There is a common misconception that coupons are only for people who are on a tight budget. We have a mental image of a shopper who is painstakingly clipping paper coupons from the Sunday paper. In reality, many of the wealthiest and most successful people are obsessed with getting a good deal. They just do not call it “couponing.” They have adopted a more modern, efficient, and powerful form of savings called “maximizing rewards.”
Premium Credit Cards Are the New Coupon Book
A wealthy shopper is not going to waste their time clipping a 50-cent paper coupon. Instead, they will use a premium credit card, such as an American Express Gold Card, that is specifically designed to offer a high rate of return on their spending. This card can give them 4x points, or 4% cash back, on every single dollar they spend at the grocery store. This is a “super-coupon” that is automatically applied to their entire bill.
They Treat Savings as an Investment
A key difference in mindset is that a wealthy person sees their savings as a form of income. When they save 5% on a purchase, they do not just see it as five dollars. They see it as five dollars that can now be moved into an investment account. That five dollars can then grow and compound over time. This turns a simple, money-saving habit into a powerful, wealth-building strategy.
They Use Savings to Fund Other Spending Categories
A wealthy person will often use their “rewards” to pay for the “wants” in their life. They will use the cash back from their boring, everyday grocery purchases to pay for their flights, hotel rooms, and luxury goods. This is a form of mental accounting. It allows them to enjoy their splurges “for free.” The savings are not just about saving; they are about reallocating that money to a more enjoyable spending category.
Loyalty Programs Offer “Status,” Not Just Savings
For a wealthy shopper, a loyalty program is not just about the discounts; it is about the “status.” Reaching the “Diamond” or “Platinum” tier of a program is a form of gamification that they enjoy. This status gives them access to exclusive perks. This can include a personal shopper, a special checkout line, or invitations to members-only events. These are perks that a traditional paper coupon could never offer.
The Smart Money Mindset
The idea that “rich people don’t use coupons” is a complete myth. The truth is that they are often more focused on getting a good value than anyone else. They have just abandoned the inefficient, old-fashioned methods and embraced a new and more sophisticated system of savings. They use their premium credit cards and elite loyalty status as a high-tech and effective replacement for paper coupons. It is a sign that the smart money mindset is not about being cheap; it is about being efficient.
Do you use a rewards credit card to get cash back on your groceries? What do you think is the best way to save money in the modern era? Let us know!
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