When it comes to coupons, most people make costly mistakes. Avoiding those common pitfalls is easy and you’ll actually double (or even triple) your savings with a little knowledge. I’ve used coupons for nearly twenty years now, and have successfully raised a gaggle of five kids on little more than thrift, resourcefulness and sheer will power. To me, couponing is a sport worthy of Olympic quality skills and training. You can’t just clip coupons and expect to maximize savings. Strategy is essential.
Here are the top four coupon pitfalls to avoid:
- Using coupons without a sale. Some people are content to use coupons at face value. It’s true this does keep save cash, but you’re missing out on the best value when you don’t investigate sales. Like poker, you need to know when to “hold ‘em and when to fold them”. The only exceptions to this rule are items that aren’t offered for sale routinely or if you are in dire need of a certain purchase.
- Not comparing competitor prices: You should get in the habit of laying out Sunday flyers and comparing deals. You will find, most weeks, similar products offered for sale. It’s very likely to save the most cash you’ll have to go to two or more stores. Rite Aid, CVS and Walgreens are in direct competition with each other so check their sites for the best prices.
- Forgetting to use coupons on buy one, get one free products: Most, (not all) retailers will let you use one coupon for each item on a buy one get one free deal. This means you usually can use a coupon on the free item also. You will knock that amount off the total price and bring the overall cost down significantly. Try doing this at CVS, Walgreens, Kroger’s and K-Mart, as these retailers typically allow this process.
- Not using a rewards card to its capacity: Reward cards, like CVS and Kroger’s, offer added savings, couple those with coupons and you’ll save a bundle. The same goes with using a rewards credit card that pays cash back on your purchases. Some like Discover will give you 5% back on purchases. If you pay off your credit card each month, you are saving by using your card on top of coupon use.
Coupon use is a strategy that takes some initial investment of time. As you improve on knowing when sales are offered, and understanding how to stack these, the time factor will diminish. However, do plan on about an hour a week to compare prices and lay out a shopping game plan.