Financial Education: Confessions of a Coupon Hater
November 29, 2010Boy did I get an education. Have you ever had one of those experiences where you realize that you have based a huge aspect of your life on a lie? Well I guess that is a bit strong to say a lie but at least incorrect or wrong information? I suspect this happens to many people – especially to those who are introspective.
I thought coupons were a waste of time. My thinking went along these lines:
“Really? I am going to spend hours going through the Sunday paper to save 50 cents on a can of tuna? Is that really worth my time? It is a better use of my time to spend that hour working on a project to increase my income and enhance a bonus at work than to save 35 cents on a toothbrush.”
And I also had these thoughts:
“First of all I never remember to bring the coupons with me and then when I pull them out, they are expired anyways. Then I get to be “that person” who takes up all the time in the checkout line with her stupid coupons. I’ll bet everyone is thinking, Oh no! (groan) I don’t want to be behind her. Look she is splitting up her transactions! Is there another line that is shorter? I am getting out of here and away from that obsessed lady.”
This was all true until last month when I went to visit my sister in law in Charleston South Carolina. She pulled out her coupon book and I literally started laughing at her because it wasn’t a coupon book, it was a coupon binder. She has been using this system for about 4 months now – taught by her friend Kathy “Coupon.” In order to “pay it forward,” she agreed to teach me (and now you of course). What happened after that was the beginning of lessons from the master. I now refer to her as Obi-Wan Kenobi. She pulled out a copy of a receipt and a razor and showed me her secret. They essentially paid her to take it out of the store.
Here’s how it went:
Razor price on sale for: $7.99
Manufacturer’s coupon: $5.00
Subtotal: $2.99
Taxes: $0.60
Total paid: $3.59
Then she received $4.00 in store bucks making the purchase a net gain of 41 cents.
They paid her to take the item out of the store.
You can “be that person” and immediately make a second transaction to use the $4.00. On expensive items like vitamins, for example.
I had been taking the wrong approach of buying things when I needed them and if it was on sale, it was a plus. Thus I was making most of my purchases at the highest retail price. She, however, the master shopper she is, thinks ahead. She makes purchases of the staples her family uses regularly when they are on sale and stacks her coupons (combining the sale price, the store coupon – if they have one, the manufacturers coupon AND the store extra bucks) together to get the lowest possible price. (See the Southern Savers site for a tutorial on how to do this – with videos!)
So I tried it and my first trip was pretty good for a rookie. I decided to start with one store – the neighborhood pharmacy. After going to their website and becoming a member, I went through their Sunday circular as well and hunted for the manufacturers coupons in the Sunday paper. To take advantage of the “extra bucks” I did some brand changes (need be flexible here) and did some stocking up. I spent $30 and got over $60 in value from that trip.
After texting her of my accomplishments in the parking lot, I headed home with bags and bags full of my household staples and I was greeted by my husband at the door with a very large frown on his face. When I showed him the receipts, the frown turned to a look of shock and then a smile. He was converted.
This system, the “stack” coupons, has helped hundreds of people in her area make ends meet during the recession and it only takes a few hours of time each week. Worth a try. Seriously, don’t be as hard headed as I was. If you do try it, let us know how it goes.
Click here to read Part I.