Bundling isn't just for home and auto insurance anymore. Walmart and Sam's Club are taking a similar approach, giving shoppers a way to save by combining two memberships.

Launched on October 20, the new bundle combines Walmart+ and Sam's Club Plus for $120 a year. Purchased separately, the memberships would cost $218 annually, making the bundle a potential $98 savings.

With holiday shopping around the corner, the timing couldn't be better for shoppers looking to stretch their budgets. But before signing up, here's what you need to know about the benefits, savings and a few catches worth considering.

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