In addition to paying less, the way you purchase items plays a huge role in your net cost. Learn 4 more strategies to spend less and save more. Get the Money Girl book at http://MoneyGirlBook.com
Money Girl
355 MG 8 Smart Ways to Spend Less Money and Save More (Part 2)
Banking with Capital One helps you keep more money in your wallet, with no fees or minimums on checking accounts, and no overdraft fees. Just ask the Capital One Bank guy. It's pretty much all he talks about in a good way. You'd also tell you that this podcast is his favorite podcast, too. Aww, really? Thanks, Capital One Bank guy. What's in your wallet? Terms apply. See CapitalOne.com/bank. Capital One N.A. member FDIC. Imagine what's possible when learning doesn't get in the way of life. At Capella University, our game-changing flex path learning format lets you set your own deadline so you can learn at a time and pace that works for you. It's an education you can tailor to your schedule. That means you don't have to put your life on hold to pursue your professional goals. Instead, enjoy learning your way and earn your degree without missing a beat. A different future is closer than you think, with Capella University. Learn more at Capella.edu. [MUSIC] Hi, everyone. I'm Laura Adams, and you're listening to the Money Girl podcast. If we haven't connected yet on social media, please visit Facebook and do a search for Money Girl. On Twitter, you'll find me under username @laraatoms, and I'm also on Google+. You'll find these links and a transcript of this show on the Money Girl page at quickandertytips.com. Just look for episode number 355, called "8 Smart Ways to Spend Less and Save More, Part 2." So this is the second episode of a two-part series about how to save money by spending less. In Part 1, you learned four tips that I use to cut spending, save time, and purchase better quality items every day. Now, we'll discuss four more strategies, so you keep more of your money and take advantage of valuable rewards. Getting the best value for what you buy is always important. Additionally, how you buy something also plays a huge role in the net price you pay. Here are the remaining four tips in this series for Smart Ways to Spend Less and Save More. Savings tip number five, leverage your brand loyalty. Brands are in a fierce competition to win your business. Companies are increasingly using loyalty programs to acquire and retain customers, boost spending, and encourage additional purchases. Here are three main types of loyalty programs brands may offer. Number one is cashback or rebate programs. These pay you based on total purchases made during a set period of time. A good example is outdoor retailer REI. They have a membership program that gives you 10% cashback on annual purchases for a one-time fee of $20. Plus, you also receive other special deals, like discounts on merchandise, travel, and skills classes. The second type are discount programs. These give you an immediate benefit when you check out, such as a lower price or free shipping. For instance, the Amazon Prime program gives you free two-day shipping with no minimum order, free movie and TV show streaming, and more for $99 per year. If you're a regular Amazon customer, you'll come out ahead with this offer. The third type are rewards programs. These allow you to accrue points which can be redeemed for free or discounted goods or services. Coffee lovers can use the Starbucks reward program to earn stars for certain actions, like paying with a registered card, mobile app, or by entering promo codes from Starbucks products in the grocery store. Starbucks stars can be redeemed for drinks, food, and more. Other well-known reward programs include Best Buy's reward zone, Neiman Marcus' In Circle, Sephora's Beauty Insider, Nordstrom's Fashion Rewards, Macy's Star Reward, Home Depot's Pro Rewards, and the Guilt Insider. You'll find links to these on the Money Girl page at quickandertietips.com. If you like a brand, be sure to enroll in its reward program and see how it works. If the program comes with a fee, consider how long it would take to break even. If you could recoup the program fee in less than six months, it's definitely worth the cost. Banking with Capital One helps you keep more money in your wallet, with no fees or minimums on checking accounts, and no overdraft fees. Just ask the Capital One Bank guy. It's pretty much all he talks about in a good way. You'd also tell you that this podcast is his favorite podcast, too. Aww, really? Thanks, Capital One Bank guy. What's in your wallet? Terms apply. See capitalone.com/bank. Capital One NA member FDIC. Hey, I'm Ryan Reynolds. Recently, I asked Mint Mobile's legal team if big wireless companies are allowed to raise prices due to inflation. They said