Getting the most out of your spending

In today’s world, it’s pretty much impossible to avoid spending money. With the cost of living going up and the requirements for a functioning life seemingly becoming increasingly expensive, spending is a likely part of day to day life.

But that doesn’t mean to say you can’t get value for money. In fact, it’s eminently possible to get cash back in various different ways — provided you’re a savvy consumer. This blog post will provide tips on how best to get the most out of your spending and ensure that you reclaim cash wherever you possibly can.

Reward and loyalty schemes

First off, it’s a good idea to look at the most obvious way to get rewards simply for spending money. One of the potential routes to go down is the reward and loyalty scheme road. This system works by issuing you with a card or other tracker which you can swipe or apply whenever you make a purchase — and, in return, you get discounts and offers which you only receive as a result of shopping in that environment.

Those who are a little cynical, however, may wonder what the catch is when it comes to loyalty schemes. It’s not true to say that reward and loyalty schemes offer something for nothing. On the contrary, customers who make the most of these schemes are essentially selling their data. Data is a precious commodity in this day and age — and the supermarkets only issue vouchers or reward points because they know that these will incentivise you to come back and buy items that you’ve regularly bought before.

Before signing up for a reward or loyalty scheme, it’s essential for you to be sure that you’re comfortable with this — and perhaps commit to ensuring that you only spend voucher money on items that you’d have bought anyway. That way, you’re taking control of the value or credit that you get and making sure that you’re not any more out of pocket than you otherwise would be.

Passive income on free bets and signups

While reward schemes like the Nectar Card scheme are possibly the most famous method of earning while you buy, it’s worth thinking outside of the box a little bit to see the other areas of the consumer economy which are geared up to help you make money as you spend it.

If you’ve ever read about matched betting and sign-up offers in casinos, it’s likely that you’ve played a slot machine at least once before. Online slot machines come in all shapes and sizes and are available at online casinos. Not all of them are created equally, though. This is why it’s vitally important to be aware of the wagering requirements of online casino games and how you can get the best return from free offers, sign-ups and reload offers.

There are also particular differences that you’ll need to be aware of when it comes to the potential return on your stake. Some slot games have higher “return to player” values, or RTP, than others. This metric measures how the percentage of the money staked in a bet that will be returned to players over the course of the game’s existence.

It’s important, then, to choose a slot game with a high RTP — as you may have more chances to win big by doing so. But make sure you get your numbers correct. A 100% RTP reflects the fact that there’s an equal possibility that the player will win compared to the casino winning — so the further under 100% the figure is, the fewer player wins you can expect.

Cashback schemes

Finally, it’s also worth exploring the various cashback schemes that exist for customers who are on energy tariffs and other consumer services. Cashback is often offered by providers such as utility companies as a way of encouraging you to sign up to their service. While the firm loses in the short term by paying you the money, they gain in the long term by getting you as a customer. If you like the look of a particular firm, it’s a good idea to look to see if they have a cashback option. However, it’s wise to not go for a firm just because of the cashback. Instead, pick a firm that you’d have gone for anyway and choose cashback as an added bonus.

In short, spending money is simply an inevitable part of modern living. From trips to the supermarket to filling the car with petrol, the payments cycle is constant for many people. But as this blog post has shown, it’s entirely possible to structure your spending habits in such a way that you get a chunk of your money back as often as you can.

Disclosure: I am not a financial advisor and this article is not financial advice. Always consult a qualified financial expert when making decisions that may affect your finances.