Monday, July 24, 2017

Review of

A good way to save a bit more $$$ in your daily life is to use a cashback site for your shopping.  The simple explanation of how this works is that a website works as an affiliate to drive traffic to a vendors website.  If this results in a sale then the affiliate earns a commission for driving that traffic to the retailer.  Cashback sites will pay you a portion of that commission.

There are several to choose from but in my initial research I liked Top Cashback the best and it has been a winner so far.

How do you use it?

First you go to their website and go through an easy sign up process.  You don't have to register any cards with them.  Then when you want to shop for something go to they topcashback website first, find your retailer and click the "Get Cashback Now" button and shop at the website as you would normally.  Once the transaction has been confirmed (this usually takes about a day) it will show up on your dashboard with an estimate of when it will be payable.  Overall I have found the estimate dates to be a bit inconsistent.  Perhaps over time they will become more accurate.

What's good:
  1.  The site is pretty easy to navigate. 
  2.  The cashback rates are pretty nice, you can combine these with a cashback credit card and increase the saving.
  3. Payout is easy and responsive. No minimum!
  4. You get several payout options.  Directly to you via bank transfer or paypal or to a gift card.  The gift card can be a better option as most have an additional bonus of 3-10% for using the gift card option.
  5. There is a referral program.  If you use one of the links on my page then I get a $10 referral bonus and you can too if you refer someone else.  At times there are promotions when using a referral link will also get the person signing up a gift card. 
  6. Occasionally they have a promotional event that can let you win cash without a purchase.  

What could be better:
  1. It takes a while to actually get a payable for your cashback and it varies a fair bit from the retailer.
  2.  Many of the cash backs are up to a certain percent, but what you are getting may be a lower amount.
  3. Some retailers such as Amazon only offer it for certain departments at a time.  

How I recommend using it for slow wealth building:

Don't spend more than you would normally, but use it when you were going to make a purchase anyway.

If you have credit card, student loan, or auto debt, use your earnings to pay that down quicker (if you are in a loan that does not have a pre-payment penalty).

If you have no debt or just a mortgage apply it to the mortgage or put it into a lending or brokerage account or use a robo investor such as Betterment or Wealthfront and enjoy the benefits of compounding returns!


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