Abacus Wealth Management

Do You Spend Money to Earn Points?

When you go shopping and you give the shop attendant your favourite stores’ points smart card to swipe, does it thrill you when your bill gets bigger and bigger?  Or does it make you feel good when you check your reward scheme point balance from your mobile service provider?

When times come for you to redeem your loyalty points, the idea that you are not spending cash to access some privileges still thrills you. But lets face it, for you to accumulate that 15,000 bonga points (Safaricom’s point reward scheme), you have spent Shs 150,000 worth of airtime. Now that is not a small amount, and actually, you got value for it. But it should not excite you to spend more to gain those points, a single point for bonga point for instance costs you Shs 10.

Some supermarket stores also have these deals but do not get too excited when your bill clicks into more thousands and the points console you. There are stores that give you a single point for as low as shopping worth Shs 100. When your time comes to redeem the points, your 100 points could be worth Shs 10.

Let point accumulation not drive you when you go shopping in the name of loyalty. Just spend what you need to spend. Keep a budget and stick to it. Do not make unnecessarily long calls to acquire points, you can always gossip more one-on-one. You need that extra coin in these tough times.

 

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