Way back many years ago, when I was financially challenged, the thought of buying anything that was associated with a rebate completely turned me off. I viewed them with one or more of the following mindsets:
* They were rip-offs.
* You never REALLY got your money back.
* That the paperwork involved made it simply not worth it.
* That it would be sent off to some tiny little town in Minnesota, never to be heard from again.
* That eight weeks was too long to wait for anything.
* That there just had to be something funny about it. I mean, after all, who would just give their stuff away?
Are Rebates Worth It?
And therefore, for the most part, I simply shied away from them. Well, allow me to enlighten you on the subject. Buying products that you need that have a rebate associated with them can be a fantastic way to impact your personal economy. Really, they can. Now, there is a certain amount of organization involved with these things depending on how deep into it you want to get, but it is nothing earth-shattering, it isn’t that time-consuming, and like I said, it can really make a difference.
I just recently got into the world of rebates around the summer time. Since then, just off the top of my head, here is a short list of things that I have received absolutely free:
- Laundry Detergent
- Carpet Stain Remover
- Computer software (loads of this!)
- A Gym Bag Travel Set
- A Computer Printer
- Frozen Dinners
- Motor Oil
- …And countless gift cards given out as discounts.
Most of this stuff was used in my household, but a lot of the software became gifts for friends, and of course, the gift cards really came in handy around Christmas shopping time.
However, there is a method to the madness and some steps that you need to follow to keep your savings at their highest.
Be organized.
If you’re going to get into this with any kind of volume, you need to be organized with a file set up and more than likely some sort of document on your computer. Currently, I have a Word document set up where I have listed the name of the company, the item I purchased, what the rebate actually is, the time frame for receiving it, and a number I need to call if I don’t get it. For your file, make sure you keep copies of EVERYTHING you send in.
Make copies of everything.
You never know when you might need them.
Follow the instructions.
Follow the instructions for submitting the rebate as closely as you can. If it says don’t send a copy of something, then don’t send a copy. If it says a copy is OK, then send a copy (having the original of something is always better, when possible).
Follow up when necessary.
If the date has passed when you should have received your compensation, call them and follow up. I will admit to you that it seems that some of these rebates are set up to take advantage of the consumer, but if you follow all of these instructions, you should never have a problem.
Limit Yourself.
Stick to stuff that you will use in some way, shape, or form. You could literally fill your house with free stuff if you filled out every rebate you could find. Personally, I stick with things that I know I can use, or possibly to give as a gift.
Rebates Pay Off
Like I said, I started getting into this around July of this year, and so far, I have submitted 38 rebates to different companies. I have had to make calls to two of them to follow up, and I had to re-send some paperwork on one of them. Other than that, I have always received my money (or gift card, or promo item) and the savings I have generated by doing this is well worth the time invested in the project.
What kind of experiences, if any, have you had with rebates? What are your thoughts on the topic in general? I’d love to hear your feedback.
I'm MLR. After graduating from college debt free, I decided to write a blog encouraging people to adapt responsible and sensible personal finance rules.
January 12th, 2010 at 9:27 am |
Intriguing article…this is something I know next to nothing about, and something that would never have occurred to me. Where do you find rebate offers, typically? Is there some sort of aggregating website, do you scan Sunday paper ads, or do you just happen upon them naturally?
Also, how do rebates benefit companies that offer them? Do they sell your information after you send it in? Do you get a lot of advertising junk mail from them afterward? Or is it just an all-around good deal?
Justin´s last blog ..Public Transit
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kosmo @ The Casual Observer Reply:
January 12th, 2010 at 3:48 pm |
@Justin, Mostly, they benefit because you buy the item. Rebates are better than simply lowering the price, because a surprisingly high amount of people simply neglect to fill out the rebate, even after having it play a pivotal role in the purchase.
