[Athena E.]

Are you missing out on huge savings at the checkout? Beware this ‘missed opportunity’, according to a financial expert​

Living on a budget in this day and age is no easy feat–prices on everything, from entertainment to food, have increased over the past few years, leading to a financial crisis for many Aussies.

One way to combat this and minimise spending is to take advantage of loyalty rewards schemes offered at supermarkets, which provide an opportunity to get extra value for money spent.

However, according to a survey by Finder, not all savvy shoppers are taking advantage of their rewards points properly, missing out on big savings in the process.

'If you're able to earn points on something that you're already spending money on, then it does give you an opportunity to get value from the money that you're already spending,' said Finder Personal Finance Expert Amy Bradney-George.

A survey by Finder revealed that not all shoppers are using their rewards points properly. Credit: QianLin/Shutterstock

'So it makes sense to use that value in a way that's going to benefit you and, particularly during a cost of living crisis like the one we are in now, it’s a great opportunity to reduce your grocery bill,' she added.

The survey revealed that 83 per cent of Australians are a part of some kind of grocery rewards program, and those savvy enough–58 per cent of respondents–to use them to their advantage are saving big.

However, six per cent of people with rewards points aren't using them at all. Ms Bradney-George says this is a ‘missed opportunity’.

Take Woolies’ Everyday Rewards scheme, for example–if you save up 200 points, then you can either claim $10 off from your next purchase, or hold that reward to use at Christmas if you happen to be an early saver.

Or, if that's too slow for you, then you can choose to redeem your points for a gift card or convert them to frequent flyer points to help pay for your next holiday.

Everyday Rewards members can choose ‘Qantas Points’, which would automatically convert their 2,000 balance to 1,000 Qantas Points in their Frequent Flyer account.

Coles shoppers, on the other hand, can redeem 2,000 FlyBuys points for $10 FlyBuys dollars, which can be spent at Coles, Kmart, Target and more.

Additionally, the FlyBuy points earned from Coles (and other retailers) can be put towards the Virgin Velocity Frequent Flyer.

Either way, it's worth taking advantage of the points you receive from shopping at your go-to supermarket, as there are plenty of rewards.

But if you're one of the unfortunate few who haven't yet tapped into this tactic, it's not too late to start!

It's easy to find your nearest rewards program–most major supermarkets have their schemes listed prominently on their websites for you to join in minutes.

Once you've signed up, you can take measures to make sure you get the best value from your points.

Woolworths has Everyday Rewards for their customers. Credit: Woolworths

'Keep an eye out for those bonus points offers,' Bradney-George recommended.

Still, despite her reminder, she also wants Aussies not to lose sight of their goal to make the most out of every cent.

'[But] try not to buy anything you weren't planning to just to get more points–stick to what you normally buy and keep track of your points,' she added.

Other retailers also have special offerings for their loyal customers. Woolworths, for example, has launched a Member-only pricing on their products. This means that Everyday Rewards members have cheaper grocery bills.

If you're willing to expand your shopping list, then there are other ways to save money as well– ALDI and other small supermarkets won't have loyalty schemes, but their products are often cheaper and just as good, so it’s worth checking them out.

Key Takeaways

• A Finder survey shows that 83 per cent of people are in a supermarket rewards program and 58 per cent use their points to lower their grocery bills.
  
• Despite this, six per cent of those with rewards points aren’t using them at all, which Finder personal finance expert Amy Bradney-George, calls a ‘missed opportunity’.
  
• Major retailers allow their rewards points to be redeemed for discounts, gift cards, and frequent flyer points.
  
• However, Bradney-George warns shoppers not to spend more to earn bonus points and recommends considering alternate saving options if they suit the shopper's needs better.
  

With careful planning and a rewards program, you should be able to fill your pantry with all the essentials for far less than you expected.

Supermarket rewards points are one of the many tools you can use to save money during this cost of living crisis–so don't miss out and miss the opportunity to boost your savings!

What do you think of this story, members? Are you taking advantage of your rewards program with supermarkets? Let us know in the comments below!