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Another great way for you to save over $50 is to shop with a Credit Card. I know this goes against what everyone will tell you – but I whole-heartedly believe in the power of Credit Card Rewards and Cash Back Programs!
When I was in college I majored in Economics (I know – I was on the nerdy side) and learning everything I did for that degree – combined with my parents always drilling savings methods into my head – peaked my interest in the best ways to save money. This meant saving money any way that I could and yes this includes getting the money I was already going to spend to work for me! That’s where using a credit card comes into play.
My family uses a cash back credit card where we earn 1% back and up to 5% back on rotating category’s every few months. The way I look at it if I’m spending $100 cash – that’s it – it’s out of my hands and the cash flow uses it might have had are now gone. Whereas with a credit card that gives me cash back it is not. I still have the ability to utilize that $100 for a short period of time.
The card we use gives us 5% cash back at gas stations during certain months. So let’s say I go out and spend $100 cash on gas – well now that $100 is gone. Now lets say I go out and I spend $100 on gas on my credit card. Well now I’ve earned a minimum of $1 cash back – and if it’s during one of those special months I just earned $5 cash back. So now it’s like I only Spent $95 on gas rather than $100. Not to mention you can keep the money in your saving account to earn interest on longer than if you simply pulled it out and paid with the cash immediately. But that’s minimal I wouldn’t even really count it (just a little added benefit).
If your paying the money out anyways you might as well get cashback on it – so I charge everything I can because I want all the money I was already paying to at least be earning me a bit back.
Now this does NOT mean that you should go out and spend more than you have – that is a big no no! Live within your means – but if your paying that money out you might as well get a portion of it back somehow.
So How do you get $50 in cash back? Well if it’s the 1% you would need to spend $5,000. I think it’s safe to say most people spend at least $5,000 during the year just on food and gas. When you start charging the bills that you can charge it only becomes that much better. We charge our cable, internet, and just about any bill we have that we can charge without incurring an added fee. This is because we want to earn that 1% back on money we know we will already be spending.
Don’t spend money just to get the rewards – spend the money you were already going to spend on groceries, gas, electric and everything else. Because you want the money that you know will be spent to earn you more money – not the other way around. If you pay attention and live within your means this is a sure fire way to put a little money back into your pocket!
After all every little bit counts.
Saved with this methods $50
Total Saved: $832
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