While Monday always rolls around a little too quickly for my tastes, this weekend, I was glad to see it. I spent too much of Friday, Saturday and Sunday wracked with indecision.
Some of this, as I’ve mentioned, was about our future savings plans. But there was another, far more frivolous, matter that occupied my brain: rewards programs.
Of course, I’m absolutely addicted to Swagbucks (I won over 50 today thanks to the increased winning moments so get a’searchin’, people!) so that’s a relatively normal state of mind.
This time, though, I was specifically thinking about how to best use program rewards.
There are two main schools of thought on this matter. You can use them to cover normal expenses, or you can use them for frugal luxuries.
On the one hand, if you’re trying to reduce debt, this is a great way to further drive down your expenses. Get gas cards, grocery store gift cards, etc and that leaves extra money to put against your debt. If you’re really focusing on debt reduction — blinders to everything else strapped firmly in place — this could be a boon.
However, debt reduction is a long process. It can be hard, and it usually involves living more minimally than normal. So gift cards can be a great way to still have the occasional dinner out, get new clothes, or other such things.
There’s also a third method, which is to use the rewards as a way to afford nice gifts for people. It’s how I was able to get Tim the PSP he wanted for his birthday/Christmas. My mom is a big fan of redeeming MyPoints gift cards for stocking stuffers and the like. We love free stuff, she loves that the presents were free. Everyone wins.
I tend to save up my rewards points for holiday shopping. That way, I spend almost no money out of pocket, which leaves Tim more cash to play with. It’s how we could afford to get Tim the PSP he wanted for his birthday/Christmas.
I’ve also used rewards for birthday massages through SpaFinder — a reward available on MyPoints. My mom and I saved up MyPoints for Walmart gift cards, then bought all the food for my wedding at Sam’s Club.
Still, the general trend is toward getting luxuries we couldn’t otherwise afford. I like a little indulgence now and again — and it’s what helps Tim stay sane while we cross the finish line for debt reduction.
What do you think is the best use of program points? What do you redeem rewards for?
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I tend look at money or gift cards from rewards programs as being available for splurges. That said, lately there hasn’t been much of anything I’d like to splurge on, so I pretty much just toss it into savings or buy everyday stuff. I guess I’m still waiting for enough rewards for a free trip somewhere, that would appeal
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