Maximising savings when you don’t have to change your spending habits

There are many ways to earn money either on the side or full time from doing traditional activities like blogging, become a vlogger, makeup artist, writer/editor or things like selling your junks on Ebay, Amazon or setting up a store at the local markets on the weekends etc..

However, there has been a new trend recently when people could save up to 100% of their salary or at least 80% of their salary into their saving accounts or investment portfolio (realistically I have not been able to save much due to my high expenses but let just say the goal is to save up to at least 20% of my annual income)

so here it is..

Maximising the points on your credit cards and loyalty program cards. I have never put much thought into this until I came across an article recently about a 17 years old boy who has travelled the world just by using the points on the 10 credit cards that he had. AND what’s more awesome is that he travel only by business class….

Here are some tips to accumulate your points:

  • Don’t change your spending habits by spending more to accumulate credit/loyalty points. Generally, these programs will always psychologically try to trick you into spending more. Instead, use your card to pay for your usual purchase or offer to pay for your family and friends.
  • Research into partner bonus. Eg Shopping at a department store will give you 3 points for every dollar spent.
  • You can also earn point by scanning your card when you fill gas up in your car. Eg scanning your Velocity card with BP
  • Load cash into your Velocity card for daily use to earn quicker
  • Look into credit card sign up bonus. AMEX offer signs up bonus all the time. Eg you will get 100 000 points when you sign up, T&Cs apply. You will need to be earning over 65k a year to be eligible etc…
  • Sign up to credit cards with $0 to low annual card fees
  • Carefully read the T&Cs on international spending, balance transfer and late payment fee
  • if you are someone who is not good at management your money then having a credit card or multiple credit cards is a risk, not a benefit. So these tips will not work with just anyone.
  • Please consider all the risks carefully before signing up to a credit card, as you could be subject to paying heavy late payment fee and will end up spending more instead of maximising your savings.

Some Programs that I am currently on are:

  1. Credit cards with reputable Banks ( CBA/NAB/Westpac)
  2. Loyalty cards with Woolworths, Coles, Myers, Priceline
  3. Frequent flyer program ( Velocity)

Honestly, I have not been using these cards much so the points accumulation is a banana at the moment.

I will start using them and report my achievements OR failure back in 3 months 🙂



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