I racked up a bill of $87 on a recent drugstore visit, but walked out after paying just $17 after using some customer loyalty points.
With inflation on the boil, we’re constantly paying more for things. A good customer loyalty program is a way to fight back. Use your points to cover the cost of the everyday items that are going up in price.
In my case, I bought some contact lens solution, razors and sundry other drugstore items at Shoppers Drug Mart. To pay, I used up all the PC Optimum points I accumulated using an app on my smartphone. Bing – $87 becomes $17.
Now, tell me about the customer loyalty programs that help you fight rising costs by sending an e-mail to rcarrick@globeandmail.com. I’ll gather up the names of the programs that get mentioned most often and report back to you in a week or two.
Lots of credit cards and other loyalty programs offer points you can use to offset the cost of purchases. Let’s her about the programs with points that are quick to accumulate and then easy to use for the everyday purchases that are getting more expensive. How much did you save on your grocery or other bill? How long did it take you to earn those points?
To be honest, I have no idea how long it took me to earn the $70 I used at the drugstore. But it sure felt good to deflate my actual bill to $17 from $87.
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Rob’s personal finance reading list
Thoughts on negotiating salary
A Reddit discussion on how to ask for a higher salary than an employer is offering for a job. The drift here is that you want to make the case for yourself as a great employee and not bring up personal details about why you need the money.
Advice to young home buyers
A U.S. take on what young aspiring home owners should do about expensive and rising house prices. Hot housing is newer to Americans than it is here in Canada, so it’s kind of fun to read this piece.
Eight things your dishwasher will wreck
Non-stick pots and pans, fine china and good knives are among the valuable kitchen items that your dishwasher will ruin. The abrasiveness of dishwasher detergent is the main reason.
Credit cards that help you avoid airline fees
We’re talking here about baggage fees, seat selection fees and more. Quite a few travel reward credit cards offer benefits that cover fees like these.
Q&A
Q: I am soon to be in the fortunate situation of being mortgage-free and have already maxed out my RRSP and TFSA contributions. Just curious what the best option is for future savings/investing. I have a fairly strong Plan B account, too. I am 48 and my wife is 37.
A: One thought is to gift money to your spouse to top up her TFSA, which you can do with no tax implications. Here’s a take on giving a spouse money for an RRSP – it’s probably not something you want to do. Beyond that, consider tax-efficient investing in a non-registered account.
Do you have a question for me? Send it my way. Sorry I can't answer every one personally. Questions and answers are edited for length and clarity.
Listen to this
The latest episode of our Stress Test personal finance podcast for Gen Z and millennials: Parents are bankrolling their kids’ house down payments – but can they afford it?
Today’s financial tool
Need to know stuff from Canada Revenue Agency for the shrinking group of people who prefer to file their income tax returns on paper instead of using software or apps to file online.
The Money-Free Zone
I’ve watched this video a bunch of times – a version of While My Guitar Gently Weeps featuring an all-star band with Tom Petty, Jeff Lynne, Steve Winwood and Prince, who blows the others right off the stage about two-thirds of the way through.
In case you missed these Globe and Mail personal finance-related stories
- This is why it’s a bad idea to retire with more money than you need
- Here are some big mistakes to avoid when trying to meet that March RRSP deadline
- Skipping RRSP contributions can make sense in some years
More Rob Carrick and money coverage
Subscribe to Stress Test on Apple podcasts or Spotify. For more money stories, follow me on Instagram and Twitter, and join the discussion on my Facebook page. Millennial readers, join our Gen Y Money Facebook group.
Even more coverage from Rob Carrick:
- 🎧 Catch up on Stress Test: Are your parents giving you money? • Why it’s time to stop shaming the renting lifestyle • Is now the right time to buy a house? • Why are young Canadians leaving the cities they love? • Eating in: How COVID has shifted our food spending • Crisis-proof your finances? • Can you afford to live downtown? • The cost of kids
- ✔️ The housing file: The housing boom is ripping apart the financial fabric of Canada • Shut out: A well-qualified millennial home seeker throws up his hands after losing multiple bidding wars • Big city housing affordability is over – now what? • She sold her Toronto house to retire somewhere cheaper, but it didn’t work • How young adults and the whole country win with a tougher mortgage stress test for home buyers • Can’t afford your house? It’s likely not your fault
- 📈 Investing: Robo-advisers have grown out of the novelty stage. Here’s help in finding one right for you • The 2021 ETF Buyer’s Guide: Best Canadian equity funds • The 2021 Globe and Mail online brokerage ranking: Who’s best for investing ... and answering the phone • Are these the stock market returns of a lifetime? • On the cusp of retirement and wondering about an ETF that pushes the limits on aggressiveness
- 💰 Your money: The five most important numbers for checking the health of your personal finances • Today’s freakishly low mortgage rates can’t last. What will pandemic home buyers do when they rise? • There’s a cost in money, isolation and family stress when seniors choose to remain in their own private homes • Taking CPP early can cost you $100,000 and limit your long term options • Fleeing the city for the suburbs? Watch out for higher property taxes, more cars and other costs
Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for Carrick on Money here.
