It seems like anything purchased at full price is almost too much nowadays. Inflation has made it hard to get ahead financially , and affording basic items can feel almost impossible some days.
Coupons and seasonal sales can be crucial to your budget and spending pattern. Here are eight coupon mistakes that could be costing you real savings.
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1. Not asking about store-specific discounts
Do you meet discount criteria, like child and senior offers? How about a student or teacher who qualifies for a discount? If not, does anyone else you shop with meet those guidelines?
Some shops offer discounts to other workers in their industry, delivery drivers, veterans, and union members.
If you or anyone you are planning a shopping trip with qualifies for store-specific discounts, then make sure to prep with any identifying information you may need to snag a deal. Additional information should be available on most stores’ websites.
Own a car? Here's 7 warning signs you're paying too much for car insurance. 2. Forgetting about rebate offers
Rebates are a great way to save money, especially on bigger purchases. Stores advertise rebates during big sales, like Memorial Day and Labor Day clearance events, end-of-season sales, and beyond.
They usually involve mailing or digitally transferring proof of purchase to a specific address. Some rebates are delivered digitally, though many are sent in the mail.
These rebates often apply to bigger-ticket items like appliances, furniture, electronics, wholesale items, new and “as seen on TV” products, and more.
However, they’re also available on various food items and smaller purchases. In either case, be sure to follow the rebate specifications as soon as possible so you don’t forget and miss out.
3. Avoiding memberships
When you ask about discounts, keep your ears open for information about store memberships, especially if they’re free. It’s a wallet-friendly hack to ensure it’s a free store loyalty program, not a credit card or paid membership.
Sometimes, all it takes is an email subscription or newsletter signup to sweeten your deal. Many retailers offer deep discounts for first-time purchasers online and will send discounts when you sign up for free loyalty programs.
Many will also send you other offers throughout the year, including your birthday, if you provide that information.
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4. Not trusting your network
So, maybe you don’t have a membership to the local big-box wholesale distributor.
Is someone in your family or cul-de-sac a card-carrying member? Does anyone you know get deals through clubs or communities they belong to, military and other discount apps, or sites like AARP that you might not have access to?
Don’t be afraid to ask people about the types of discounts they’re using right now. It doesn’t limit their access to money-saving deals, and people usually love to share their shopping secrets.
5. Ignoring markdown schedules
During the pandemic, many of us learned about markdown schedules at our favorite stores like Target and Walmart. We were all hurting for a deal, but we had time on our hands to do the real research and get some answers.
Checking current markdown schedules will help you keep an eye on any products that you are price matching or looking to score a better deal on.
6. Buying things just because they’re on sale
In 2022, 38% of shoppers spent more than they intended because of coupons they found. If you spend time in the clearance section, you’ll come across an array of items marked for sale.
But just because it is cheaper than before doesn’t mean you need it. Even if it seems like a deal, it doesn’t mean you should stock up on it. Someone else will appreciate that deal.
Not only that, but some stores are actually marking their items up so much at regular prices that bringing that price down and adding a clearance sticker is closer to the fair market price.
Either way, it almost never touches the bottom line at big chains.
Make Money: 8 things to do if you’re barely scraping by financially 7. Not reading the fine print
The fine print on coupons will tell you a lot of details about your offer. Some expire much quicker than others or are subject to availability.
Other pertinent information is often in very small print on your coupons, like the size and quantity limitations of products you can purchase, store restrictions and blackout dates, and more.
Make sure to read everything on every offer you intend to use when shopping.
8. Limiting yourself to one deal at a time
Did you know that sometimes you can double up on coupons? If you’ve seen shows like Extreme Couponing, you’ve seen people who take advantage of every coupon they can.
Reading the fine print will let you know if you can stack your coupon on other offers, which can help you prioritize what you actually need.
Love making baked goods and have a coupon that's good through November? The holidays are a great time of year to stock up on baking supplies, and you should be able to find some other deep discounts around that time.
Bottom Line
Everyone wants a discount. In fact, over 90% of households have used a coupon in the last year.
Remember, there are discounts everywhere. Just when you think you’ll never get a deal on a pizza again, a flyer will land in your mailbox, giving you another reason to go out to eat more .
Money tips that can work for everyone
No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.
Focus on paying off your debt . Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.
Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.
Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).
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