This week my friend and fellow blogger Lena from Listen to Lena and I chatted about some of her spending and money tips. Lena has always referred to herself as a reformed oniomaniac – something I think a lot of women can relate to.
(Oniomaniac: from Greek ὤνιος onios “for sale” and μανία mania “insanity”, is the technical term for the compulsive desire to shop, more commonly referred to as compulsive shopping, shopping addiction, shopaholism, compulsive buying or CBD.)
After talking to Lena, I can report that she is still an oniomanic – after all this girl loves a sale and a reward. But this is the smartest oniomanic I have ever spoken to, especially when it comes to credit cards.
She loves her new Scotiabank Gold American Express Card, and according to her, she gets the best of both worlds with it. Lena earns loads of accelerated points at the gas station (up to four points for every dollar spent) because her husband is on the road everyday as part of his job. She said they have been really racking up the points since she received the card.
Lena’s Top Tips for Saving While Spending:
1. Use your card on things that make sense. For her that meant gasoline – one of the four accelerated categories on her Scotia Gold AmEx (the other categories are groceries, dining and entertainment).
2. PAY your balance each and every month. In all her years of having credit cards, not once has Lena paid a penny in interest.
3. Got a budget, work in rewards for being smart. For Lena that means travel, but the rewards on the Scotiabank Gold American Express Card can also be redeemed towards merchandise, gift cards, investment dollars or even used to pay down your credit balance.
Of course, it’s not all about spending – and earning – smart. It’s about redeeming your rewards in a smart way that fits with your lifestyle and goals. So how will Lena redeem the points that she has accumulated on her Scotiabank Gold Amex– merchandise, investments or travel? As a busy blogger, her work has taken her on a lot of trips recently, and as a result she has been bitten by the travel bug. She said when she applied for the card it was because she wanted a REWARD, and she didn’t think twice about the $99 fee either as it came with enough points for a one-way flight to New York City. Smart thinking as I know you can’t fly to New York for that price. With spring break lasting two weeks in her house, Lena sees it as the perfect chance to take her family away for a short getaway (a great reward for being money smart). She is thinking of places like Ottawa or Montreal – perfect for a quick family getaway.
How do you reward yourself for being smart with your money?
If you would like more information on the new Scotiabank Gold American Express Card click here.
*This post is brought to you by the Scotiabank Gold American Express Card. I do receive compensation however these tips are gold.