Many manufacturers offer rebates and refunds on the products that they offer, enabling consumers to receive a portion, or all of their money back for an item they purchase. It is marketing strategy designed to draw attention to the product and entice customers to buy the product. Some rebates or instant, while others are not—either way, you are still saving money on the product.

Sending off for rebates and refunds does require time, effort and a little patience. However, if you were planning to purchase the item anyway, applying for the refund offers the opportunity to save money.

Taking it to the Highest Level

Some individuals treat rebating and refunding as a hobby, while others use it as a second income by taking it to the extreme. If you have never participated in it before now, there is a multitude of places to find them. Businesses that frequently offer them are office supply chains, drugstore chains, electronic store chains and retail stores. You can also find forms and offers in Sunday papers and on the products themselves.

Supercharge Your Savings

It’s possible to take it to an even higher level of savings and use a coupon along with the rebate with a process called "stacking." The greatest rewards come when utilizing coupons (offering more savings on the product), in combination with rebates and refunds.

Avoid Disqualification

Most rebates and refunds have expiration dates, so read it carefully to avoid disqualification for any reason. There is usually a time frame stated on the form indicating when to make the purchase and when the offer expires. You usually see the statement: “must be postmarked by” clearly stated on the form.

Don't Delay

To get the ball rolling and prevent the chance of forgetting about the refund—as soon as you arrive home, start the refunding process. The longer you wait, the less likely it is that you’ll do it and get the money back.

Remove the part of the package indicated as proof-of-purchase from the package and fill out the entry form. Read the entry rules to learn if you need to send in the original receipt, or if they will accept a copy. Either way, you should keep a copy just in case you need in the future.

Added Convenience

More recently, some retailers are now offering consumers new ways to submit refunds and rebates by allowing them to do it over the Internet. Making it even easier by partially or completely removing any mail-in requirements.

Keep a Log

For future reference, keep a log of the rebates and refunds that you’ve requested. On the log, list the item, the company’s name, address, telephone number, the amount of the refund and the date mailed. That way, you’ll have a record and an estimated time when you should receive the check. The log will really come in handy if you have to call a company to make an inquiry regarding the status of the refund.

Rebating and refunding offers many opportunities to save quite a bit of money on various products you'd buy anyway. The key is to fill them out to the manufacturers specifications—log on, or send them in and take advantage of the deal.