Financial Friday: How to Spend and Save
Many college students do not think of spending money to save money. But what if you could earn 20 percent on your small investment by making a simple mind switch?
Many grocery stores have customer retention or loyalty programs, offering incentives for their customers in the form of discount gas cards available with a purchase.
For example, sometimes Publix Super Markets offers a $50 value gas card (various brands are offered) for sale for $40 when you purchase $50 in groceries. That is a 20 percent return on your investment in that gas card for doing nothing out of the ordinary but grocery shopping.
Drug stores, like CVS and Walgreens, offer special coupons and even cash rewards toward your next purchase, if you use their loyalty programs.
Many gasoline brands also offer their own rewards/loyalty cards. For example: Shell offers anywhere from 3 percent to 15 percent per gallon savings just for swiping your loyalty card before paying.
This might not sound like much. But if you spend $50 every two weeks in gas and gas costs an average of $2 per gallon, over the course of a year, you could save roughly $280. And that translates to approximately 31 hours of work at $9 per hour.
Caroline Skinner, with Administrative Support in Stetson University’s Department of Finance, wrote this Financial Friday, and Valrie Chambers, Ph.D., Stetson professor of accounting, is responsible for the content. Financial Fridays are designed to bolster students’ financial wellness including preventing financial mistakes, safeguarding their assets and identity, and thinking critically about financial decisions. For questions, contact Chambers at Valrie.firstname.lastname@example.org.