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How much can clipping coupons from the Sunday paper reduce your spending each month? Couponing offers an opportunity to save hundreds of dollars each month when you manage it correctly. But you don’t have to be an extreme couponer to rake in extreme savings. Opening a high-interest savings account with the money you save from couponing is a great way to expand your savings. Check out these tips on how to start couponing and grow your savings.
Spend the time needed to maximize your couponing
Couponing takes time and effort. You need to look through ads to find the best deals as well as research new products. Since coupons are designed to get you to try new products, there may be a temptation to spend money on something you don’t need simply because you have a coupon. Compare the savings on a brand coupon to the static and sale prices of generic foods and home goods to see if you’re really getting a good deal. You should also consider how much you have to buy to get the deal, if it will perish quickly or if you can store it for a while.
Match brand coupons to store sales for greater savings
Stores always have something on sale. Try to combine your coupon with a store offer for greater savings, like a buy-one-get-one coupon for something the store has marked down. Check the coupon and store sale to make sure they aren’t mutually exclusive. Some deals are designed to be the only way you’ll receive savings that day. But, if you can combine deals, you’ll rake in even more savings! Don’t forget to check coupon expiration dates as well. You don’t want to wait until you’re in the store to realize you can’t use your coupons as you planned. It takes time to match up when and where to shop with the coupons you have, so make sure you’re willing to invest a few hours a week in this savings technique.
Create a space to store the fruits of your labor
Saving money often means buying in bulk. You may not need ten bottles of shampoo right now, but if you find a great deal it might be worth it! If you plan to start couponing, you’ll need to make sure you have a place to store everything. Some homeowners simply use closets, while some build shelving in the basement or garage. Whether you’re building out a pantry or stocking up on cleaning supplies, make sure you consider expiration dates and consult what you have in storage before each shopping trip. You don’t want to spend money on more supplies than your family could use in a year. Unless you have a second freezer, avoid shopping for perishable food in bulk as the savings could end up wasted if you don’t prepare your meals in time.
Grow the money you save with a high-interest savings account
Couponing can help you save money on everyday purchases your family needs. You might even be surprised by how much you’re saving when you incorporate couponing into your budget and track your spending reductions. Tracking your savings is an important element in helping them grow. It won’t help your budget if you save money on groceries just to spend it somewhere else. However, opening a high-interest savings account will help you grow your coupon savings and set them aside for future purchases.
Savings account rates on money market accounts and certificates of deposit are higher than the rates on standard savings accounts and are a useful tool when you’re trying to grow your money and create more disciplined saving habits. Since there are withdrawal penalties on high-interest savings accounts, you’ll be more likely to reach your savings goal without taking money out too soon. Track how much you save on each shopping trip and deposit it into a savings account when you get home. Then, motivate yourself by setting savings goals for things like an emergency fund, family trip, paying down debt or buying a new car.
Sponsored content was created and provided by RBS Citizens Financial Group.