Menards has a whole section at the front of the store for rebates. I think the receipt says something like “you need rebate 78″m then you go to to front of the store and grab the form from bin 78. They are the more rebatorous store that I’m aware of.
kosmo @ The Casual Observer´s last blog ..Interview with Kelly Whalen of The Centsible Life
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David/Yourfinances101 Reply:
January 12th, 2010 at 9:39 pm |
@Justin,
As far as I hav been able to tell, its just an all around good deal. You can get great deals on a variety of software applications at mot of your retailers (Office Depot, Staples, etc.) just by stopping by.
I am not bombarded with junk mail.
Never really thought about why they do it, I just take advatnage of their offers.
Thanks for commenting
David/Yourfinances101´s last blog ..Change Your Thoughts on Change
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January 12th, 2010 at 10:48 am |
I find most rebates far too complicated to be worth my time. If I need to buy a certain number of items in one transacation and then send the bar codes and my receipt and my first born child to that town in Minnesota, I’ll skip it. But there are some that are pretty easy. I generally do the Rite Aid single check rewards, but that is usually it.
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David/Yourfinances101 Reply:
January 19th, 2010 at 5:22 am |
@me in millions,
You know, that’s exactly how I felt at first. I just wouldn’t fool with them.
But again, its all about organization and having a system. Most rebates involve single purcahses, and believe it or not, usually your first born isn’t a requirement (LOL).
I just checked what I made in 2009 from these rebates, and I was shocked at how much it was.. A lot were used as gifts and other purposes. Even if you add up all the time that I spent cutting out UPCs and so forth, I think it still works out in the end.
Thanks for commenting
David/Yourfinances101´s last blog ..Three Things I Never did to Fix My Finances
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January 12th, 2010 at 12:55 pm |
I really haven’t gone out of my way to deal with rebates. Like you said intimidated you, just too much paperwork and takes too long for most to work in your favor.
Craig´s last blog ..Big Impact Savings Strategies and Advice
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January 12th, 2010 at 2:54 pm |
I’m impressed that you’ve only had 2 of 38 bounce back to you for some reason. My fail rate is higher than that, and it’s almost always a matter of the rebate center making a gross error – such as stating that the purchase was outside of the specified date range, when that date on the receipt is very clearly within the range.
I’ll take advantage of a rebate when one applies, but I don’t go out of my way to buy something because of a rebate.
kosmo @ The Casual Observer´s last blog ..Hall of Fame Reactions
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David/Yourfinances101 Reply:
January 19th, 2010 at 5:25 am |
@kosmo @ The Casual Observer,
Kosmo,
Yes, that is probably one of their “techniques” to not lose so much money on these things. That and also counting on the fact that a lot of people simply forget to send them in.
Sometimes, the follow up needs to get a little “animated” so to speak, but I have yet to be denied one.
Thanks for sharing–and you have a nice blog by the way…
David/Yourfinances101´s last blog ..Three Things I Never did to Fix My Finances
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January 12th, 2010 at 9:39 pm |
Craig
If you stay organized, keep track of them, and follow up, you usually don’t lose out.
I have yet to have a problem with one.
Thanks for the input!
David/Yourfinances101´s last blog ..Change Your Thoughts on Change
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January 13th, 2010 at 5:46 am |
Craig and Justin,
Thank you for commenting. There are lots of rebates out there, you just need to find them. Circulars, online, walking into retailers, they are out there.
Stay organized with how you file them, make copies of everything, and follow up and you should be just fine.
David/Yourfinances101´s last blog ..Change Your Thoughts on Change
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January 14th, 2010 at 7:38 am |
I’ve passed on a lot of these rebates for the same reasons as you. Now thinking about it, its the same as leaving money on the table. I think Ill start taking the time by filling out the rebate. Extra money or usable items never hurts!
James | Tech for the Masses´s last blog ..Cloud Computing Nirvana
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David/Yourfinances101 Reply:
January 19th, 2010 at 5:26 am |
@James | Tech for the Masses,
James,
You hit the nail on the head—the extra money never hurts!
Thanks for commenting.
David/Yourfinances101´s last blog ..Three Things I Never did to Fix My Finances
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