MTTM Podcast Episode 520 – Best ways to earn cashback & The dangers of financial freedom

Listen to Episode 520

In this week’s episode, we reveal the best bank accounts for earning cashback, give an overview of the top cashback credit cards, and highlight the best apps to boost your everyday spending. Next, I discuss the hidden dangers of financial freedom, including how to recognise when money turns from a tool into a source of anxiety. Finally, I share practical tips to help you use money to build genuine freedom - not another prison.

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Episode 520 Podcast Summary

The Best Ways to Earn Cashback

Summary

We take a look at the changing world of cashback. With traditional banks like Santander and Chase scaling back their rewards on everyday spending, it’s no longer enough to just pick one card and stick with it. We explain why you now need to be more strategic to maximise your returns. We break down the three main ways to earn—bank accounts, credit cards, and apps—and reveal the best options available right now, including the Zopa Biscuit account, the American Express Platinum Cashback credit card, and the Barclaycard Rewards card. We also explore how modern apps like Jam Doughnut offer new, innovative ways to get money back instantly and we share our top tips for "stacking" deals to get the most out of every pound you spend.

Key insights

• The landscape is changing: High-street banks are reducing cashback on everyday debit card spending, shifting rewards towards specific categories like household bills. It's crucial to regularly review your accounts to ensure they still offer good value.
• Credit cards are powerful but require discipline: Cashback credit cards from providers like American Express offer the most generous rates, but you must pay the balance in full every month, or the interest charges will wipe out your earnings.
• Combine cards for maximum benefit: A great strategy is to use an American Express card for most spending and a Barclaycard Rewards card for when Amex isn't accepted or for fee-free spending abroad.
• Apps offer instant rewards: Newer apps like Jam Doughnut allow you to buy digital gift cards at the till and get cashback instantly, which you can withdraw after reaching a £10 threshold.
• Don't forget passive earning: Apps like Airtime Rewards link to your Visa and Mastercard to automatically earn you credit towards your mobile phone bill without you having to do anything.

The Dangers of Financial Freedom

Summary

Once you get good with money, a hidden danger can emerge that nobody talks about: the point where money stops serving you, and you start serving it. I examine the psychological trap of financial obsession, where the constant pursuit of saving, investing, and counting pennies starts to negatively impact your happiness, relationships, and overall well-being. I identify the key warning signs that you're crossing the line - from feeling anxious about every purchase to compulsively checking your investment portfolio. I then share some practical and philosophical advice, inspired by Stoicism, on how to rebalance your relationship with money, ensuring it remains a tool to build a better life, not another prison.

Key insights

• Financial success has a dark side: Becoming better with money can lead to an obsession where the chase for more wealth takes over, causing more stress and anxiety than you had before.
• Watch for the red flags: Key warning signs include feeling guilt over necessary or joyful spending, constantly checking your investments, and indefinitely postponing life experiences until you feel "secure," even after hitting your goals.
• Give your money a purpose: To avoid the trap of endless accumulation, define what your money is actually for - whether it's freedom, security, or experiences. This gives your financial journey a meaningful destination.
• Set healthy boundaries: Stop obsessing over numbers by limiting how often you check your portfolio (e.g., once a month) and consciously including a budget for "joyous spending" that enhances your life.
• Practice gratitude: The best way to break the cycle of wanting more is to appreciate what money already allows you to do. Focus on what you have rather than what you lack to build a healthier financial mindset.

Episode quiz 

1. Which bank recently cut the cashback on its Edge and Edge Up current accounts?
a) Chase
b) Barclays
c) Santander
d) Zopa

2. What is meant by "stacking" cashback?
a) Saving all your cashback in a specific high-interest account
b) Earning cashback from multiple sources on a single purchase (e.g., using a cashback card on a cashback website)
c) Only buying items during a welcome offer period
d) Withdrawing your cashback as soon as it reaches the minimum threshold

3. What happens to the cashback earned through the Airtime Rewards app?
a) It is paid directly into your bank account
b) It can be used to purchase online gift vouchers
c) It can be converted into Avios points
d) It can be used as credit against your mobile phone bill

4. Which school of thought was mentioned when talking about focusing on what you can control?
a) Stoicism
b) Existentialism
c) Minimalism
d) Utilitarianism

5. The podcast concludes with the quote: "Money is a tool, and you should use it to build freedom, not to build another ______."
a) Prison
b) Wall
c) Empire
d) Burden

Answers

1. c) Santander
2. b) Earning cashback from multiple sources on a single purchase (e.g., using a cashback card on a cashback website)
3. d) It can be used as credit against your mobile phone bill
4. a) Stoicism
5. a) Prison

Resources

Links referred to in the podcast:

• Latest interest rate predictions
• Best bank account switching offers
• MTTM Podcast Episode 488 - Easy way Damien made £1k in a year
• TopCashback - Get £15 cashback when you spend £15*
• Jam Doughnut - Get a £5 first-time purchase bonus*
• Sign Up To The MTTM Weekly Newsletter

If a link has an * beside it this means that it is an affiliated link. If you go via the link, Money to the Masses may receive a small fee which helps keep Money to the Masses free to use.