It's National Coupon month. If the designation was around five years ago, I ignored it. No one was talking about clipping coupons in 2006. It certainly wasn't the focus of a TV show. News reports of stolen Sunday papers and dumpster diving children on the hunt for coupons would have graced the pages of The Onion, not bona fide news sites.
Times have changed. "Extreme Couponing" has captivated Americans trying to save money in the tough economy. Americans saved $3.7 billion using coupons in 2010, according to couponsherpa.com. I know I've saved thousands of dollars in the two years I've been clipping coupons religiously.
But I sometimes wonder if it's worth the trouble. Here are my top gripes:
- It can be time consuming. I use online coupon databases to try to match store deals with available coupons. I try to keep my coupons organized. But it probably takes an hour or two a week to print and clip coupons, create the lists and get ready for the store. Financial experts such as Ramit Sethi of Iwillteachyoutoberich.com would suggest trying to use those hours to earn extra money in a side business, which would ideally make more money than what can be saved with coupons.
- It can be tempting. Scores of daily deals are sent to my in-box each week. Mobile coupons are sent to my phone. Twitter feeds are filled with women linking to coupons for supposedly can't-pass-up deals. While I try to stick to a budget and make reasonable purchases, I've made some questionable buying decisions prompted by daily deals or dollars off.
- It can be unhealthy. I find money and health are in a near-constant wrestling match in my household. I'd like to take the fancy workout classes, but I think they're too expensive. I'd like to shop 100 percent organic, but worry about the cost. Heck, wouldn't it be great to have a nutritionist and personal chef? Well, as far as coupons are concerned, many of the best deals are for cookies, sugary breakfast items and TV dinners. There have been weeks when health loses and I've found myself with four bags of groceries, a receipt boasting that I saved 78 percent, and absolutely nothing healthy to make for dinner.
- Worrying about big picture finance has a far bigger pay off. It makes no sense to clip coupons but then fail to shop around when making big ticket purchases, pay attention to investment fees, or taking steps to increase your earning power.
