To Save or Not to Save? Uncovering the Money-Saving Truth Behind Coupons

Posted by Mary Davis on Feb 14, 2012 in Blog, Financial Tips, Military | 0 comments

photo provided by www.the-classy-couponer.com

Clipping coupons is trendy again.  In today’s recovering economy, everyone has learned to pinch pennies and be resourceful with everything they have. And coupons have seemed to be the answer.

An explosion of coupon websites, blogs, and the TLC show, “Extreme Couponing” is fueling this money-saving craze. The show, along with many other extremists tout the ability to use coupons to get cartloads of groceries for pennies on the dollar.  But does all the fuss really boil down to significant savings?

Just Military Loans knows that saving money is important for everyone – especially if you’re balancing between regular daily expenses, paying down military loans, or saving up for something special. That’s why we’ve dug deep into the world of coupons to find out if all that clipping really translates into more money in your wallet. Here are some of the pros and cons of putting your scissors to paper in the name of value.

PROS OF COUPONING

• Coupon savings adds up. If you take the time to clip coupons and research sales to find the best value, then the savings can be substantial. The average per-coupon savings is $1.57, and most people who regularly clip the coupons can save up to 50% on their shopping bills.
• Coupons + buying in bulk = savings! When you combined coupons with warehouse store discounts, you can double your savings. Most warehouse stores charge a membership fee, so take that into account before you join. If you live alone, have a small family, or you’re looking for a way to off set the price of a membership, consider sharing it with a friend or other family.
• Commissary shoppers save more. Commissary prices are already lower than most grocery stores, and you can add to your savings by using coupons. Military commissaries overseas also accept some manufacturers’ coupons for up to six months after their expiration date.

CONS OF COUPONING

• Couponing is a time investment. Using coupons can save you money, but it takes time and planning. You’ll need to search for available coupons online, and in the newspapers, mail, and grocery store fliers to make it worthwhile. On average, it takes three months of stockpiling coupons before the average person sees significant savings on his/her bill.
• Coupons can make you spend more than you intended. A lot of coupons require you to buy two or three of an item to get the discount. This can be dangerous since you might only need one carton of milk, but grab two or three in order to use the coupon. If you’re buying things you don’t need, then you’re wasting money instead of saving it.
• Extreme couponing is unrealistic. A lot of the extreme couponing you see on TV is the exception to the rule. If you’re like most people in the military, you don’t have the time to find hundreds of coupons, organize them, and then venture to the store for a marathon shopping session. You also probably don’t need 18 boxes of cereal.

Coupons can save you some much needed cash, but only if the pros outnumber the cons. If you don’t have the time to search for the savings, then skip the coupons, but if you’re all for the coupon craze then happy clipping…and saving!

Are you a coupon-clipper? Do you have another benefit or disadvantage to couponing?