Golden Rules for Rewards
- Rewards should work for you: This process should not stress you out, only put as much work into rewards as you are willing to.
- Waste not, Want not: Only select rewards you will use, when in doubt, select cash equivalents (e.g. Starhub cash rebates, Grab cash rebates, etc. As these are often the options most costly to suppliers, they can often be buried at the bottom of the reward options – just keep scrolling)
If there was a word for grouping of reward schemes, it would likely be a ‘headache’ of rewards. There are so many reward schemes that all tout their own particular benefits, but there are so many choices and the language is often very opaque, the process of utilizing the rewards from the various schemes can leave you tearing your hair out.
I wanted to write a short piece to clarify the best way to exploit the various rewards systems. The good news is that many of the various reward schemes interconnect with each other. This means points can be transferred from one scheme to the other for your best benefit (if you work it just right).
KISS: Keep it simple stupid
My savings and budgeting philosophy is to keep things simple. I try not to be distracted by flashy offers. I focus on where my spending is, and aim to get rewards that fit into my regular spending patterns. For me, in relation to rewards, this falls into the following categories (1) groceries, (2) mobile and broadband bills, (3) taxi charges. Don’t opt for rewards that aren’t aligned with your regular spending or otherwise a treat that you have been planning for yourself/ a loved one – if you do, at best, you are spending money you would not otherwise have spent, at worst, you will never use the reward and the money will be lost.