What Is Couponing and How Does It Work?

Couponing is a popular strategy to save money on groceries, home products, and personal items. By using paper coupons, promo codes online, or store discount programs, you can reduce your shopping bill significantly. However, the amount you save depends on the time and effort you invest in collecting and using these coupons.

Some people dedicate a lot of time to collecting coupons from various sources, including store and manufacturer coupons in paper circulars, rebate sites, and online apps. The average family saves about $5 to $10 per week with coupons, but some studies suggest that dedicated couponers can save over $1,400 annually.

Pros and Cons of Couponing

Pros of Couponing

Couponing offers several benefits, including:

• Price savings: The most obvious benefit is saving money on your purchases. By combining manufacturer and store coupons, you can maximize your savings.
• Options to buy in bulk: Coupons can make it affordable to stock up on items that will last.
• Intentional shopping: Couponing forces you to plan your shopping trips, reducing the likelihood of impulse purchases.
• Access to new products: Manufacturers often release coupons for new products, giving you early access at lower prices.
• Ability to donate: Some couponers use their savings to donate items to those in need, such as food banks or shelters.

Cons of Couponing

Despite its benefits, couponing has some downsides:

• Not always the best deal: Coupons for brand-name items may still be more expensive than store brands.
• Storage requirements: Serious couponing often leads to stockpiling, which requires space and can result in waste.
• Reselling challenges: Reselling items purchased with coupons can be complicated and may require reporting income to the IRS.
• Limited dietary options: Coupons for food are often available for highly processed items, which may not fit your diet.

5 Places to Find Coupons

If you’re interested in couponing, here are five places to find the best deals:

1. Paper coupons: Look for coupons in print newspapers or flyers at the store.
2. Store apps: Many stores offer coupons and discounts through their apps.
3. Rewards programs: Join rewards programs to receive discounts at checkout.
4. Online promo codes: Use promo codes for discounts when shopping online.
5. Rebate websites: Use rebate websites to find the best coupons and earn cash back.

The Bottom Line

Coupons for items you already plan to buy are like free money, so take advantage of them when available. However, remember that the time you spend on couponing should be proportionate to the savings you achieve. For some, picking up a part-time job may be more lucrative than spending hours on couponing.

Looking for more ways to save? Consider using services like Experian BillFixer™ to negotiate your common bills such as cable, cellphone, and internet. Expert negotiators can help you save even more.

Contact O1ne Mortgage for Your Mortgage Service Needs

At O1ne Mortgage, we are dedicated to helping you save money not just on your shopping but also on your mortgage. Whether you’re looking to buy a new home or refinance your current mortgage, our team of experts is here to assist you. Call us today at 213-732-3074 to learn more about our mortgage services and how we can help you achieve your financial goals.