If you’re one of the lucky people who own a Costco membership like me, here’s a quick heads up: If you’re planning to stay a member, you might want to renew your membership ASAP.

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Here's why: According to this news release, beginning this June 1st, membership fees will increase by 10 percent.

The increase means basic memberships for Goldstar and Business members will cost $60 a year.

Now before you start raising those pitchforks, just know that this is only a $5 increase.

Meanwhile, Executive memberships will pay $10 more, or $120.

Also, Costco typically increases its membership fees every five to six years according to Market Watch.

Hey look at the bright side, at least they're not raising the price of those delicious hot dogs!