How to save money with your rewards programme

2015-07-21 20:08
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Cape Town - One of the best ways for consumers to save money is to understand how to make the most of the rewards programmes they belong to, according to Nico-Louis Minnie of Multiply, the wellness and rewards programme offered by Momentum.

“Consumers get the greatest value from rewards programmes when they take the time to research what each programme offers, so that they can understand how to positively adapt their behaviour to gain the greatest benefit,” says Minnie.

“The exciting part is that members will not only enjoy the direct benefits offered by each programme, but are likely to change their lives for the better by making smarter lifestyle and savings decisions or even making the most of some stress-relieving affordable travel.”

Minnie points out some ways to save with rewards programmes:

Look at what you spend your money on every month and choose the programme that helps you most with the regular spend items in your budget.

Members of Multiply usually spend on the following items:

- Gym memberships;

- Grocery purchases;

- Medicine and other items;

- Leisure such as movies;
- Insurance and medical aid premiums.

"Depending on how much you spend in each of these categories you could easily save R1 000 per month without really changing what you would ordinarily do," said Minnie.

"Saving R1 000 per month for five years at a modest growth of 8% will land you with more than R70 000 to spend as you see fit. This is really free money and if you struggle to save, this is the perfect way to free up some cash to save."

- Choose a programme that offers you online shopping at discounted rates. Every day and luxury items in these environments often come with significant discounts, saving you up to 50% off the retail price.  

By saving only an extra R3 000 per year on these purchases you can boost the R70 000 by a further R17 000 taking your savings account to R87 000 after five years.

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