With the cost of living rising for many of us, making money go further has seldom been more important. Obviously, by budgeting and identifying non-essential expenditure it is possible to cut costs, but when it comes to our essential spending on things such as food and clothing, how can you make savings to make your money go further? One way is by using discounts and loyalty schemes, and here we provide some tips on how to do it:
Make your loyalty pay
Retailers, especially supermarkets, love loyal customers which is why they frequently provide discount coupons and loyalty reward schemes to tempt you back. Sometimes, these schemes involve collecting points which can be converted into vouchers and coupons in the future, but supermarkets are increasingly introducing schemes where those who sign up to free or ‘paid for’ loyalty schemes can purchase some products at lower prices or get a percentage off their shopping bill at the checkout.
Supermarket loyalty schemes can save you 10-15% or more on some products, although it’s wise to read the terms and conditions, especially on ‘paid for’ loyalty schemes, to ensure your savings cover any cost involved.
If you have the time and ability to shop around, there can be further savings on your monthly shopping bill if you spread your ‘loyalty’ between a few supermarkets. The reason for this is that different supermarket chains will have various products as part of their loyalty discounts at different times, to lure customers to shop with them in the first place.
When it comes to online grocery shopping, it’s worth shopping around and spreading your loyalty too. The reason being that, after a while of online supermarket grocery shopping, they develop an in depth understanding of what you usually buy, and when you usually buy it. If you then stop using a retailer or stop buying certain products from them, they will often provide tempting discounts to get you back shopping with them, which will save you money.
Use discount codes, coupons, and vouchers
Discount vouchers and coupons are not new. In fact, retailers have been using them since the early 19th century to attract customers to buy things from them.
Coupons and discount vouchers present a straightforward way to save money and, even if you are unlikely to use coupons and vouchers from magazine, mailshots, websites, or shops anytime soon, start collecting them for use in the future as they frequently have long use by dates.
Whilst fifteen cents off a can of tomatoes may seem inconsequential, it’s still a saving and if done enough times across various products and purchases, will soon add up and provide a bit more flexibility in your budget.
Internet shopping is where discount codes, coupons and vouchers really come into their own though. There are websites available that accumulate discount codes for users and, in the case of websites such as joinhoney.com they search for, and apply, discounts as you shop online.
Many online retailers will also offer introductory discounts the first time you buy from them and when you sign up to their mailing list or newsletter. If you are planning to buy something, then this is a great way to reduce cost. If you have used an online retailer before and wouldn’t usually qualify for a discount, consider asking a partner or friend to make the purchase for you so that you can still take advantage of the saving.
Use discount and cashback websites
When shopping online, it is well worth searching to see if you can find what you want at a lower price via a specialist discount website such as Groupon. It’s likely that you'll be asked to sign up to the site and provide a few basic details (so that they can market products to you in the future), but you can make huge savings on a range of products, services and everyday goods, such as health and beauty products, clothing and things for your home and garden.
There are also a growing number of “cashback” websites which pay you money when you make a purchase from a website having travelled there via the cashback website. The reason a “cashback” website can afford to pay you for making your purchase (usually a percentage of the purchase price or a flat fee) is that they will receive a commission from the retailer for directing you to their website and making the purchase, which they then share with you.
Cashback websites are especially useful when buying high value items, such as electronics, household goods, insurances and travel, and the amounts can soon build up, allowing you to withdraw cash to your bank account when you need it.
Check if you qualify for discounts because of your job, bank account, utility contract or your stage in life
Employers are increasingly joining employee benefit schemes which provide discounts to staff, so it’s worth asking your employer if any such scheme exists where you work. In some countries, people who work in the emergency services, armed forces, education, work for a charity or work in healthcare can also qualify for discounts with some retailers and service providers, so it is worth seeing if what you do for a living might qualify you for some discounts.
It is also worth checking whether your bank account, mobile phone contract and other utilities qualify you for any sort of discounts. It’s common for offers and discounts to be included when you open a bank account or take out a new phone or utility contract, which we forget about because they aren’t relevant to us at the time.
Also, some retailers and service providers often provide discounts for students, the unemployed, and pensioners so, by virtue of your stage in life, you might qualify for a discount.
If all else fails, ask for a discount
Whilst you might think haggling for a discount is consigned to buying things at a market or in a bazaar, don’t be afraid to ask for a discount, especially with large businesses such as mobile phone providers. You need to have reasonable expectations (it’s unlikely that someone will give you a 90% discount, for example), but with “no” being the worst possible result, any discount you might be given will be a good result and, as the old adage says: if you don’t ask, you won’t get.
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