How smart shoppers use the Black Friday sales to reduce their mortgage or boost their super
What are the Black Friday sales?
Black Friday originated in the USA as a means to drive shoppers in-store following the Thanksgiving period. The evolution of online shopping here in Australia – and our tendency to follow the trends of the USA - meant that Black Friday sales started to gain traction in 2017, according to the online publisher Partnerize. What was originally a single day dedicated to shopping then became a weekend, and now also includes the first day of the following week, the Monday. Hence the full name of Black Friday Cyber Monday, during which online and in-store retailers offer tempting discounts to shoppers. Depending on the shopping category and brand, shoppers can see discounts of up to 25% or more on the usual recommended retail price. Retailers also promote their products with additional offers, such free shipping or including a gift with purchase. However, most shoppers associate Black Friday Cyber Monday with steep discounts. This year, Black Friday Cyber Monday starts on Friday 29 November and finishes midnight Monday 2 December 2024.
At Grow My Money however, we’ve lined up some epic deals for Black Friday – and our Black Friday starts early, and ends early, finishing up on 2 December 2024.
How are the Black Friday sales able to help me reduce my mortgage?
…or boost your superannuation savings?It’s counterintuitive isn’t it, to think that spending money can help us save money – and then help those savings grow. But it’s true.
Thanks to Grow My Money, you can spend money either online or instore during the Black Friday sales and earn cashback at the same time. Grow My Money offers over 500 online and 1000 instore retailers who are all willing to pay a percentage of your spend - known as cashback - into your Grow My Money account. You choose whether you direct that cashback into your mortgage or your superannuation. Essentially, Grow My Money drives your purchase for that retailer; they pay Grow My Money a commission, which Grow My Money shares with you.
Grow My Money pays the cashback you earn into your nominated superannuation or mortgage account, automatically. That’s right – you don’t have to remember to log in to your account, request its withdrawal and then cross your fingers! Grow My Money believes your money is better off in your mortgage or superannuation account. So long as there is more than $1 of cashback to pay, Grow My Money pays it without being asked.
Below is a chart showing the power of Grow My Money cashback when added to your mortgage account. The ‘Cashback balance’ shows shows the present-day value of your cashback; on the right, how much interest you will save on your mortgage*. Similarly, the chart on the right shows how much your superannuation could be worth in the future*.
Mortgage assumptions: $30 paid in each month from Grow My Money cashback, compounding monthly. $500,000 starting mortgage balance, 30 year loan term, 6% interest rate. Saves $19,033.97 in interest over the lifetime. Superannuation assumptions: $30 paid in each month from Grow My Money cashback, compounding monthly. $50,000 starting superannuation balance, 30 year investment timeframe, 7.4% p.a. median net return. Increases to $41,214.00 over the lifetime. Source: Grow My Money
The magnifying effect Grow My Money has on your cashback, thanks to compound interest, is compelling.
How can I shop the Black Friday sales using Grow My Money?
It couldn’t be easier to earn big discounts and lots of cashback with Grow My Money:
- Link a card to earn cashback in-store: One of the easiest ways to earn cashback is to link up to 5 credit or debit cards to your Grow My Money account. This way, you can earn cashback on in-store purchases at participating retailers just by paying with your linked card as you normally would.
- Card-linking also works for online or app purchases from your favourite retailers: Love to shop for the children on the Bonds website? Or maybe you need an impromptu alcohol delivery from the Jimmy Brings app? Whatever the reason, you can purchase directly from any of the Grow My Money card-linked retailers apps or websites using your credit or debit card. Now you’ll get the goods as well as the cashback.
- Shop online with 500 leading retailers. With some incredible brand names – such as Big W, Australia Post, Flight Centre, The Iconic, Nespresso and Priceline – every kind of shopping category you can think of is available at Grow My Money. The key thing to remember is that online shopping isn’t just about purchasing clothes and shoes; it can also include booking travel, purchasing items for the kids or even finding a service to help you with your finances. Tip: with these online retailers, you’ll need to start your shopping journey with the Grow My Money app or website in order to earn cashback.
- Earn cashback on gift cards: What better time of year to buy gift cards than at Christmas? The data is testament to that; in 2023, Aussies spent a whopping USD$6.7 billion – approximately AUD$10 billion – on gift cards according to Yahoo Finance. As we all know, not only do they take the stress out of gift-giving, they’re also a quick gift. You can now purchase gift cards for family and friends through Grow My Money, and earn cashback at the same time. Something for them, something for you!
In conclusion, smart shoppers like you utilise Black Friday Cyber Monday sales at Grow My Money to take a step closer to financial freedom. Not only can you take advantage of discounted prices, you can earn significant cashback amounts as well…which can become meaningful additions to your mortgage or superannuation accounts. You can also earn loyalty points with your relevant card provider (eg Qantas) as well as the retailer’s loyalty scheme. Put simply, it’s win-win-win for you when shopping at Grow My Money this Black Friday Cyber Monday. It’s free to join and use, so sign up to Grow My Money here.