Do Better Daily

Mark Cuban’s Simplest Savings Tip

Mark Cuban (Credit: ABC)
Mark Cuban (Credit: ABC)

One of the great things about Shark Tank is that you get to see how entrepreneurs operate; evaluating companies, making financial decisions, negotiate. While I’ve learned a lot from watching Shark Tank over the years, most of it doesn’t apply to my everyday life. Unfortunately, I don’t spend my days deciding which million dollar company I’ll buy next!

Just like Peter Jones in the UK’s Dragon’s Den, it’s fair to say Mark Cuban is the face of Shark Tank. The only other competition he has is Mr Wonderful, Kevin O’leary – the ultimate Love ’em or hate ’em figure. At any rate, Mark Cuban is the Alpha shark for a very simple reason: he’s by far the richest of them all. And he’s the only Billionaire on the show.

So what can he offer mere mortals like us?

Well, the one piece of advice that Cuban likes to go back to is this: Buy in bulk. It’s the kind of advice you’ve probably heard a million times, but as we all know, we tend to listen more carefully when it comes from a billionaire.

Why buy in bulk? You can regularly make 20-40% off of essential items like toothpaste or toilet paper. Whether you proactively look for those, or just capitalise when the opportunity presents itself, buying items that don’t go bad is an easiest of wins.

Granted, saving a little on Colgate doesn’t sound all that exciting! But what happens when you practice buying in bulk regularly? You’re constantly making 20-40% off these items.

Where else is your money guaranteed to make 20-40%? Nowhere.

Let’s make a list. Here’s food you should buy in bulk:

Food

  • Dried beans and lentils
  • Rice
  • Pasta
  • Spices and herbs
  • Canned goods
  • Nuts and seeds
  • Dried fruit
  • Baking essentials
  • Honey
  • Salt and pepper

Spices and herbs do have an expiration date, so look for those. Same for brown rice – unlike white rice, it lasts about 6 months.

Household

  • Toilet paper
  • Paper towels
  • Aluminum foil
  • Bin bags
  • Batteries

Conclusion

Buying in bulk is like paying with a cashback card. It’s everything to gain and nothing to lose. It won’t make you rich, but it’s 100% guaranteed saving. As long as you have the extra money upfront, and enough space in your home, it’s hard to argue against it.

Give it a try!