Skip to content
  • About
  • Contact
  • Contribute
  • Book
  • Careers
  • Podcast
  • Recommended
  • Speaking
  • All
  • Physician
  • Practice
  • Policy
  • Finance
  • Conditions
  • .edu
  • Patient
  • Meds
  • Tech
  • Social
  • Video
    • All
    • Physician
    • Practice
    • Policy
    • Finance
    • Conditions
    • .edu
    • Patient
    • Meds
    • Tech
    • Social
    • Video
    • About
    • Contact
    • Contribute
    • Book
    • Careers
    • Podcast
    • Recommended
    • Speaking

Take advantage of these 2 ways to save money

Another Second Opinion, MD
Finance
December 14, 2017
Share
Tweet
Share

That’s right folks, I am talking about two types of money saving maneuvers:

  • Save Money #1: spending as little as possible when making purchases through price competitions, coupons and rebates.
  • Save Money #2: putting money you don’t spend into savings and investment accounts for your future.

Save money on purchases

‘Tis the season for giving, but ’tis also the season for buying.  Make sure you are doing everything you can to save on those purchases.  This is definitely an easier process when shopping online as a few clicks and keystrokes will let you price compare in an instant, but still doable when shopping in stores with the aid of the ever prevalent smartphone technology.

Take advantage of price competition. Unless you’re buying an item that is sold exclusively at one store, chances are that item is being sold at different prices in other places.  A quick Google search is probably the easiest and quickest way to see where the item is sold and more importantly, how much it’ll cost you.*

Search for coupons. Often times the online stores will advertise their own coupons/promo codes, sometimes you have to do a little work for them.  Sites like RetailMeNot will have the most up to date list of discount codes for most of the stores out there.  It’d behoove you to check there for a usable promo code.  Another tip: you can always add the item to your cart and check to see if the promo code works before completing the purchase.

Maximize rebates. By funneling your purchases through sites like Ebates, you’ll receive cash-back on your online purchases.  This site will also have the up-to-date promo codes for you to type in as you make your purchase.  It usually takes a few days for the cash-back to appear and is paid out quarterly via check in the mail.  I’ve received over $1,400 by shopping through this site over the last 8+ years!

Maximize rewards. In addition to getting cash-back from Ebates, your credit cards will also give you cash-back on your purchases.  Hopefully, you have a few cards with different perks that you rotate around.  Make sure you use the card that gives you the most cash-back at those particular locations (example: Chase Freedom gives 5% cash-back on all purchases at Walmart this quarter).

Expert level tip: If you have a price rewind credit card like the Citi Double Cash Card, finding the lowest price is sometimes irrelevant.  I usually find the store that gives me the best cash-back reward then set the price rewind so not only do I get cash-back percentage at the higher price, but I also am refunded the difference anyway.

Save the money you save

It’s way to complicated to try to tally up all of the money you save through sales, coupons and promo codes every time you make a purchase.  I think it’s too time-consuming, tedious and frankly uninteresting to transfer $1 to 2 at a time to your savings/investment accounts.  Rather, I recommend doing so on a quarterly basis with larger sums of money.  Four times each year, cash out all of your rewards, put your Ebates check in the bank and then transfer the entire sum into your investment accounts.

If you check out my quarterly updates, you’ll see that I dedicate all of my cash-back money into investment accounts.  This is easily done just four times each year and has helped me a nice little investment account by doing this consistently over a short period of time.

Obviously, the cash-back you receive is already post-tax dollars since it’s viewed as a delayed discount by the IRS.  But, what if, and believe me this is a big hypothetical what if … but, what if you viewed the cash-back as pre-tax money?  And what if you took this “pre-tax” extra cash and placed it into a Roth IRA which will grow tax-free and can be withdrawn tax-free in retirement?  If you are able to think this way and if you have been hesitant to open a Roth IRA because you didn’t want to come up with extra cash, then maybe this is a reasonable way of thinking.  Of course, max out your tax-deferred options first, but this is just something to consider.

“Another Second Opinion, MD” is an anesthesiologist who blogs at his self-titled site, Another $econd Opinion.

Image credit: Shutterstock.com

ADVERTISEMENT

Prev

Do quality metrics really improve patient care?

December 13, 2017 Kevin 5
…
Next

The patient who was a former bowling champion

December 14, 2017 Kevin 0
…

Tagged as: Practice Management

Post navigation

< Previous Post
Do quality metrics really improve patient care?
Next Post >
The patient who was a former bowling champion

ADVERTISEMENT

More by Another Second Opinion, MD

  • 10 essential investments this physician makes

    Another Second Opinion, MD
  • This physician’s keys to financial freedom

    Another Second Opinion, MD
  • How to make your taxable accounts a winning situation

    Another Second Opinion, MD

Related Posts

  • Improving drug adherence will take more than money and technology

    Skeptical Scalpel, MD
  • Patients turn to GoFundMe when money and hope run out

    Mark Zdechlik
  • The fight to save Howard University College of Medicine

    Vicky Li and Naveen Balakrishnan
  • I’m sorry that we couldn’t save you

    Evan Schauer
  • Nurse practitioners will save primary care

    Leah Hellerstein, LCSW
  • Reduce health care’s carbon footprint to save our patients

