With COVID-19 impacting so many aspects of the economy, many people are spending more time thinking about the ways that they can adjust their budget and cut back on costs. The coronavirus has left millions of Americans unemployed, forcing dual-income households to take a hard look at their finances and household budgets. In some situations, you may feel like you’ve already limited your spending as much as possible; however, you may still have regular expenses that you’d like to save money on. Plus, there are brand new expenses cropping up, like hand sanitizer and N95 masks, that you now have to cover somehow. In these sorts of situations, it may be worth buying materials in bulk instead of buying individual items.
That being said, is buying in bulk really cost-effective‚Äîand is it worth exploring if you’ve been financially affected by the COVID-19 pandemic? Whether you’re trying to start your own side hustle by selling goods online on a website like Amazon.com or are just trying to cut corners in your own budget, there are a few different scenarios when it makes sense to buy items in bulk. Read on to learn more about buying in bulk and finding out if some of your favorite brands or retailers are offering supplies wholesale. You may be surprised by the way that bulk items can help you lower your monthly expenses and even increase your income with a business on the side!
Use seller accounts to boost your income with bulk goods.
Sometimes, the biggest issue with your monthly budget has more to do with your income than it does your expenses. If you’re on a written budget and have a few months of data, you probably have a solid picture of where your money comes from and goes each month. Being able to recognize that there’s only so much you can cut back on your budget could be an important lesson to learn as you work to shore up your personal finances this year.
Even with that information, what can you do about it? If you don’t want to pick up a part-time job as a delivery driver or grocery store clerk, it could be worth looking into starting your own online business. This is where bulk items come in, since buying in bulk allows you to save on the cost of the products you’re selling. Picking a simple niche like technology can help you find items like USB flash drives which sell easily online. You can buy flash drives in bulk for a fraction of what you can sell them for. With more people working from home, data storage devices like thumb drives have become more important and in demand. Buying bulk USB drives in the 4GB or 16GB storage range can help you offer a variety of products to your customers and help you build a reputation for selling storage devices. USB flash drives are still widely used, so whether you offer 2GB, 8GB, or 32GB flash drives, you’re bound to make some sales by offering affordable thumb drives and running promotions for your USB drives on social media.
Buy household goods and groceries in bulk.
Once you start tracking your spending, you may find that the added costs of N95 masks, hand sanitizer, or cleaning wipes are eating up more of your budget than during normal years. In these situations, it can also be helpful to purchase items in bulk in order to lower the financial hit you’re taking by buying these sorts of things each month. The same goes for common, non-perishable groceries like canned goods, since you know that you won’t risk them spoiling by buying a large amount at once.