My Frugal Living Tip #1: Maximizing Savings with Coupons

I have blogged about using coupons here (Using Coupons), here (Online Coupons & Coupon Codes Sites) and here (Balancing Frugality with Healthy Living).

For my inaugural "Frugal Living Tip Series," let me share with you how I maximize my savings with coupons:

GOOD:

Using coupons to get a discount off the full retail prize (e.g., using a 50-cents off coupon to buy a tube of toothpaste at $1.50. Price paid = $1.00 + tax). This is where you start.

BETTER:

Combining coupons with store sales to get a discount off the sale price (e.g., using a 50-cents off coupon to buy that same tube of toothpaste at a sale price of $1.20. Price paid = $0.70 + tax). This requires some planning and figuring out the sales patterns/trends (e.g., supermarket A tends to have sales on toothpaste toward the end of the month).

BEST:

Using coupons at stores with a coupon doubling policy and combining that with store sales to get double discount off the sale price (e.g., using a 50-cents off coupon at a store with double coupon policy, i.e., 50 cents + 50 cents discount, to buy that same tube of toothpaste at a sale price of $1.20. Price paid = $0.20 + tax). For this you have to patronize stores with a coupon doubling policy (e.g., Kroger, Giant, Safeway, Meijer, etc.). Note that drugstores (CVS, Walgreens) and discounters (e.g., Target, Walmart) do not have coupon doubling policy.

PS: I personally don't have the time and patience to play the "Drugstore Game" (combining coupons + sales + rebates at Walgreens or Extra Cash Bucks/ECBs at CVS). If you, unlike me, have the time and patience, you could not only save but also get cash back under certain limited situations.

Read the other entries in my Frugal Living Tips Series.