Stacking your savings can feel like an impossible goal, especially when you have bills, loans, and other daily expenses to pay. Luckily, there are a few ways to boost your savings and grow your wealth.
One of the most effective ways to save money is to create a budget. This can be done using a budgeting app, website, or pen and paper.
Innovative Ways to Combine Cashback
One of the most significant advantages of cashback is its ability to be stacked with other types of discounts, coupons, and loyalty programs for maximum benefit. By combining different promotions, companies can reach more people and encourage them to buy products or services they wouldn’t normally consider.
A famous example is pairing a TurboTax discount code with cashback, which can boost conversion rates by encouraging consumers to take an additional step in the buying process. Another way to maximize the power of a reward program is by linking it with a digital wallet app. This enables users to pay using the same method they use in their daily lives and instantly earn rewards when making purchases with the app.
Finally, many companies have found that raising the cashback rate for specific brands or product types can help drive attention and boost sales. The key is to be strategic about how these campaigns are deployed and always to measure their performance so that you can learn and improve over time.
Another effective strategy is to partner with card-linked offer programs to give customers extra points on top of their loyalty program points.
Discounts
Coupons, discounts, and budgeting can help you save money. You can also make your dollars go further by maximizing your cashback offers.
Cashback is a form of discount earned when you purchase through a partner. These partners may be a credit card company, loyalty program, or online marketplace. Most offer a percentage of your purchase back as cashback. Using a credit card with the highest cashback rate and a coupon code or discount provided by the store you’re shopping at can make your savings even more significant.
Many rebate apps allow you to stack digital coupons and rebate offers. This is called deal-stacking, and it’s been legal and permitted for years. However, it’s a strategy that’s become more complicated as more brands have integrated their rebate offers into one-stop-shopping platforms that relegate receipt-scanning to the dustbin of promotional history.
You could juggle multiple apps for committed digital couponers as you search for the best deals.
Coupons
Coupons are another type of discount that can be combined with cashback for maximum benefit. Manufacturer coupons can be stacked with store coupons, rebates, and loyalty program discounts to maximize savings. This is known as coupon stacking, and experienced deal hunters use every tool to compound their discounts.
The easiest way to begin coupon stacking is by shopping for items on sale and then pairing them with the appropriate coupons. Many grocery stores run weekly sales flyers listing their current sale prices. A few minutes to peruse these can be a great way to find deals and save on everyday purchases.
Once you have a handle on your weekly sales, it’s time to look for specific coupon stacking opportunities. The best place to start is by looking at the clearance endcaps inside your favorite retail stores. Often, manufacturers will offer coupons on their products that are available at clearance prices and, when paired with a store coupon, can result in free or very cheap items.
Couponing can be time-consuming, and some may need more support. Nevertheless, it can also be gratifying. Whether saving a few dollars or significantly reducing the price of your favorite items, it is always worth the effort.
Loyalty Programs
Stacking coupons is one of many ways that frugal shoppers seek to optimize their purchases. They also use loyalty programs, such as a rewards program, to maximize their savings. These are the types of programs that offer a portion of their purchases back to customers in the form of cashback. Those who know how to use this strategy can save money on everything from groceries to electronics, clothing, and furniture.
Loyalty programs may not have much to do with coupon stacking, but they can be crucial in building long-term saving habits. Rather than focusing on immediate spending, loyal customers look to save for future needs, such as a down payment on a home or a family vacation. These goals can seem out of reach when life gets in the way, but if they are carefully planned, it is possible to meet them and feel accomplished.
For retailers, loyalty programs can help them track the true impact of discounts on their bottom line. When used correctly, they can keep their customers happy while avoiding the margin loss of discounting. This type of personalized information can be gathered through a powerful loyalty promotion engine that can give retailers the insights they need to improve their profitability.
