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June 16, 2021

5 myths debunked in defence of couponing

Extreme couponing has become quite the craze but most people still shy away from what seems to border on hoarding.

Coup But detractors are losing sight of the real purpose of couponing, say the folks at Savebrite, a mega-couponing site. And that's simply to save a few bucks. Here then are a few myths they'd like to see set aside

* Collecting coupons is too time consuming

Not true. When coupons were only available in your local Sunday paper … perhaps. But now you actually have to go out of your way to avoid them. No longer confined to a once-a-week paper, you’ll find coupons online, on manufacturer websites, on the back of receipts and on your cell phone.

* Coupons only help to save on processed foods

Not true.  While you will find an abundance of coupons that cover the purchase of processed foods, you will find just as many coupons for bagged salads, frozen vegetables, diapers, cleaning supplies and lean meats. The beauty of using coupons is that you only have to clip and save those that you want and will use.

* Generic products are cheaper than using a coupon on name brand items

Untrue.  While in some cases it may be less expensive to go with a generic item, that isn’t always the case. Many times you’ll actually save more money when purchasing the name brand item if you combine a coupon with in-store specials or shop on double coupon day. The key to savings is in comparison shopping.

* You’ll only save with coupons if you go to multiple stores

False. Even in remote areas, your local grocery store offers bargains that can be improved by using coupons.  And while you may save a few cents not purchasing cleaning supplies in the grocery store, you’ll eat those savings in gas to drive to the warehouse club after leaving the grocery store.

* Dollar stores are cheaper than grocery stores

Not true. There are very few actual dollar stores left that offer products for $1 or less, most are priced similarly to your local grocery or hardware store. In many cases though, using a coupon and reaping the rewards of specially priced items at your grocery store may prove cheaper than the dollar store.

By Gordon Powers, MSN Money

* Follow Gordon on Twitter here.



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...