Last Updated on December 22, 2023 by BFSLTeam BFSLTeam
Shopping can be an addictive activity for many people, and while you enjoy it, there is a negative side if you overspend. So how do you indulge in shopping and try to save as much as possible? Well, there are certain hacks you can use to save pennies while you shop. While you may think you are saving small sums, these turn into large amounts in the long run and give you substantial savings. So here are some hacks and tried and tested tactics to save while you shop.
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Hack #1- Optimise Your Rewards
The first thing that you can use is your rewards or reward points. If you use a credit or debit card, you typically get to earn points every time you make a purchase. These points add up after a period and you can redeem them for products and even cash sometimes. You may earn more points if you shop online with your credit card.
Additionally, if you have certain credit cards that focus on your shopping spending per se, like a shopping credit card, you get cashback offers (like 5% or 10%) when you make a purchase. On some cards, you get both rewards and cash-back offers, so you save that much more. With reward redemption, you can shop more or even pay off credit card bills.
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Nonetheless, while credit cards may save you money, they can also create a habit of overspending. With their excessive use, you may spend more than you can pay for your credit card bill which you receive at the end of your credit period.
Hack #2 – Take Advantage of Loyalty Programmes
Loyalty cards are given to you if you use a particular product or service on a consistent basis. For instance, if you are a frequent customer at a coffee shop, you may get a loyalty card as a reward for your repetitive spending or purchases. It is a way for businesses to enhance your visits so you frequent a particular service more than others. Loyalty cards keep a record of the times you visit any shop or restaurant, and once you reach a certain limit of spending or frequency, you will likely get discounts or earn yourself a free product, say, a free cup of coffee.
The perks of having a loyalty card include exclusive benefits and points and discounts.
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Hack #3 – Use Credit Schemes
Credit schemes involve buying services or products on EMI. EMI stands for equated monthly installments, where you can pay for your products in regular monthly intervals instead of upfront all at once. Paying via EMI is a good way to pay for expensive items for which you may not be able to pay upfront. You get to pay over different periods, like 3, 6, 9, or 12 months. However, while using this facility, you must make sure that you make your monthly payments on time and in full, or debt will pile up.
Hack #4 – Get a Discount Gift Card
These days, online platforms offer discount gift cards for use with specific retailers. While using the card, you avail a discount and this can save you money.
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Other Saving Tips
Any saving while you shop is a welcome relief. A good idea to save money, especially when you are buying consumer goods or utilities, is to buy them in bulk. Stores may offer you this facility and your pet unit cost is significantly reduced.
Small Savings Go a Long Way
No matter how much you save, a large or small amount, saving is saving. Small savings add up and turn large. You can always invest your savings in instruments and investment products like gold, mutual funds, equity, debt, or any other lucrative channels that help your capital to grow.
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Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only.
