the difference between a select few items at both types of stores. You’ll see the difference and bank it.