How to Spend Your Cash Back Rewards
At the beginning of every year, RBFCU members receive one extra deposit — their Freedom Debit Card rewards! This extra cash will help members in a variety of ways. Some members may use them to pay down debt, while others may add them to their rainy-day fund. Still others may use their earnings to treat themselves, maybe with a nice dinner out or a sporting event or concert.
Whenever you get extra money you’re not expecting, the first impulse is usually to go wild and splurge; to do something unexpected with your newfound financial gains. While there’s nothing wrong with some (responsible) spontaneous spending, here are a few ideas to consider before you spend all that windfall money.
- Don’t be too hasty. You don’t have to spend your money as soon as you receive it. Instead, take some time to consider how you could use the money toward your financial goals. You may even want to meet with a financial advisor if you’re receiving a substantial amount to review any tax implications that may be connected with the funds you receive, as well as to make sure you’re investing them responsibly.
- Add some cushion to your emergency fund. A good rule of thumb is to have some savings stockpiled in case you run into unexpected expenses such as car repairs, medical expenses, lost work hours or other things that may force you to dip into your savings. You could start this fund with your Freedom Debit Card rewards, then add to it and watch it grow in the future.
- Take a look at your goals. You have your own financial priorities that you should evaluate before making any decisions. For some people, it may be more important to pay down a credit card, while others may want to put their money toward a down payment for a home. There are a million different ways you can use your money, whether you actually have a million dollars or just 10 or 20 extra bucks.
- Treat yourself, just a little. You don’t have to feel obligated to be financially responsible with every single dollar that comes your way, especially if it’s money that you weren’t expecting. Use a little of that “found money”to give yourself a treat. You’ll feel good knowing you’re accomplishing your financial goals and enjoying life at the same time.
Whatever you do with your Freedom Debit Card rewards, whether you’re spending, saving or planning for the future, you’ll feel good knowing that you can use RBFCU’s products and services to accomplish any of your goals. If you need assistance with preparing for the future, contact the RBFCU team and we’ll be happy to help!
Program terms are subject to change. Federally insured by NCUA. Membership eligibility is required. Cash back program subject to change; other restrictions may apply.