Many people look at coupons and wonder whether or not it is worth it clip them. Even the most frugal of us might have doubts. After all, how much could you really be saving? You might be surprised at how much you could save if you took the time to actually clip coupons. Indeed, Credit Loan points out that your savings could equal $86.40 an hour. That’s assuming, of course, that you are saving an average of $1.44 per coupon. Savings from printed coupons reached $850 million in 2009, and that appears to be growing. So, even though you may be hesitant to take the time to clip coupons, it might be more worth it than you think.
As you can see, there are other interesting facts about coupons in this infographic. Since the beginning of the recession, coupon use has risen quite a bit. Coupon redemption has risen 360% since 2008. It appears that a frugal lifestyle, is becoming fashionable, and coupon use can help encourage frugality. Lately, it’s all about the art of getting the deal, and coupons — and how much you save when you use them — can be a big part of that, earning you bragging rights.
Unsurprising, the infographic shows that women are more influenced by coupons than men. The infographic implies that this is due to the fact that women shop more than men. Indeed, women make most household purchase decisions, so it makes sense that they would be more interested in coupons, and using them to save money. If the women doing the shopping do not work, or work part-time, they have more time to look for coupons, whether it is clipping them from fliers, or searching them online, women might consider clipping coupons part of their duty to the household.
If you do use coupons, organizing them so that they are easily accessible, and so that you know when they expire is a good idea. You don’t want that effort to go to waste.
The Wealthy Use Coupons More
One of the most interesting things I noted on this infographic, though, was the fact that the affluent are more likely to be heavy coupon users. Non-users are more likely to be lower income. This came as a surprise to me initially, since it seems backward that the wealthy would be pinching pennies, and it would seem that lower income households would be more interested in saving money in anyway they can — including with coupons.
I am thinking about why this might be. It is appears that online coupons are the most popular type of coupon. Perhaps the those with lower incomes don’t have as ready access to the Internet as the affluent. There might be other issues with access as well, since more affluent are more likely to get magazines and newspapers, which might also be sources of coupons.
Another consideration is that perhaps the reason that the wealthy become affluent is due to their frugal habits. The discipline involved in clipping coupons, and taking advantage of savings, might be part of what leads to the ability to save money and build wealth. It is something worth considering before you poo-poo coupons as not worth the effort.
{ 5 comments… read them below or add one }
Anyone who understands simple economics (no degree necessary!) knows that making your money work for you is the easiest path to financial security.
Every dollar you spend should get your more than a dollar return or it’s not working for you. Coupons let you do that. Coupons combined with sales ramps up that ‘working’ dollar, coupons doubled combined with sales takes it up yet another notch. Then rebates and refunds often give you a 100%+ return on money spent. In other words, your money is MAKING you money.
And coupons are like cash, the minute you use them it’s no different than handing money to the cashier. Only it didn’t come out of your wallet.
What’s not to like about that!
My other half got us started with coupons; we’ll buy the early edition of the Sunday paper and look not only at the coupons, but at the grocery stores ads too. We try and pair the two items up so that we are using a coupon on a sale item: yes, these can be combined at grocery stores. Our typical savings on a poor trip is about 30% and we have saved as much as 95-95% (you still have to pay taxes) on our really well planned trips. On average, I would estimate that we save 50 to 60% on a trip to the grocery store.
Our use of coupons and advertised specials doesn’t stop there: tires, oil changes, break, lawn care products are amongst the many items that we purchase with either a printed media or online coupon.
How much have we saved over the years: I have no idea, LOTS. But it as allowed us to maintain our one income family with four kids and still come out okay.
Very good advice. A lot of people still don’t realize that by making small, simple changes in their habits, it will affect their financial status in the end.
It is easy to clip coupons and save money each and every month. Small changes in your habits can save you a lot of money.
Alternative explanations for the wealthy using more coupons:
– They have more free time on their hands (more part-time jobs, less ‘working 3 jobs to make ends meet’).
– Poor people are ashamed of being poor and don’t want to be seen carrying around coupons.
– Most coupons are for relatively expensive items. so they aren’t really used to save money, but more to make the rich avoid feeling guilt over still buying their overpriced ‘luxury brand’ items.
Personally I believe the most in the ‘coupons used to ease guilt’ explanation.