Stacking coupons to save more money
If you’re like me, you want maximize the spending power of your dollar. “Stacking coupons to save more money” is one way to do that. A stacker uses multiple coupons and discounts towards the purchase of an item in order to reduce the cost of that item. In other words, we do everything we can “to get a good deal.”
Using more than one coupon to purchase an item is a good way to save more money
Stacking coupons at the grocery store
The grocery store is a place where stacking coupons is easily feasible. Frequently, a store will have an item on sale and still allow any applicable manufacturer’s coupons to be used at checkout. Wal-Mart and Target allow this practice, and some craft stores occasionally put out coupons for a percentage of your entire purchase—even on sale items. Combined, the multiple coupons and discounts can significantly bring down a price.
Stacking coupons is pretty common. I imagine you’ve heard of it even if you haven’t done it yourself. One caveat: Stores and manufacturers both have coupon policies. Know your store’s policy on using multiple coupons and discounts, and read the coupon; some say they may not be used in combination with other discounts.
In addition to combining and using multiple coupons and discounts, there’s also another layer to stacking that I highly endorse. I’ll cover it shortly.
I know what some of you are thinking. Someone is saying, “You’re talking about extreme couponing.” No. I’m not. There are websites that claim extreme couponing existed only as a television program. Because I’ve known a couple of families that successfully applied (and still do) aspects of extreme couponing, I’m not willing to go quite that far in discrediting it. In the past, I even experimented with it, but there are some extreme couponing practices I don’t appreciate such as purchasing something I won’t use to get something I might. Eventually, I came to realize that extreme couponing is work—a lot of work. I’m not against work, but work equals time, and I didn’t feel the financial return on my time was sufficient to make it a frugal endeavor. I don’t believe in wasting resources, and time, as well as money, is a resource. After all, I practice frugality to improve my quality of life. The many hours a week spent working on a couponing campaign seemed to diminish rather than add to my satisfaction.
Now that I have that off my chest, I will say—again—that I enjoy a good deal at least as much as the next guy. I do what I can to stretch my dollars as far as I can. I believe being frugal is a great way to a better life: Minimize waste and maximize planning…Those are two tenets of a frugal lifestyle. Without overly dedicating too many other resources (like time), saving money by using stacking coupons or discounts fits nicely with that.
If you are looking for other ways to save money on groceries. Read my article “Save Money Buying Groceries in Bulk“.
Ok. I mentioned another layer that can be added to your discount stack. It’s getting money back on your purchases. If you use a rewards credit card, you can receive back anywhere from 1% to 5% the cost of each purchase. Of course, you know that I would not endorse using credit for credit’s sake. The key to making this a frugal endeavor is to pay off any balance before you are charged interest. (I pay mine off every day.) That cashback increases your discount.
Don’t leave money on the table. Collect your reward points
What to do with the money
Getting that money back is great, but what should be done with it? Well, saving money is no point if you’ll just waste it later. So, in answer to that question, my first thought is, “Bank it.” While I’m thinking about the cashback, in particular, you could also include the amount you saved because an item was on sale or because you used a coupon.
This is where the principle of living my life the way I want to needs to be considered. Of course, I’m not just talking about life in the moment. Do I need a latte now (I might…) or do I want to secure my future? When you have extra money, it’s always a smart move to bolster your financial security. Examples would be developing or adding to an emergency account, becoming debt-free, or saving for an item you know you’ll need to replace—a car, computer, or…? A close second would be to do something that could increase your ability to make money—a class in your field or basic membership to a gym. (Usable knowledge and good health are assets that can lead to increased productivity, likely to result in financial gain.) The point is that it’s your money. By saving it or applying it to make a long-term improvement in your lifestyle, you’re making it work for you.
Using cash back credit card is frugal
Now has its place
The future is everything to some frugal folks. I agree that preparing for my future is very important, but I’m not a “life begins at retirement” person. I have some living I’d like to do now. That’s a major reason I use a budget. Yes, I always go shopping with a shopping list.
After you have your current cost of living under control and are making progress toward financial security later life, it’s time to address some of the things on your “Wish List.” It’s time to live some life on your terms. You want to take a vacation in Hawaii? Save for it. Don’t go in debt over it. Hawaii will be there next year (and the year after that), so plan it into your budget. Maybe you do want to retire early. Maybe you are a Retirement Life person? If that’s true, surely you’ve been working on a financial plan that will let you manage it. After your current needs are met, concentrate on acquiring the money you will need to retire early. Maybe your wish is something else…Whatever it is, you could put the money you are saving by using multiple discounts towards that goal.
Some of you say, “But you’re only saving/earning pennies.” And (technically) you would be correct, but that old platitude says, “Mind your pennies, and your dollars will take care of themselves.” Eventually, the pennies you save will equal dollars, and dollars will become hundreds and… (And do you know the real secret? If you start doing something—in this case saving with a purpose—you usually find a way to continue and even increase it.)
Conclusion
Stacking coupons to save more money is an easy way to save more. Taking advantage of sales and coupon discounts as well as using your cash back (rewards points) from your credit card are all good ways to save money on your purchases. When you can layer your discounts, it’s even better. Each savings may be small, but over time and combined, they add up. Put that money to good use. You need to plan for what you’ll do with the savings. Don’t fritter those small amounts away. Cumulatively, they add to your financial security.