I am a firm believer in the money saving power of coupons. In fact, couponing has allowed my wife and I to save over 50% on our grocery budget. But that doesn’t mean that coupons don’t have a dark side. There are times when couponing can actually lure you into spending more than you otherwise would.
There are three common reasons coupons have made me overspend in the past:
- I bought too much of an item and it expired before I could use it.
- I’ve used coupons for items/services that I purchased purely because I had a coupon.
- I’ve paid more for an item because I waited for a coupon.
Don’t Overbuy
I have mentioned before that I have a stockpile and it has cut my grocery budget by more than half. However, sometimes combining coupons and stockpiling can lead to hoarding in the name of saving.
There is a fine line between a well stocked stockpile and a hoard. The difference between the two isn’t that one is organized and the other isn’t. A stockpile is a cache of items that you purchase with the intent of using in the near future, while a hoard is a stash that you intend on using but never do.
It’s also important to remember that a stockpile requires space. While it may seem prudent to buy three years’ worth of toilet paper because it costs next to nothing, you’re going to have to store it somewhere. Whether it’s a spare closet or spare bedroom, the cost of having all of that toilet paper will be the loss of that space.
Stockpiling also requires a good rotation system. Food and personal hygiene products have expiration dates. While some may think that expiration dates on these products is sometimes a guideline, the truth is that chemicals can loose their effectiveness overtime. The cleaning spray that was purchased three years ago may not have the same disinfecting strength that it should. Your toothpaste may not remove plaque quite as well. And the stuffing that you purchased on sale two Thanksgivings ago may have gone bad.
I Couldn’t Let a Great Coupon go to Waste
Have you ever thought that you had to buy an item because a coupon was about to expire? I know that I have. When I find myself saying this it’s usually for a restaurant or some form of entertainment, like the movies. If you’re going to go out to eat and have a coupon for that particular restaurant then that can be a great way to save a little extra money. However, going out just because you have a coupon can be detrimental to your budget.
Whenever you find yourself using a coupon because it’s about to expire ask yourself, “Am I buying this item or service because of the coupon? Or would I have went anyways.” If you’re going just because of the coupon then you might want to step back and rethink the situation. However, if you were going to go anyways but just realized the coupon was about to expire, then by all means go for it.
I Waited. I Overpaid.
This is probably my biggest couponing sin. I know that I’m running low on an item, like toilet paper. However, instead of purchasing the item when it’s at a decent price I end up waiting because maybe next week the price will go lower. The problem is that the price doesn’t go any lower so I’m stuck overpaying for toilet paper. If I had just bought the item at the “decent” price, I would have ended up saving more money than waiting and paying more.
Coupon Smart
Don’t get me wrong. Coupons can save you a lot of money if you’re smart about it. By taking the time to think through your coupon purchases you can avoid being lured into overspending by coupons.
Do you coupon? How do you prevent them from making you overspend? What is your worst couponing mistake?
Photo Provided By: Polycart
I recently wrote about this exact situation for one of my paid writing gigs! I, too, once bought way too much in order to satisfy my coupon obsession. Luckily it was just a short phase and it’s over with.
Holly@ClubThrifty recently posted..Horrific Financial Advice from the New York Times
It’s easy to become obsessed with coupons. I love them and they can save you money, but there is a fine line between saving money and just buying to buy.
This is definitely a common problem with coupon shopping. Sometimes you feel like you need to use that coupon in order to save money, when in reality you are buying something you would not otherwise buy. We always try to double up the coupon with a sale if possible. If not, we just don’t use it any more.
Greg@ClubThrifty recently posted..Horrific Financial Advice from the New York Times
Using a coupon on a sale item is a great way to save money. You’re right about the not wanting to waste a coupon. In order to no waste a coupon you end up wasting money. It doesn’t always work out in your favor to use a coupon.
We coupon and have saved tons of money doing it. I am an advocate of “stockpiling”, at least on a small scale (especially things like toiletries, toilet paper, etc.) because it allows you to wait for the price to drop and NOT overspend, because you already have a small stockpile in case the price doesn’t go down as you anticipated.
