Buying in bulk can help stretch your monthly budget
When times are tough, it may be tempting to indulge in treats and products that make you feel better in the short term.
Prices are on a rise and many of us are feeling the burn as our budgets get tighter every month.
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If you are looking to save, then buying your monthly groceries and other items in bulk is the way to go. This is according to Standard Bank’s head of main market, Motlatsi Mkalala.
The reason for this is that when you go about bulk buying in the right way, you will save a significant amount of money every month and relieve the financial pressure you may be feeling now.
What is more, the money you save adds up over time and can be used to pay off your debt or boost your savings.
When times are tough, it may be tempting to indulge in treats and products that make you feel better in the short term.
But exercising a little financial discipline now will soon lead you to enjoy a better quality of life.
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So, if you are deciding to buy in bulk for the first time, below are several guidelines from Mkalala, that you can follow to make this strategy really work for you:
1. Only buy items that you use on a regular basis. You can start by making a list of the items you need and stick to that list.
2. Buying in bulk means that you need to have the space to store everything so make sure you have that space. When it comes to purchasing meat in bulk, it’s a good idea to look at the meat specials.
3. Make sure to check for expiry dates. Items such as lotions and bleach also have expiry dates so make sure to check those dates so that you can choose those that last the longest.
4. Buy enough goods that will last you long so that you can only go to the grocery store once or twice for example for items like vegetables that cannot be stored for months. Fewer trips to the store mean that you are saving money because you won’t be tempted to buy unnecessary items.
5. Think out of the box: Bulk buying and saving does not only have to apply to groceries and other household times.
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You can also buy pre-paid electricity, airtime, data and transport in bulk.
Calculate how much you want to spend on airtime and data per month and buy this in one bundle in advance.
A monthly train or bus ticket, if you use these modes of transport, might also stand you in good stead.
Buying in bulk is not about the cost of a product but the lower price per unit.
You can figure out quickly if you are getting a lower price by comparing figures such as the price per gram of a product.
This method of planning and buying is a key step in managing your finances effectively and brings the added benefit of giving you a sense of control over your expenses when the economy is challenging.
Also remember that these guidelines are only a start to bulk buying, there are many ways to do it creatively like joining a buying group in your community that shares goods between them or buying directly from a food producer in your region who is willing to negotiate prices of quality food.
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