How to battle the idea of buying certain things in bulk to save money.
Hence the giant superstores and bulk items were born. Yet when buying a super sized stack of paper towels, you may wonder if if you can really save money buying in bulk. We asked our money managing experts if buying in bulk helps with your finances. Check out what they had to say.
"Bulk is bad. It is like a coupon for an item you don't need. Sometimes the regular grocery stores are just as competitive or even cheaper."
Mary Anne's Advice
"This question is similar to the use of coupons. Don't buy bulk if you don't need it just because it seems cheaper. Don't buy things that will go bad, only buy non-perishables. Ask yourself, would I buy this if it weren't in quantity?"
"Buying in bulk does save money and time!...I split my bulk shopping with my "buddy". We both run households so we both need toilet paper and paper towels. Sharing the shopping actually saves you money and time."
"Yes, save time and money by buying in bulk. I shop at Costco once every 6-8 weeks and have the weekly necessities like milk, egg and fruit delivered by a service like Peapod or Oberweis."
About the Experts
Scott Shellady began his fiscal vocation in 1990 as the European Managing Partner of Prime International Trading London. He continued his career overseas with high-level positions at Muirpace Ltd, Deutsche Bank AG, and was Managing Director of Futures Operations in London for The Industrial Bank of Japan. Mr. Shellady was integral in building a technology company for electronic futures trading called Patsystems Plc. After 11 years in London, Mr. Shellady returned to Chicago to run the family commodities business that was started 40 years ago. Currently, Mr. Shellady is a CEO of Bradford Capital Management. He is a frequent contributor on CNBC, Fox Business News, Bloomberg and Sky News.
Mary Anne Ehlert is the founder and president of Ehlert Financial Group and Protected Tomorrows, Inc.. She is a dynamic financial expert with more than 25 years experience in the industry, focusing on divorcing and single women as well as widows and families with special needs. Personally and professionally, she knows how caregivers should plan and has shared her expertise with the New York Times, Chicago Sun-Times, and Investors Business Daily. She is a sought-after speaker at national women's, financial, and disability conferences. Find her at Ehlert Financial Group.
Liz Dierking is a co-host of of The LIZ & JNY Show. She has spent eleven years on the Chicago Board Options Exchange floor making markets. During this time, she also acted as a Designated Primary Market Maker, Floor Broker, and Floor Official. She also represented her firm on the Market Performance Committee before joining the TastyTrade Financial Network. After leaving the trading floor in 2010, Liz picked up improvisational comedy as a hobby. She learned to merge her passion for finance with comedy and entertainment. She teaches strategies that give viewers an increased probability of success with a decreased capital requirement.
Jenny Andrews, host of The LIZ & JNY Show, brings six years of trading experience to the tastytrade Financial Network. Beginning her career at the Chicago Board of Options Exchange (CBOE), she was the quickest clerk to move to a market maker seat. Jenny has traded in seventeen pits on the CBOE trading floor and was appointed instructor of an Options Theory Course for one of the nation's largest trading firms. This experience gave Jenny the knowledge to leave the trading floor, trade for herself, and share her expertise with others interested in investing, even if intimidated by the seemingly complex endeavor. Jenny joined Liz Dierking in 2011 to co-host The LIZ & JNY Show where she teaches simplified strategies to novice and experienced traders to take the fear out of investing. The LIZ & JNY Show airs live Monday through Friday from 11:00am CST at TastyTrade.