Costco raising membership fees for 1st time in 7 years

(CNN) - Sometimes you have to spend money to save money; at least that’s what Costco hopes its members think.

It will cost basic members an extra $5 a year, bringing the cost up to $65.

Executive memberships are going up $10 to $130.

It’s the first membership price hike in seven years, but it should help keep other prices at the store down.

The new membership fees go into effect Sept. 1.