Making Money Spending Money
By Jim Bauer
@porwest (112906)
United States
February 18, 2023 9:19am CST
In responding to a few posts, it got me to thinking. Hey, I should talk about some of the ways I make money spending money.
Yes, yes. I talk all the time about the importance of saving and investing and how powerful a thing it is. But the reality is that you can't save it all, and you have to spend some of it.
A man's gotta eat, right? The vehicles need gas to get from point A to point B. I need clothes on my back and a roof over my head.
Here is an example of what I am talking about.
I go to a hotel for work. I use my Discover card which pays me 1% cash back. The company reimburses me for my expenses. I earn 1% back on my hotel cost.
I go to Schnuck's to buy some groceries. Depending on the quarter I can earn between 1%-5% cash back on my Discover card (and in fact, this current quarter grocery store purchases will give me 5% back). I also use my Upside app which offers cash back on selected grocery stores, restaurants and gas stations. The current going rate back from Upside is 6%. So right now if I go in and buy $100 worth of groceries I will receive $11 back.
When I fill up the company truck with gas, I am again reimbursed by the company. Depending on the quarter, I can get 1%-5% back on my fuel purchase from Discover. At the same time I can use Upside which offers sometimes up to 13 cents back per gallon.
If I have to spend money, I might as well be creative and find ways to get some of that back. Technically I not MAKING money. I am simply getting a DISCOUNT. But when you save money on things you would already spend on anyway? A discount IS a form of making money.
Granted, part of the key here is, when it comes to the Discover card, to never maintain a balance. Always pay the balance in full each month so interest is never charged.
Do you find ways to save money this way? Or make money when you spend it?
Image of my wife standing under a giant Superman statue in Metropolis, Illinois we visited during our trip to Paducah, Kentucky.
9 people like this
9 responses
@moffittjc (128840)
• Gainesville, Florida
18 Feb 23
That is precisely why I used my credit cards for EVERY purchase. I get a percentage back. And since I pay off my bill in full each month, I am making money on my spending, just as you are (not to mention I got a "free" loan from my credit card company to make the purchases). And like you, I have a half a dozen or so apps that I use that give me money back as well depending on where I am shopping. No reason why we all shouldn't make money by spending money!
2 people like this
@moffittjc (128840)
• Gainesville, Florida
19 Feb 23
@TheHorse The App Store at the mall is in one of those kiosks. You must have walked right by it!
2 people like this
@porwest (112906)
• United States
19 Feb 23
I have often said to people who tend to say "I can't afford to save," the key is in finding wasted money. I know a lot of people that shop at one store for all of their groceries. That's a bad idea, because while some things may be cheaper, other things are not, and you wind up spending more overall.
If you know boxes of mac and cheese are cheaper at Aldi and sliced cheese is cheaper at Ruler and lunch meat is cheaper at Walmart, keep a stock and set your shopping according to what you need to restock. AND use apps where available AND use credit cards that pay cash back or some other useful reward, and never maintain a balance.
There are so many ways to do it these days.
Also, what do you do with the rewards and savings? INVEST it of course. lol
1 person likes this
@sulynsi (2669)
• Canada
18 Feb 23
I do have a card that pays a dividend if you use it regularly.
I just recently received a voucher for 245.00 to spend at the store.
I have heard that cash back programs CAN be good, as long as you keep the card paid up, otherwise, service fees and interest charges basically pay for your 'perks'.
I expect most people are like me, get cross -eyed at the idea of trying to work out the cost vs benefit - the math is complicated by the potential variables.
Thoughts?
2 people like this
@porwest (112906)
• United States
15 Oct 23
There is no cost if you pay the balance each month and only use the card to benefit from the rewards. As well, I never use the rewards I get to spend. I use it to invest more. I'd much rather spend the proceeds than the principal, and in that way I get even more of a reward from it.
@RebeccasFarm (91297)
• United States
19 Feb 23
Lovely statue..my favorite super hero.
1 person likes this
@porwest (112906)
• United States
15 Oct 23
@RebeccasFarm Oh, now you have to explain your answer. Enquiring minds want to know. lol
1 person likes this
@paigea (36143)
• Canada
18 Feb 23
One store (Loblaws chains) gives me 7cents from every litre of gas to spend in the grocery store. Living in the country, that adds up.
I can buy various store gift cards at the AMA (Alberta motor association) and save 5% of all the purchases.
Various little things.
1 person likes this
@LindaOHio (222727)
• United States
19 Feb 23
You and your wife belong together. :-D Yes, I do much of the same things. I LOVE getting cash or points back on my purchases. I also use BeFrugal.com. There are certain websites that offer a % back on purchases. It's kinda like Rakutan.
1 person likes this
@LindaOHio (222727)
• United States
16 Oct 23
@porwest I was always thrifty; and I handle all the finances. Hubs is glad I'm not a spender. I don't know what he will do if I go.
1 person likes this
@porwest (112906)
• United States
16 Oct 23
@LindaOHio That's one recommendation I have always made over the years, that one person manage the money—and of course make sure to pick the responsible one to do it. lol
The ONLY thing that's irritating me just a little bit is she got on this damn Temu kick and it seems like everyday we have some piece of junk arriving at our doorstep. But I keep my lips zippered and just find more dividends. lol
1 person likes this
@TheHorse (238349)
• Walnut Creek, California
18 Feb 23
I do the same thing. I get 3 percent back when I use my VISA card to buy gas. I think its 2 percent at the grocery store. I don't buy a lot of frivolous things. So the money saved is invested, and earns further interest down the road.
@porwest (112906)
• United States
18 Jan 24
@TheHorse You never know. Strange things happen sometimes. I am still waiting on someone to come knocking on my door with a big briefcase full of money to use of my songs for a TV commercial or something.
Come to think of it, the last person to knock on my door was a Jehovah's Witness. That did not meet my expectations whatsoever. Or theirs for that matter.
1 person likes this
@Beestring (15372)
• Hong Kong
19 Feb 23
I use credit card a lot for cash back. Always pay the balance in full. Never paid any interest. I'm also a member of a retail conglomerate's loyalty program. I get points whenever I purchase something from participating stores. When the points accumulated to a certain level, I can convert the points to cash and use them for purchase.
