We’ve all seen it – a woman gets a shopping cart full of groceries for just a couple of dollars. How? Coupons. As this pandemic lingers longer and longer, we are all looking for ways to save money. Could couponing be one of them? Maybe. There are a few things we should consider first.
TIME. We all know time is money. While we want to save as much money as possible we must consider how much couponing will cost us in time. Scouring the internet, penny savers, newspapers, dungeons and castles looking for a few cents may not be worth the time. For example, if a person spends a whole afternoon, let’s say 4 hours, searching all over for the best coupons how much is that worth? A simple formula is to use your current or desired pay rate. If the amount in savings does not surpass what you would earn if you actually worked during that time then it’s not worth it.
WASTED MONEY. How can one waste money when the goal is to save money? By buying things we don’t actually need. Just because an item is on sale or has a coupon doesn’t mean we need it. No matter how good the deal is, if we don’t need it, we are actually wasting money. This includes the “buy more save more” coupons. If you only need $20 worth of an item, then only buy $20 worth of items.
TIME AND MONEY. This one is a double wammy. A combo. A one-two punch. Coupons can cause us to waste time and money at the same time. How so? In extreme couponing the coupons come from many different sources which means you may have to go to many different places in order to get the deal. This means errands can potentially be spread across town. That takes additional time and costs additional money in gas or public transportation fare.
So are coupons bad? Not at all! Do coupons really save money? Yes, they do! It’s just best to be intentional. Below are a few tips to make sure your coupons are actually saving you time and money:
Only sign up to receive coupons from the places you normally shop.
Have a set amount of time to search for coupons.
Save the coupons digitally if you can or store physical coupons in an easy to find place.
Keep a shopping list and stick to it. Don’t be tempted to buy items just because they are “on sale”.
Looking for other ways to save money? Then make sure to be on the lookout for the next article about meal planning.
Until next time,
Crystal
Crystal Hicks is an accountant with well over a decade of experience in tax, finance, audit and accounting in New York and Florida. Each week in Money Talks, she’ll share her advice to help individuals to navigate their financial challenges!