How often do you use coupons when you are shopping online or in local stores? One of the best ways to save money is by using coupons. It’s no secret that more people are looking for smart ways to reduce costs — and coupons are one of the easiest and most convenient ways to do that. Even so, many people avoid using coupons — either because they do not want to take the effort to identify discounts which are going to work, or because they do not want others to believe they are poor.
But interestingly enough, most of us have exactly the wrong mental image when we picture the average coupon user. In truth, people who live in households making $100,000 or more are twice as likely to use coupons than those who earn $35,000 or less.So, with that in mind, the sight of someone handing a coupon over to a cashier at the grocery store actually may be an indication that they make more money than the average consumer.
Why do high earners — including your typical next door millionaire — use coupons? It’s really no secret: the savings they can add up to are actually quite substantial.
Here are some real-world statistics to help back that up. For example:
- 42% of coupon users manage to save $30 a week
- 21% are able to save $50 per week
And while $50 per week doesn’t sound like much, in reality, it adds up to $2600 per year — if you think about it, that is like getting an extra pay raise.
It’s worth stating again: When they are used diligently and astutely, coupons are among the best ways to save money throughout the year.
So, if you are ready to learn more, check out the infographic below from InvestmentZen to learn all about the value of coupons, and get clipping!
Photo Credit: Rose 3694; Infographic: InvestmentZen
The issue with coupons is that most are for major name-brand products. If, like me, you often use generic products, they don’t do you any good. The prudent couponer will check to see whether the coupon item truly saves them money over a just-as-good store brand.
In regard to food, most coupons are for processed foods. I never see a coupon for bananas or brown rice or boneless chicken thighs. Don’t let coupons trick you into buying items you don’t want or need. That will never save you money!
I’m in agreement with Dorothy. I am very frugal but rarely use coupons because they are usually for things I don’t buy. I can save more by getting store brand items, or shopping the weekly sales circulars.
When I first started working, I started on a low income. It wasn’t that bad, but it was a heck of a kick in the butt to get me started on learning about coupons!
We don’t save that much money with coupons, only a few bucks here, a few there. Among the main reasons there’s what Dorothy mentioned above: sometimes buying generic brands is cheaper than spending money just to use a coupon!
However, with this system in mind, I still manage to ‘score’ some great deals every now and then. Just a few weeks ago I used a coupon for a $20 discount. It was valid regardless of what you bought, so yey for a lower grocery bill!
We frequently clip coupons and fully intend to use them but too often I dash into a store when running other errands and grab a couple of items and go. I’m not willing to spend time searching through the coupons to save 25 cents if it impacts the overall time I need to stay in that store. I also find that coupons no longer carry a lengthy expiration date and many times I pull out the coupon to use only to find it already expired. One place you can get savings is to stack a coupon with an in-store sale.
Re: expired coupons.
My experience has been that, depending on the store, sometimes they’ll accept them anyway — so it never hurts to try!
Totally unscientific opinion here — I think higher-earners use coupons because they buy more name-brand items. As others have mentioned, I can get 20 cents off a brand name and pay $1.15 or buy the store brand for $1.10 and get the identical product, or even a better product, as Len can probably prove in his taste tests.
No store in my area — and I shop in a 60 mile radius due to living rurally — doubles coupons anymore, and they never tripled them. I shop mainly unprocessed and organic, so unless the store itself is offering discounts on its items, I don’t really use coupons more than 2 or 3 times a year. I definitely will use them if they apply to what I was going to buy anyway, but they rarely ever do.
I use coupons occasionally, but have found them to be increasingly less useful as the manufacturers have shortened their terms. Often when I get around to using a coupon, it’s expired.
I’d rather use cash-back credit cards and/or shop in warehouse stores to save money, but always pay your balance off.
I do make use of department store, drug store, etc., coupons when they send out those 20% or 30% off coupons. Then, if I can add in a manufacturer’s coupon, and charge it on a cash-back credit card, it’s golden.
“When they are used diligently and astutely, coupons are among the best ways to save money throughout the year.”
Hits the nail on the head. What I would say about couponing is that you have to be diligent about it. Checking each week for sales, clipping coupons, and checking them each week, and most people aren’t willing to do that. I will add in it also helps to know the store’s coupon policy and if they are generous in what is allowed to be done. However there are coupon groups that share deals and tell where to find coupons.
I have often gotten name brand items for far cheaper than the store brand.
Example : 3 weeks ago my local store had kellogg’s cereal (8-10 oz) for 1.88 while the store brand equivalent is 2.50. I managed to scrounge up enough coupons (1.00 off 1 or .50 off 1) for 14 boxes, with each box coming out to .88 each. Such a good deal that I was able to give 4 boxes each to a few friends who are more in need than I.
Another example : Saw in my coupon group today a mother of 6 was able to do a deal where Arnold’s sliced bread is buy 1, get 1 free, but also part of a deal where the store took off an additional 5.00 when 3 were purchased. She also had coupons (.55 off 1) for each loaf of bread. She was able to buy 12 loaves for .25 each which is cheaper than buying the day old bread, which runs for .99 cents at the lowest here (central PA).
Fact is, being able to save on these things lets a person spend more on produce.
And there are coupons at least for produce, but you have to hunt for them or subscribe to freebie sites that tell of when deals are coming. No longer is it being made easy to just pick up a newspaper and cut one out. Driscoll (who does berries) has a reward system where if you allow them to track your purchases, they will give you coupons for their fruit.
Sorry that this is so long, but I just wanted to throw this out there considering I always hear negatives about coupons but hardly an positives.
No worries, taddy … those are great examples!
I use coupons for items which I would buy anyway. If there’s a good coupon I won’t use I often drop it on the item for that coupon on the grocery store shelf as I’m passing so another person buying that item can have the savings. We almost always cook at home, but if I want to eat out I get a coupon through Groupon or Restaurant.com and if I’m really lucky, it’s a restaurant where you get bonus frequent flyer miles too!
I used to be a power couponer. But I don’t buy much in the processed foods anymore that I can get coupons on and I have a UGO (United Grocery Outlet). I get 40 to 80% off stuff every time I shop.
Due to the source of the UGO deals you never know what you will find. Some recent deals are: Hillshire Farms kielbasa 1 lb $1.49 no limit. kraft mac n C double box 99 cents no limits. WA state red del apples 50 cents per lb no limit. When I go there I have learned to check every aisle and bin and be extremely flexible on the subject of menu planning. When i found fresh beef crown roast for $2.99 lb a few days before Christmas we flipped the dinner from turkey to prime rib and bought extra for the freezer.