Costco raising annual membership fees for first time in 7 years

(CNN) – Sometimes you have to spend money to save money.

That’s what Costco hopes its members think.

The retailer is raising membership fees, with basic members being charged an extra $5 a year.

That will bring the total cost up to $65.

Executive memberships are going up by $10 to $130.

It’s the first membership price hike in seven years.

But it should help keep other prices at the store down.

Last year, Costco made $4.6 billion from membership fees.

The new membership fees go into effect Sept. 1.