Cashback King – £10,000 the richer

In case you didn’t know, you’ve possibly been overpaying for everything you’ve ever paid money for!

Negotiation is a part of life and it makes many people deeply uncomfortable.  It makes me uncomfortable sometimes and it’s one reason why I would rather keep a car until it dies on me than trade it in every two years for a newer model.  When it comes to buying and selling – you need to be an informed consumer and watch out for the tricks of the salesman.  You should be able to get a discount on pretty much everything you spend money on – even things like Solicitor fees.

But if you don’t like to haggle like you are in the souk, another option is to use a cashback website like Quidco or Topcashback.  If you sign up to Quidco you’ll get £10 and I’ll get £10, for TopCashback you’ll get £5 and I’ll get £15 as introductory bonuses.  These might change.  Pretty crazy yeah – being given money to save money!

The idea is that when you buy something, the seller/intermediary/advertiser/portal gets paid for doing their job (getting you to buy) and with Quidco or Topcashback they pass this money back to you.  I normally check who has the higher rate between the two and select them, for example when travelling I check if on Trivago who is the cheapest and then book through say hotels.com who might have 8% on one site and 10% on another.  It’s a little time consuming but it ensures a better price.

The cashback rates vary from 1% on purchases (eBay) to over £100 on products like skyTV and life insurance & ~10% for hotels. I even got £250 back on a mortgage I was going to talk out anyway – lucky me.  The chances are that you could have paid less if you don’t already use Quidco or Topcashback – and they have between them millions of users and save consumers millions a year.

This post is called Cashback King because I have just made a total of £10,000 from Quidco or Topcashback.  Think about that, £10,000 – that’s money that I have now that could easily be in someone else’s bank account.  When you are in a shopping centre and see those guys from Sky trying to flog expensive TV – the money they would get as a commission for signing you up can go straight to your pocket.

My cashback journey started in 2005 and it was relatively simple.  I started a new job and moved to a new city.  I needed gas, electricity and phone/broadband and my brother put me on to Quidco.  I found that I could save a bit of money here and there and it made sense to change insurance, utilities, bank or pretty much anything that you need to sign up to and have a monthly direct debit.  Loyalty does not pay!

I’ve kept it up – and before I spend any money online, I what cashback I can get.  I does take a bit of effort and it’s definitely easier to just pay more – but it ends up costing you in the long run.  The cashback and discounts that I’ve received over the years have put me in a much better position financially – and I think that if you need to pause for a moment before you buy something, you maybe make a more sensible purchasing decision and often I’ll delay/postpone making a purchase even with a 10% discount.

One risk with cashback is that you let the Cashback Tail wag the Buying Dog – and you end up spending more than you would have otherwise – just because you can get free P&P if you spend £XX or there is a 24 hour flash sale or whatever.  But you are all adults and are responsible for your own actions.

So, after almost 13 years and £10,075.82 of cashback (that’s £790 per year pro-rata) I am very happy with the whole process – and I look forward to £20,000. It’s funny how the odd £10 or even 10p can add up – it’s the Aggregation of Marginal Gains that The Escape Artist talks about.  It’s makes up for me missing out on a PPI bonanza.

 

12 comments

  1. I love cashback websites! I’ve only been using them for a couple of year but I’ve made around £600 back which is pretty decent. And same as you, the bulk of that was all in one go when I moved into a new house, TopCashback is great for any sort of insurance or financial product. I always use it now if I’m applying for credit cards etc. and every year when I switch my utilities providers. It can take a little bit of effort but I’m so used to it now and I know all of the regular retailers I shop at so don’t need to check so much any more. Great post!

    Like

    • Thanks FS – I was just reading your blogs and you’ve got a similar position to me (lots of driving minus kids)
      I can’t be too happy about £10,000 as I’ve had to spend maybe 10x that to get it. 🙂 But a lot of it comes with things you need – like around £100 a year for broadband – it all adds up.

      Liked by 1 person

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