Let’s be honest. None of us would mind saving a few dollars or so on our everyday essentials. If you’ve watched the show Extreme Couponing on TLC, you will see just how far people are willing to go to find the best deals. But is it worth it? Today, it’s easier than ever to gain access to discount codes, especially with the launch of online coupons. All you need to do is go on the internet search for your favourite store and include the phrase “coupons,” “discount codes,” or “coupon codes.” That’s it. Even so, finding the right coupon can take time and effort. That said, let’s take a deep dive into whether you can save with couponing.
Coupon usage statistic
Coca-Cola created the first coupon back in 1887. Since then, it has quickly grown to one of the most popular money-saving tricks among the average consumer, and we have the numbers to back it up. Based on data from Statista, about 88% of survey respondents reported that they had used at least one coupon while shopping in 2020. It was projected that there would be about 145.3 digital coupon users by 2021. Furthermore, 30% of consumers use apps to receive and manage coupons, while another 30% search for coupons using a browser. These statistics speak volumes on just how popular couponing is. If trends are anything to go by, it’s clear that couponing is not about to slow down. Between consumers wishing to save money and businesses needing it to connect with their customers, couponing has cultivated a strong foundation for itself. The question remains, should you do it? Let’s take a look at how much you can save with coupons.
How much can you save with coupons?
Many factors will determine how much you save with coupons. Most importantly, it will depend on how you use them. If you are a casual shopper, then chances are that you probably take only one with you to the store. That means you will save nothing more but a few dollars on the items you purchase. But then we have extreme couponers. Shoppers in these categories utilize several coupons to ensure that they exploit several deals on one purchase. With the right combination of coupons, you might be able to save your entire budget and essentially get the item for free. However, this requires a lot of patience. You need to take some time to organize and collect the vouchers. If you are fixed for time, then, in this case, couponing may not be worth it as you might have to ignore other responsibilities to commit your time to collect coupons. For instance, according to Joanie Demer, cofounder of the coupons and deals platform TheKrazyCouponLady, you would need to devote about ten to twenty hours per week to save $1,000 per month. That’s no small amount. But then again, not everyone has ten to twenty hours per week to spare.
Couponing tips to help you save
Buy in bulk
Buying items in bulk by itself can help you save a couple of dollars as you will probably get them at wholesale prices. If you want to save even more, you can use a coupon when making your purchase. However, it’s worth noting that some coupons limit the number of items you can buy. Plus, when buying in bulk, it’s important to avoid buying perishable goods.
Get only what you need.
There’s no point in buying something you don’t normally use simply because you have a coupon for it. It’s a waste of money as by the end of the day you’ve spent some money on an item you don’t want or need and therefore won’t use.
Combine coupons with a sale
It’s common for stores to offer discounts on items, especially around the holiday season. This is the perfect time to redeem a coupon, as you could potentially double your savings.
Couponing is far from an old-fashioned, time-consuming way of saving money. Done correctly, couponing can save you a significant amount of money every year that you can either redirect to other expenses or commit to a savings account. But ultimately, couponing is only worth what you save, how much time you spend looking for deals and the item you get.