    Aditi Gadre

More in Finance

  • Physician practice ownership: risks, rewards, and reality

    Paul Morton, CFP
  • Smart asset protection strategies every doctor needs

    Paul Morton, CFP
  • Why taxing remittances harms families and global health care

    Dalia Saha, MD
  • A physician employment agreement term that often tricks physicians

    Dennis Hursh, Esq
  • Why hospital jobs are failing physicians: burnout, pay, and lost autonomy

    Justin Nabity, CFP
  • Decoding your medical bill: What those charges really mean

    Cheryl Spang
  • Most Popular

  • Past Week

    • Why palliative care is more than just end-of-life support

      Dr. Vishal Parackal | Conditions
    • When life makes you depend on Depends

      Francisco M. Torres, MD | Physician
    • Guilty until proven innocent? My experience with a state medical board.

      Jeffrey Hatef, Jr., MD | Physician
    • Why medical notes have become billing scripts instead of patient stories

      Sriman Swarup, MD, MBA | Tech
    • How denial of hypertension endangers lives and what doctors can do

      Dr. Aminat O. Akintola | Conditions
    • A powerful story of addiction, strength, and redemption

      Ryan McCarthy, MD | Physician
  • Past 6 Months

    • Why transgender health care needs urgent reform and inclusive practices

      Angela Rodriguez, MD | Conditions
    • COVID-19 was real: a doctor’s frontline account

      Randall S. Fong, MD | Conditions
    • Why primary care doctors are drowning in debt despite saving lives

      John Wei, MD | Physician
    • New student loan caps could shut low-income students out of medicine

      Tom Phan, MD | Physician
    • Confessions of a lipidologist in recovery: the infection we’ve ignored for 40 years

      Larry Kaskel, MD | Conditions
    • mRNA post vaccination syndrome: Is it real?

      Harry Oken, MD | Conditions
  • Recent Posts

    • Imagining a career path beyond medicine and its impact

      Hunter Delmoe | Education
    • What is professional identity formation in medicine?

      Adrian Reynolds, PhD | Education
    • A step‑by‑step guide to crafting meaningful research questions

      Julian Gendreau, MD | Physician
    • When recurrent UTIs might actually be bladder cancer

      Fara Bellows, MD | Conditions
    • How restrictive opioid policies worsen the crisis

      Kayvan Haddadan, MD | Physician
    • Why doctors should rethink investing compared to the average U.S. investor [PODCAST]

      The Podcast by KevinMD | Podcast

Subscribe to KevinMD and never miss a story!

Get free updates delivered free to your inbox.


Find jobs at
Careers by KevinMD.com

Search thousands of physician, PA, NP, and CRNA jobs now.

Learn more

Leave a Comment

Founded in 2004 by Kevin Pho, MD, KevinMD.com is the web’s leading platform where physicians, advanced practitioners, nurses, medical students, and patients share their insight and tell their stories.

Social

  • Like on Facebook
  • Follow on Twitter
  • Connect on Linkedin
  • Subscribe on Youtube
  • Instagram

ADVERTISEMENT

ADVERTISEMENT

  • Most Popular

  • Past Week

    • Why palliative care is more than just end-of-life support

      Dr. Vishal Parackal | Conditions
    • When life makes you depend on Depends

      Francisco M. Torres, MD | Physician
    • Guilty until proven innocent? My experience with a state medical board.

      Jeffrey Hatef, Jr., MD | Physician
    • Why medical notes have become billing scripts instead of patient stories

      Sriman Swarup, MD, MBA | Tech
    • How denial of hypertension endangers lives and what doctors can do

      Dr. Aminat O. Akintola | Conditions
    • A powerful story of addiction, strength, and redemption

      Ryan McCarthy, MD | Physician
  • Past 6 Months

    • Why transgender health care needs urgent reform and inclusive practices

      Angela Rodriguez, MD | Conditions
    • COVID-19 was real: a doctor’s frontline account

      Randall S. Fong, MD | Conditions
    • Why primary care doctors are drowning in debt despite saving lives

      John Wei, MD | Physician
    • New student loan caps could shut low-income students out of medicine

      Tom Phan, MD | Physician
    • Confessions of a lipidologist in recovery: the infection we’ve ignored for 40 years

      Larry Kaskel, MD | Conditions
    • mRNA post vaccination syndrome: Is it real?

      Harry Oken, MD | Conditions
  • Recent Posts

    • Imagining a career path beyond medicine and its impact

      Hunter Delmoe | Education
    • What is professional identity formation in medicine?

      Adrian Reynolds, PhD | Education
    • A step‑by‑step guide to crafting meaningful research questions

      Julian Gendreau, MD | Physician
    • When recurrent UTIs might actually be bladder cancer

      Fara Bellows, MD | Conditions
    • How restrictive opioid policies worsen the crisis

      Kayvan Haddadan, MD | Physician
    • Why doctors should rethink investing compared to the average U.S. investor [PODCAST]

      The Podcast by KevinMD | Podcast

MedPage Today Professional

An Everyday Health Property Medpage Today
  • Terms of Use | Disclaimer
  • Privacy Policy
  • DMCA Policy
All Content © KevinMD, LLC
Site by Outthink Group

Leave a Comment

Comments are moderated before they are published. Please read the comment policy.

Loading Comments...