Making a budget and sticking to it is an important step in building a better financial future. Instead of ending the month wondering where your money went, you’ll have a plan for every dollar, eventually having cash left over to save or invest.
It’s easy to focus on the negatives of budgeting, like what you have to stop spending money on, but what if you had a way that you could save money on the things you already buy? Sounds amazing, right? If you tend to buy things you need at the same stores, Loyalty Cards are a great way to add savings to your budget without removing anything from it.
What are loyalty cards
Thanks to the internet, competing on price isn’t as easy as it used to be, so companies need to find new ways to keep people coming back. One way to do this is offering a loyalty program, or a reward for those customers who continue to shop at the same store, or the same company, time after time. Every program operates a little differently, but here are a few of the most common examples:
- Coffee shops offering free coffee after you buy 10 cups
- Discount gasoline prices that get better the more you spend at a local grocery store
- Customer appreciation days where cardholders get special discounts on everything they buy
- Stores that offer everyday savings if you own a loyalty card
From big retailers to small local stores, most businesses try to offer something to encourage their customers to come back.
How Loyalty Cards Can Save You Money
If you already have a store you love shopping at, it makes sense to sign up for their loyalty program, no matter what it is. Even if it’s just free coffee every few weeks, why not take advantage of it? That’s one less cup you’ll need to pay for, which is more money in your budget to spend on something else.
If your favorite store offers special sale events throughout the year, try planning your larger purchases around them. You’re buying things you’d have to purchase anyway, so why not save some cash?
On their own, these loyalty programs might not save you a ton of money, but if you use them wherever you can, they’ll start to add up.
Don’t Pick a Store Only Because Of Their Rewards
Businesses use their loyalty programs to try and attract new customers, from using it in their advertising to offering special giveaways to anyone who signs up. If you wouldn’t shop at a store anyway, be sure to weigh your options carefully before you decide to start buying things there, even if they have a great rewards program.
As a fiscally responsible customer, you want to use loyalty programs to save money. If the store with the great card is more expensive, don’t switch. Look at what you’ll spend at that store over the year compared to what you’re spending now. If it doesn’t add up, don’t switch.
Stretch Your Dollars Further
Used on things you already buy, loyalty cards are a great way to help you save money. Take the cash you save and use it to pay down debt, invest in your future, or put it towards your next vacation. Your favorite stores likely already offer these programs, so why not sign up?
This blog post is intended for informational purposes only. J.G. Wentworth does not provide financial, legal, or tax advice. Please contact an appropriate advisor for such services.
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