yes. And then when I asked if raising prices technically violates those owners to your contracts, they said, "What the f*ck are you talking about? You insane Hollywood f*ck." So to recap, we're cutting the price of Mint Unlimited from $30 a month to just $15 a month. Give it a try at mintmobile.com/switch. $45 up from payment equivalent to $15 per month. New customers on first three month plan only. Taxes and fees extra. Speeds lower above 40 gigabytes of details. Imagine what's possible when learning doesn't get in the way of life. At Capelli University, our game-changing Flex Path learning format lets you set your own deadline so you can learn at a time and pace that works for you. It's an education you can tailor to your schedule. That means you don't have to put your life on hold to pursue your professional goals. Instead, enjoy learning your way and earn your degree without missing a beat. A different future is closer than you think with Capelli University. Learn more at Capella.edu. Savings Tip #6 Use credit cards strategically. In addition to leveraging loyalty programs to spend less and save more, many brands offer their own credit cards for additional savings. For instance, the REI program that I mentioned includes an REI Visa card exclusively for members with no annual fee. It gives you 5% cashback at REI and 1% back everywhere else, added to your annual member cashback refund. If you shop the GAP family of stores, including GAP, Banana Republic, Old Navy, Athletic and Piper Lime, they offer a Visa card with terrific benefits and no annual fee. You receive a $10 reward for every $200 spent, plus exclusive discounts, free online shipping, free alterations at Banana Republic, and rewards for purchases you make everywhere else. If you love to travel, there are many credit cards such as Chase Sapphire Preferred Card and Capital One Venture One Card that charge no foreign transaction fees and give terrific rewards to redeem for airline tickets and hotel stays. And if you want pure cashback that's not associated with a particular brand or any rotating reward categories, the Blue Cash Everyday Card from American Express is one of my favorites. You get 3% cashback at supermarkets, 2% at gas stations and department stores, and 1% everywhere else with no annual fee. For even higher cashback rates, you can upgrade to the Blue Cash Preferred Card for a $75 annual fee. With either American Express Card, what's really nice is that your reward dollars can be redeemed for a variety of merchandise or travel tickets, but also as a credit on your statement, which simply reduces the amount you owe. Savings Tip #7 - Spend Rewards Points Many of us have accumulated rewards, points, and miles that we've never used. They can't help you spend less if you don't use them or let them expire. Spend some time to figure out the best way to take advantage of the brand and credit card rewards you already have. Maybe you can use rewards to buy merchandise or gift cards, book a vacation, or convert them into cash. Remember that using rewards for goods like electronics or handbags means you're paying full price. In many cases, you could get a much better deal using the strategies that I gave you in part one of this episode. Redeeming rewards for gift cards can be a great option to give us gifts or to spend on brands and restaurants you like, but don't get gift cards if you won't use them or would buy something that you don't really need. In many cases, using rewards for travel can give you the most value. However, I take a bad or low value reward over no reward any day, so don't forget to spend your rewards. Savings Tip #8 - Use Online Bill Pay A final tip to spend less and save more is to use online bill pay. It's a free service that most banks and credit unions offer as a feature of online banking. You can send an electronic payment or paper check to any company or person in the United States at no charge. Paying bills online means you eliminate the need to buy checks, stamps, and envelopes to send money by snail mail. Additionally, you can schedule payments ahead of time so you never miss a bill due date or get stuck having to pay late fees. I hope you can use one or more of the tips in this series to spend less. If there are loyalty programs you love that I didn't mention or other money-saving strategies working for you, please share them with me on the MoneyGirl Facebook page. I'm glad you're listening to Ching. That's all for now. Courtesy of MoneyGirl. Your guide to a richer life. Imagine what's possible when learning doesn't get in the way of life. At Capella University, our FlexPath learning format lets you learn on your own schedule. A different future is closer than you think with Capella University. Learn more at Capella.edu. [ Silence ]