4 Ways to Save More Than Your Costco Membership Fee in One Trip

Everyone's looking for ways to save money these days, and one of the best ways to do this is by having a Costco membership. However, some consumers may be skeptical about spending $60 for a base Gold Star membership just for the privilege of shopping at the warehouse club.

So here are four ways you can earn back that $60 with just one trip to Costco -- and one tip for stretching your dollars even further at Costco.

1. Buy your prescription medications through Costco

The average American spends $1,432 annually on prescription medication, but many people spend much more. That can put significant stress on anyone's monthly budget.

Thankfully, Costco members don't have to pay full price for many prescriptions. The company's Costco Membership Prescription Program (CMPP) is free with any Costco membership and gives members discounts of 2% to 40% on medications across 19,000 participating pharmacies.

For some members, buying one or more of their monthly prescriptions at a 40% discount through CMPP could easily save them the cost of their Costco membership.

2. Get your tires installed at the Costco Tire Center

Many automotive shops charge around $100 to install four tires. Last year, Costco dropped its installation charge, which previously cost $20 per tire if you buy your tires at the store. You can now have four new tires installed at a Costco Tire Center for free.

Costco sells many popular name-brand tires, so it should be easy to find an option for your vehicle. And since many shops charge about $100 to put a set of tires on a vehicle, you'll have no problem earning back the $60 membership fee.

3. Buy glasses from Costco Optical

Everyone in my immediate family needs some degree of corrective lenses, so I know how quickly the cost of glasses adds up. That's why many people shop at Costco Optical, the company's full optometry centers that are located in many of its store locations.

The average pair of glasses from most brick-and-mortar stores costs $343, but a basic pair of eyeglasses at Costco costs just about $121, according to Clark.com. This means you could potentially save $222 with just one trip to Costco Optical compared to buying your glasses at a retail location.

4. Buy groceries in bulk

Saving money by buying prescription medication, eyeglasses, and new tires is great, but you can help your budget on an ongoing basis by buying groceries regularly at Costco.

The average American spends about $475 per month on food, according to data collected by The Motley Fool Ascent. Some recent estimates show that buying groceries in bulk at Costco could save you up to 33% compared to shopping at regular grocery stores. That equals a potential savings of $157 monthly, or about $78 in just one trip if you buy groceries twice per month.

How to save even more at Costco

If you shop at Costco frequently, you may want to consider getting a Costco Executive membership to save even more. Executive members get 2% cash back on all purchases in Costco's stores and through the company's website. At the end of your annual membership period, Costco will send you a check for the cash rewards you've earned.

The Executive membership costs $120 annually, $60 more than the base Gold Star membership. But many people often earn that cost back. For example, if you spend $3,000 annually at Costco -- equal to $250 per month -- you'd earn 2% cash back on those purchases and get a check for $60 for that year, covering the cost of your membership upgrade. The Executive membership also gives you additional discounts on Costco services like its car-buying service and pet insurance.

With so many ways to save money using your Costco membership, you'll likely find one that fits your budget. And with inflation still impacting everyone's budgets, any extra savings can go a long way toward easing the rising cost of living.