Couponing has been a prevalent trend in recent years as prices of essential commodities continue to go up. However, how much money can you really save by using coupons? Is it worth it? Let’s look more into the kinds of coupons available and how you can use them to get the biggest discounts.
What is Couponing?
Coupons are documents or tickets that are redeemable for a rebate or financial discount when purchasing a particular product.
From the perspective of businesses, it is a widely used marketing strategy for many manufacturers and retail stores for sales promotion. It is an effective way to get the consumer’s attention and encourage them to buy their products. They also use coupons for advertising new products or competing with other similar products.
You can find coupons on websites, email newsletters, magazines, receipts, and even newspapers.
There are several types of coupons. Here are some examples of the most useful and popular ones:
Rebate App Offers
Rebate apps are mobile device applications that offer cashback for purchasing a particular item. This cashback can be claimed after successful purchases.
Loyalty Program Promotions
You can earn points through loyalty programs every time you purchase something from the store. Those points can accumulate and be used to reduce the cost of your final bill. Loyalty Program Promotion also offers member-exclusive coupons.
The retailer themselves issues store coupons. These are typically dollar-off coupons.
According to a Business 2 Community report, over 31 billion digital coupons were redeemed in 2019, making it one of the most popular and accessible types of Coupons. You can find this type of Coupon almost anywhere but commonly on social media pages, store websites, and brand websites.
Printable coupons are similar to digital coupons that you can find anywhere online. However, their difference is that you have to print out these coupons and present them during check out to redeem their benefit or discount.
This type of Coupon is issued directly by the manufacturer of particular brands. The manufacturer reimburses stores for the discount on their products. However, the quantity that can be used for manufacturer coupons is typically limited.
The newspaper coupon is one of the original types of coupons. It requires gathering newspapers and looking out for attractive deals and cutting out the coupons for these deals.
Catalinas are receipt-like coupons given after a complete purchase at a particular store. This can either be a manufacturer coupon or store coupon that you can use for your next purchase.
How Can You Save Money Using Coupons?
Now that you know the different types of coupons, it will be easier to understand how you can save money using them. Here are some different ways you can save money using coupons:
Stack your Coupons
You can use coupons on top of each and earn more savings. This strategy is called ‘Coupon Stacking,’ and it is considered to be efficient and time-saving. However, this strategy requires a significant amount of planning even before you arrive at the store, so make sure that you are ready with the right tools such as GoMontana or JoinHoney .
If you plan to stack your Coupon, make it a habit to check the terms and conditions first. Coupons often have a limit for how many coupons you can use or stack.
Buy in Bundles
Another way to save money with coupons is to buy in bulk. Doing this is perfect for people who want to stockpile the pantry goods that they frequently use in their household.
Buying in bulk maximizes the discount you get from your coupon. However, it is important to be smart about what item to buy in bulk. If you are buying perishable items in bulk, make sure that you have the appropriate storage for it, or else it will all go to waste, which means you also wasted your hard-earned money.
Shop using Coupons during Sale Season
You can often use coupons to buy items that are already on sale. This allows a higher margin of savings than purchasing an item at regular price with coupons. Several companies allow consumers to use this strategy. Still, it is essential first to check your coupon’s stipulations to know whether it applies to the item you will be purchasing.
In America alone, over 25 million people use coupons to save money on their basic goods. Despite that, there is still over $456 billion worth of coupons left unused in recent years, meaning there are more deals out there.