How to Benefit from a Cash Back Scheme

Discover a clever cashback hack that doesn’t just reward your shopping - but helps grow your wealth too!

In the video below, Simon walks through a cashback platform that lets you automatically direct your rewards to your super or mortgage, building long-term financial gains with zero extra effort. Whether you're shopping for sports gear or booking a service, this is a simple way to turn everyday purchases into future progress.

Transcript of above:

So here's another cash back scheme I have discovered which I think is really cool because. most cash based schemes will give you cash back - this one actually gives you the option of sending automatically that cash back to either your mortgage or your super.

Just to take a step back. What is a cash back scheme? It's basically called affiliate marketing, right? But effectively this website gets a small commission if you click on the retailers listed in their website to do your shopping, or do your purchases, or subscribe to Foxtel or book an experience as coupon or whatever.

And so I have talked about these in the past that we as a family are big fans of cash rewards. There's a few others out there, this is just the one we're comfortable with and used for a long time. So you know, the idea is you go to, there's no extra effort on your part or cost, all you need to do is just form the habit whenever you got to do some online or go to buy a voucher online, you go through your preferred cash back provider. The first stop is to see if they offer any deals, and it's as simple as that. It's an absolute no brainer and my family friends is sick of me going on about it, but it to me it is. It is free money!

We're not talking about huge amounts. The money, depending on what you're purchasing, but from time to time there's a special, so you know, we buy a lot of sports gear for the girls and for ourselves and going to the gym and exercising. So things like ASICS, Adidas, Nike, whatever. Sometimes I'll have specials where you might get a 20% cash back, but capped at a certain dollar. The point is, keep an eye on your preferred provider.

Register with these guys. It doesn't cost anything. The difference with this particular scheme grows my money, is they also offer the option of sending the money to your super or your mortgage right, which I think is brilliant because again, I don't know if anybody's read the book Atomic Habits by James Clear, but what we'd like to see with our clients is automation systematising stuff, so you don't have to think about things. So your plan is taking care of itself. Just running in the background.

What I like about this scheme is that you know you do your shopping, you would have done anyway your online purchases, you would have done anyway. And behind the scenes you're getting a couple of bucks sent to your super or to your mortgage. I think that's again just another way of forming those habits that we'll even have to think about it. You weren't going to see the money anyway, so why not progress your longer term future by paying the mortgage or sending it to super?

And so, it's that simple. There's a section here where you register either your mortgage or my super. And pretty much works with any super fund. I'm focusing on super because that's obviously a big part of what we do for clients, for all the benefits.

So the main thing of course to be aware is if you know what your limits are, how much you're putting into super already. Again, if you need help with that, don't hesitate to book a call and the alternative, of course, is the mortgage option here for people that have mortgages, or would prefer to pay off your mortgage.

And so the question mortgage versus super, again because this is a general chat, it all depends on your personal circumstances. If you know you have a mortgage and you want to be boosting your super, that's where sometimes we'll do some scenario analysis for our clients to figure out which one might be better.

So that's my money hack for the quarter. Again friends or family that do a lot of online stuff or even yourself, whatever you're buying, vouchers for various retailers, I can't stress enough this stuff is an absolute no brainer. Even if you don't use this particular scheme, find one that you like and get yourself a membership, which, as I said, there's no cost. 

Thanks for watching!

Simon

Click here to do our quick Financial Health Check!

Alternatively, if you'd prefer a personal touch, book a free 15-minute consultation here to discuss your specific situation and explore how to optimise your retirement plan.