This is a guest post from Lyle Solomon from Oak View Law Group. Lyle agreed to write a post on how couponing can help you save more money and start to reduce that debt, which we’re all about here at The Million Dollar Mama!
Lyle’s complete biography is at the bottom of the post. And with no further ado, here’s the post:
Do you know why people fail to save money?
A 2019 CNBC report says that expenses are the biggest reason Americans can’t save money.
Another major factor is owing debts. Debts can consume a massive portion of your income from making those monthly payments.
You are eventually left with very little or zero money at the end of the month. This leaves you with nothing to save for your future. So, what can you do?
Controlling your expenses can help you save money. And saving money can help you repay debts. You can stash away more for your monthly payments. Eventually, you’ll get rid of your debts faster.
One effective way to reduce your expenses and save money is through couponing.
What is couponing?
Have you watched TLC’s “Extreme Couponing”? In the series, couponers visit grocery stores with a stack of coupons. They redeem the coupons to buy stuff and save money.
If you’ve never experienced ‘couponing,’ this should give you an understanding of what it is.
Couponing is the term for collecting coupons and redeeming them to get discounts on goods and services.
According to a 2020 survey by Statista, almost 90% of the respondents reported using coupons for shopping. So, you’re definitely not the only one going extreme (couponing) to save money.
Where can you find coupons?
The biggest source of coupons is Sunday newspapers. But if you have switched to e-paper, you can find coupons online. If you search, you can find plenty of couponing websites like Capital One Shopping, Swagbucks, Hip2Save, etc.
Here we will discuss how to use couponing to save money and pay off debts.
Follow your budget
Do you follow a budget? If so, then you are one step ahead of saving money to repay debts. However, if you don’t have a budget, learn how to budget by paycheck asap.
Following a budget will help you keep a tab on your spending habits. Because having coupons doesn’t mean you can buy anything and everything. If you stick to your budget, you won’t splurge by using the coupons.
Organize your coupons
If your coupons are disorganized, you may misplace them. Eventually, you may miss chances of saving money.
So, organize your coupons in a binder or a folder. Keep it in a convenient location for easy access to the coupons.
If possible, you can arrange the coupons based on their types, expiration dates, etc. It will help you easily find any coupon when you need it.
Don’t collect every coupon you see
Well, you may come across some awesome coupons with lucrative offers. But that doesn’t necessarily mean you have to clip them. If it’s not a product you usually buy, don’t keep the coupon. This can make you buy unnecessary things.
So, clip the coupons for items you are interested in, or buy frequently. It can help you save money.
Get a rain check
Let’s say you want to buy a popular item by using coupons. Most likely, it will sell out quickly. But that doesn’t mean you will use the coupon for other purposes.
Go to the customer service section of the store and ask for a rain check. By doing so, once the store restocks the product, you can still buy it at a reduced price by using the coupon.
Wait for a sale
How about combining your coupons with a sale? Yes, you can use your coupons during a sale to help you save more.
Just make sure that the store has a policy allowing coupons during a sale. (For example, Target allows coupons on clearance and sale items.)
Sign up for a store’s loyalty program
A report by Accenture reveals that more than 90% of companies have loyalty programs. These programs help companies attract and retain customers. In return, the companies offer discounts or freebies, or reward points.
So, you can join the grocery store’s loyalty program that you frequently visit. It can help you receive discounts and save money.
Keep a tab on your savings
You might follow all the tips to use couponing and save money to repay debts. That’s good! But it’s equally important to keep track of your savings.
Calculate how much money you are saving. Is it enough to pay off your debts? If not, you may have to change your couponing strategy.
Paying off debts is one of the hurdles that people face in pursuing their financial goals. Couponing can help you to save money to become debt-free and focus on your goals.
But make sure you are not buying unnecessary stuff just for the sake of using coupons. Otherwise, your motto of saving money will go into vain.
What do you think?
Author Bio: Lyle Solomon has considerable litigation experience as well as substantial hands-on knowledge and expertise in legal analysis and writing. Since 2003, he has been a member of the State Bar of California. In 1998, he graduated from the University of the Pacific’s McGeorge School of Law in Sacramento, California, and now serves as a principal attorney for the Oak View Law Group in Rocklin, California.