DC @ Young Adult Money recently posted..The Best Feature of Twitter: Lists
Our stockpile consists mostly of toiletries. If you shop right, you can get practically all toiletries for free at CVS by watching the sales and coupons. They usually coincide which is nice.
Good post! We do coupon, but only to the extent it’s something we’d be buying already. We like to stockpile certain things, but you’re right in that there’s a fine line between that & hoarding.
John S @ Frugal Rules recently posted..Are You in Charge of Your Financial Future?
It can be very easy to go overboard. But like most things in life finding a balance is key.
I only coupon with the obvious stuff, like Proctor & Gamble products. When I’m grocery shopping, though, I always pick up the circular and look for deals on staples. We live on breakfast cereal, and I can’t remember the last time I paid full price for a box.
AverageJoe recently posted..Hiring a Financial Advisor: Clues from the Receptionist
I am a coupon user however most of my major stock up items come from drug stores because the shelf life of shampoo, body wash and other personal care products is so long. If I am stocking up at grocery stores I do it on products like cereal and other long shelf life products that I use regularly. This helps me not have any waste.
Sean @ One Smart Dollar recently posted..Is Disability Insurance Right for You?
Impulsive shoppers tend to overspend. Misuse of shopping coupons can make it worse. Women are good shoppers but if we are not careful, then we spend more than what we have allocated. The cardinal rule is to be smart shoppers.
One of my goals this year is to do a better job with couponing. I am not a fan of trying to find them, but I know that they save money, which is something that I enjoy!
Debt Roundup recently posted..Does the European Union Still Have a Purpose in Today’s Falling Economy?
I coupon very casually. I only clip ones for products I use and I generally save more on beauty products, vitamins…stuff like that. It probably doesn’t save me hundreds but every dollar counts. I have a small places so I can’t stockpile.
Budget and the Beach recently posted..Leaving There
Couponing is a no-brainer for me really especially when it’s saving us money in our grocery budget. However like you mention buying TOO MUCH of something and letting it go to waste is not good. We don’t really stockpile food per say like we used to. We had 50-60 boxes of cereal at one go and hardly ate it. We ended up donating it and for the most part it was free but just far too much food. Some families WILL eat the food but it’s up to individuals/families to decide when enough is enough. Donating is always an excellent option and well appreciated by many organizations and churches. We don’t use coupons on items we don’t intend to use, that’s just a waste.
Canadian Budget Binder recently posted..How I Support My Family On One Income
Donating extra food/items is an excellent way to make sure items don’t go to waste. It’s something my wife and I do all of the time.
All great advice.
When I first started couponing, I found that I would buy something “just because I had a coupon”, big mistake, you are not saving money buying a product you don’t need, nor will not use.
When I teach coupon workshops I always stress the importance of combining your families needs with your coupons, and utilizing sales to take advantage of the best prices for these needs.
Understanding the sales cycles, and the “seasonal sale items” I find, help to alleviate the problem with “over paying” while waiting for necessitates to go on sale.
Most big retailers work on a 6 week sales structure, so making sure you have at least 6 weeks worth of a certain item, that you have coupons for stops the problem of “over paying” for something because you need it “now”.
In 18 months of being a “serious” “disciplined” couponer, I have got to the point where I NEVER pay full price for ANY everyday item that my family needs.
Kim you bring up a good point about the 6 week sales cycle. By following this you can avoid buying too much and paying full price for anything.
I think the excitement of seeing the sudden savings possibility of using coupons is what blinds people and causes them to buy “just because”! Anyone who coupons started at that point somewhere down the line, whether they want to admit it or not;)
Planning is really the key! Knowing what your family needs, how much they use in the predesignated time period that you are stockpiling for, and factoring in the space you will need to store it in the meantime!
It’s more work than people realize when they start, but totally worth it in the end:)
When I first started couponing I was so excited I bought a ton of stuff we didn’t need and couldn’t use. It was a big waste of time and money. Since then, I’ve learned a lot about couponing and I now save a lot on items that we would have had to buy anyway (which makes sense and saves money).
KK @ Student Debt Survivor recently posted..Save a Life-Get a Prize
I use coupons only when I absolutely positively need an item.
Doable Finance recently posted..Lenders Check Your Record Before Granting You Credit