Maximizing your Savings
Creating freedom is not just about generating more income – this is only one part of the game. In addition to building online income streams, you also want to reduce your expenses so you can invest the difference back in your online business.
Here are a few simple ways to maximize your savings:
1. The discount challenge
I’d like to challenge you to take one very simple action that can save you significant money in the long run.
In fact, it’s so simple that you may doubt it’s effectiveness and dismiss it out of hand. Yet, I encourage you to take this one action as soon as possible. You see, sometimes, the simplest of actions yields the greatest result.
Here’s what to do…
Pick up the phone, call your current internet/mobile/fill-the-blank service provider and ASK for a discount.
That’s it. It should not take you more than a few minutes. And if you’re asked for a reason, simply say you think you pay too much.
Now, don’t be fooled, the fact that this action is simple doesn’t mean that implementing it won’t require real effort on your part – we’ve been conditioned for years not to challenge the status quo.
The payoff, though, is huge. Just imagine how much you can save on recurring costs. Take one month of savings and multiple it by 12 months. Then by the number of years. This can be significant.
OK, enough said, give it a go, pick up the phone and start dialing!
2. Reducing your expenses in the click of a mouse
Picking up the phone is not the only way to get a discount. Email can be another way.
Why email? Because email is faster, easier, and you can access numerous providers in a few clicks of a mouse.
You see, the biggest barrier to freedom is not the lack of skills, know-how, or experience. It’s not even the lack of money or resources. No, the biggest barrier to freedom is not taking action.
For many, picking up the phone is the hard part. The actual act of lifting the receiver and dialing a number to ask for a discount is where the pain is – The potential rejection might be too much to bear.
While there’s no guarantee that you’ll get a better deal using this method, it’s definitely worth the try!
Here’s what to do: Write down all your household providers. This might include your:
– Electricity, water and gas providers
– Credit card companies, banks, and mortgage lenders
– Phone, internet and cable television providers
– Insurance providers
For each company on your list, find it’s online contact page via a simple google search (e.g “bank of america contact) and jot it down. Also include the the amount you pay each cycle and the contact number for each provider as these will be useful at a later stage.
Now, for each company make a quick online research to see who their competitors are and what comparable products are offered within the market. This will be helpful if If you ever receive a call from a customer representative.
Once you’ve done your quick research, it’s time to send an E-mail and ask for a better deal. Here’s a template script to get you started:
“To whom it may concern,
My name is [INSERT NAME] and I’ve been a customer for [INSERT DURATION].
I’ve recently noticed some of your competitor’s offers and it feels as though I’m not getting the best value for money with your product.
Is the deal I’m currently getting the best you can offer me?
Regards,
[INSERT NAME]”
My recommendation – Keep your email short and to the point. Often times, it’s the best way to get the response you’re looking for.
3. Get money back on what you buy anyways
Let’s talk about how you can maximize your savings by leveraging on cashback programs.
If you haven’t heard the term ‘cashback’ before, The idea behind it is simple: you get rewarded for purchasing or using products you plan to buy anyway.
Better yet, these rewards are not just earned points in some random loyalty scheme that you never know whether you’ll even be able to use at all. No, these rewards come in the form of cold hard cash.
Excited? Great! here’s what to do:
The first place to start is your credit card. Cash back credit cards pay you back a percentage of your spending on the card. Some cash back cards offer as high as a 5% cash back on purchases at gas stations or supermarkets, and 1% on all others.
A 5% cash back is equivalent to a 5% discount on your purchases so if you spend $1000 a month on your card, for example, you’ll get back $50. Not a bad saving for next to no effort.
If the credit card provider you currently use doesn’t offer you cash back for the money that you spend, consider getting a new credit card. Simply google “credit card cash back” and you’ll get plenty of sites summarizing some of the best programs out there. Here’s one of those sites: https://creditcards.com/cash-back.php
The other way to leverage cashback rewards is through online cashback sites. These sites pay you when you click through them, go to retailers, and spend. For example, check out eBates.com – There are over 2,000 stores to choose from including Walmart, Target, Sears, Calvin Klien, and others. You also get a $10 gift card after your first $25 purchase. Sign up is free. (P.S – If you encounter a cashback site where it’s not, avoid it).
If you live in Australia, check out Starthere.com.au which is the biggest cashback site for online shopping down under.They offer a few membership tiers – The higher your tier, the higher the cashback you receive on your purchases. (Tip :if you use the Chrome browser, Starthere also have a very useful extension which integrates with your account and alerts you whenever you browse to an online merchant that offers cashbacks through starthere. This way you will never miss an opportunity to get some of your money back)
4. Loyalty programs without the loyalty
Let’s first dispel a few myths about consumer loyalty. You see, loyalty is a great character trait to have when dealing with friends and family but it might not serve you as a consumer.
In fact, blind loyalty in the consumer world can cost you dearly.
Companies these days are continuously seeking to expand their market share with attractive offers and hard-to-match prices so If you’ve been blindly loyal to one company all these years, it’s quite possible you’ve been missing out on significant savings opportunities.
My advice: Instead of being tied to one company and its respective loyalty/rewards program – whether it is being offered by a specific airline, food chain or apparel company – play the field and join multiple loyalty programs in each market space.
This allows great flexibility on a deal-to-deal scenario and will provide you with access to exclusive discounts and special coupons. Plus, most loyalty programs are free and you simply have to sign up in order to become a member so really, you’ve got nothing to lose.
With this in mind, join the loyalty program of EVERY service you regularly use – Simply google the company name and the word “rewards” or “loyalty” and when available, apply online.
Otherwise, make a note to yourself to apply next time you’re at the store.
Bear in mind that loyalty programs come in different forms and flavors (e.g loyalty card, rewards card, points card, club card, etc) so just see what’s available to you when you do your research.
Now, pick one of the companies you regularly use and join one or two of its main competitor’s loyalty program.
For example, if you mainly use Delta as your preferred airline, Go to JetBlue Airways or American Airlines websites and join their loyalty program as well.
Overtime, you’ll have a better idea which program works better for you and you’ll be able to make smarter decisions.
Remember, you can never be truly free as a consumer if you are bound by contracts or by a false sense of loyalty to a company for whom you are nothing but a number in a computer file!
*To obtain more inspiration and motivation to achieve your goals, you definitely want to check out my extensive list of growth goals. This page contains SMART goal ideas that can help you establish new aspirations and attain greater heights in your personal growth journey. I utilized this page myself to create my own list of 100 life goals, which I dedicated a decade to pursuing.
Chief Editor
Tal Gur is an impact-driven creator at heart. After trading his daily grind for a life of his own design, he spent a decade pursuing 100 life goals around the globe. Tal's journey and recent book, The Art of Fully Living, inspired him to found Elevate Society.
