Week 5 – Use Coupon for budgeting

Hi there! Welcome back! Congratulations! You have completed 4 weeks of the financial challenge. Time to focus on the next challenge. For week 5 its practice to use coupon. 

Let’s recap;

• Week 1 -Create a budget fit for your income.
  
• Week 2 – Cutting back on unimportant items.
  
• Week 3 – Using cash only to pay for items.
• Week 4 – No spending for a day.

Continue to incorporate weeks 1-4 into your daily and weekly habits. For this week lets add coupons to your routine.

• Week 5 – Use Coupon

Week 5: December 7 – December 13

Financial Wellness Challenges – Activity for this week:

Cash in now! Use Coupon!

You may be thinking that using coupons isn’t a challenge. However, for those on a budget, it is a great challenge to help those with budgeting. Many shoppers feel they don’t have time to find, cut out or scan, and use coupons. But it doesn’t have to be time-consuming. Adding coupons to your shopping regime is a great way to save additional money. You spend less and save more. 

Here are some simple steps to help you get started with coupons.

• Start small, with 5 to 10 items you need. Make a list of what you need to help you focus. This will make couponing much easier and less daunting. Pick sale items if you can and then search for coupons you can use with those items. Once you get used to managing 5 or 10 items, increase the amount.

• Coupons are pretty easy to find.  Some coupons are still sent to people through the mail and found in newspapers and magazines. There are tons of coupons that can be found on the internet. Search “coupon database” on the internet and type in a specific product you need.

• Set up a “coupon catalog.” Put the coupons in one place so they are handy when you need them. If you have electronic coupons that you don’t want to print, keep them in one file or folder on your computer or phone so they are easy to find and use when you need them. They are also ready to use if buying online. Put your paper coupons in a storage box or an envelope or some other catalog system so they are easy to find and use.
  

• Keep in mind, that you will need a separate coupon for each time you buy a product.

• Remember to read the fine print on the coupons. Look for specifics such as the quantity and size of the product that the coupon requires. 
  • Do you have to buy 2 (or more) of the same product to use the coupon? 
  • Can you use multiple coupons? 
  • Is there a limit to the number of products you can buy on one transaction using this coupon?
  • Is there an expiration date on the coupon?

Learn about the coupon policy for the stores you shop at. 

Can you double a coupon? – Some stores may double a .50 cent coupon to a dollar.  

Is there a loyalty program that you are required to join before you can use your coupons?

Remember:

1. Don’t use a coupon just because it is a good deal or bargain. Only use coupons on things you need and will use. 
2. Sometimes sale items are cheaper than using a coupon. But, if a coupon can be used on a sale item, try to coordinate it when there is a sale. Shoot for buying items when they are on sale at 40% off or when adding a coupon makes it to that amount. When you find a good sale or coupon and can buy multiple items, do so if it is non-perishable and/or you know you will be able to use up the items. This can save you more money in the long run.

Use coupon to help with budgeting!

Do the math and figure up the savings and track it!

Decide how much time and effort you want to put into it and if it is worth it to you.

You can calculate the figures to see how much you can save over a month or even a year with just those first 5-10 items.  Consider how much you can save if you use coupons with all of your purchases and see how much that can save you.

Be sure to tune in next week for our next challenge!