Featured News 2018 Extreme Couponing: A Money Saving Strategy

Extreme Couponing: A Money Saving Strategy

When we file for bankruptcy, we drastically cut back on our spending habits. With the help of the bankruptcy court, we create a strict budget and learn how to spend the bare minimum until your debts are satisfied. In a Chapter 7 bankruptcy, your debts will be met by liquidating your assets, or selling your possessions to pay back creditors. When you are filing for a Chapter 13 bankruptcy, you will be put on a strict payment plan while consolidating all your debts into one, so that your debts will be met through a once-monthly payment over time.

Both of these bankruptcy chapters require frugality, but spending less doesn't have to be depressing! In fact, with the right attitude and resources, you can turn maximizing your dollars into a game. One excellent way to save? Use coupons. It may sound corny or old-fashioned, but coupons are one of the most powerful financial tools at your disposal.

A reality show called Extreme Couponing proves how effective coupon clipping can be. Power-shopping moms enter their local grocery store with a binder full of coupons they've clipped, and then leave the store with a cart full of products. It isn't rare for these coupon power-users to save up to 90 percent on their purchases.

Tips for Coupon Shopping

While it may take some practice to become an extreme coupon guru worthy of air time on TLC, it isn't that hard to use these little slips of paper and save hundreds of dollars.

First of all, coupon mega-moms normally shop in bulk. Many of the best coupon deals require you to buy an assortment of the same products when they're at their lowest price. If the food can be preserved, it never hurts to have a little bit more. Set aside room in your cupboard for a stockpile, where you can store all of the goods that you won't need immediately.

Second, let go of your brand loyalty. Coupon experts agree that getting your favorite brands and saving money with coupons are mutually exclusive. It's impossible to always get coupons for the brands you love—sometimes, you'll have to branch out in order to net savings. That's okay.

In order to embark on the road to savings, you will want to acquire advanced couponing techniques. According to the writers at The Penny Hoarder, don't spend your money on multiple newspaper subscriptions. Instead, ask co-workers or friends to give you their copies of magazines, catalogs, and newspapers that they aren't going to be using. Sometimes local businesses will let you keep their copies of the previous day's newspapers. In many cases, multiple copies of the paper mean multiple coupons. Depending on the store's policies, these can even be stacked for next-to-nothing prices.

If you want to save yourself space, most coupons these days are available online:

Best Practices for Couponing

When you are evaluating the price of a product, compare it to the original, common asking price. Just because an item is displayed on the sale cart doesn't mean that you are getting a good deal on it.

Learn how to discern lower-than-normal prices from typical sales.

Know the pros and cons of mail-in-rebates (MIRs), coupons that only apply to an on-your-next-order (ONYO) purchase, and those that are a buy-one-get-one (BOGO) deal.

Make sure to organize your coupons in an effective way. A stack of disorganized coupons can simply become a pile of paper clippings, and may not do the good you were hoping for.

Also, you will want to choose one marketplace that you can navigate carefully. By being able to locate products quickly, you will learn where they stock the best sales or where to find a product that is going fast. You'll also want to study the grocery store's coupon policy—it's usually in plain english, and it helps when you're with a cashier who's new (or grumpy).

Sometimes coupons will not be compatible, so you will want to choose a store with a tolerant coupon policy and keep the policy on hand for arguments. By taking time and shopping smart with the aid of coupons, you may be able to save hundreds of dollars that can go to satisfying your debt and getting you back in a good place financially.

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