Saving money might seem impossible without major lifestyle changes or getting a second job, but you can make several small lifestyle changes that can add up to huge savings. This one easy tip, will help you save money without feeling deprived!
In fact, this is one of my favorite tips for people starting their money-saving journey because it does not require any sacrifice at all.
Tip: Read the entire post to find out an additional quick, easy way to get extra cash.
Rakuten
Sign-up for Rakuten for FREE, and get cash back on purchases that you are already making! You might think this is too good to be true, but it is 100% legitimate and I only wished I had signed-up sooner.
I signed up for Rakuten (formerly known as Ebates) back in 2009, and I have saved over $2,500 on purchases I was already going to make anyways!
If you break this down, I was averaging a little over $200/year in Rakuten cash back alone. However, this number does not take in account my other shopping strategies, which I can share in another post if anyone is interested.
How do I get cash back?
Online Purchases
Getting cash back is very simple! You just need to log in to your Rakuten account, and see if the store you are going to make your purchase from is listed on the website. Click on the store and find out how much cash back you can earn. They may even list extra coupon codes or discount codes that are available which will help you save money immediately on your purchases.
They have tons of stores on their website and many of them are stores you likely already shop at. You can even mark your favorite stores so that they show up on the main page.
Rakuten Chrome Browser Extension
If you are worried about remembering this step, you can install the Rakuten chrome browser extension. The Rakuten chrome browser extension will make earning cash back a no-brainer. This extension automatically notifies you if a store or vendor is eligible for cash back when you visit that store’s website. Then it will give you an option to “activate” cash back on your purchase.
Link Your Card for In-Store Purchases
Get cash back when you shop in the store too!
First, link your credit card to your Rakuten account. Then visit Rakuten’s website and look at their “In-Store Cash Back Offers.” Look at the stores available and click on “See Details” to review the terms and conditions. Type in your zip code to find the store’s location near you. If you want to get cash back, click “Link Offer” to link that offer with your credit card. Now, when you shop in that store and use your linked credit card, you can get cash back on those purchases.
As you can see, there are several ways for you to get cash back on your purchases. All of these options are simpler than the traditional rebate system. So if you are not already using Rakuten, start today.
How Do I Get Paid?
If you want your payment in the form of cash, just choose to receive your payment by check or by PayPal. You can choose your preferred payment by going to your account Wallet.
How Often Will I Get Paid?
Rakuten sends funds quarterly as long as the balance is more than $5.00!*
Refer Friends for an Extra Bonus
Do you want to get some quick extra cash and help out your family and friends?
Currently, Rakuten is offering a $30 bonus for you, and $30 bonus for your friend for new sign-ups. Invite your friends through your own custom link from Rakuten. Your friend has to complete a qualifying purchase within 90 days of signing up for the referral bonus to be qualified, but that should not be difficult if they use the tips in this post.
If you found this post helpful, please sign up through my link so that we can both earn our bonuses too!
If you have a lot of friends and family members this could potentially be a quick and easy way for you to boost up your savings and get some extra cash.
Level Up Your Savings
You might be happy with just saving money on purchases, but why stop there? Why not put your money to work or start an emergency fund?
Stocks
Let me start by saying that I am not a broker, financial advisor or a tax professional. I am just sharing what I have personally done for myself. If this is something that interests you, I encourage you to seek out a qualified professional and do your own research.
I started putting my Rakuten savings into my stock brokerage account and chose stocks that have a good history of paying dividends. Dividends are payments paid regularly (typically quarterly) by a company to its shareholders (a/k/a stockholder) out of its profits or reserves.
If your stocks increase in value, you can also sell those stocks for a profit. Keep in mind that you will pay taxes on your profit, and the amount you pay will depend on how long you have held the stock.
Of course, there is always the risk of losing money. Stocks can lose value or stop paying dividends. That is a risk I am personally willing to take with my Rakuten savings because I consider it “bonus money” anyways.
If the idea of dealing with finances stresses you out, consider reading Tony Robbin’s book Money Master the Game: 7 Simple Steps to Financial Freedom. This book is truly liberating, and gives several practical tips that can help you reach financial independence.
Emergency Fund
If you do not have an emergency fund, I encourage you to start one today.
An emergency fund is money that you have set aside for some unexpected surprises like your car breaking down, medical and dental emergencies, etc. Sometimes people have no choice but to put these expenses on their credit card, but unless they pay off those expenses within a month, the credit card interest can quickly put that person into a terrible financial bind.
When you have an emergency fund, you can avoid being in this situation. It also gives you the added comfort of knowing that you have something to fall back on.
Ideally, you will want to have quick access to your emergency fund. Consider keeping your emergency fund in a savings account. It will earn a very small interest (rates varies by bank), but it is better than letting it sit in your house or your checking account where you may be tempted to spend it.
I hope you found these painless money saving tips helpful. Until next time, Happy Saving!
*Check Rakuten’s website for the current terms and conditions and also the length of the program.