The ‘magic’ of coupons and sales
- B.J. Yoder: Young Money
- June 14, 2021
- 833
Have you ever sat down and watched “Extreme Couponing” on TLC before? In the most extreme cases, people are actually paid back money for buying hundreds of dollars’ worth of groceries, but these are extreme anomalies, and that’s why they make it on TV.
The producers of the show wouldn’t make a half-hour worth of content for someone saving a dollar on deodorant. While these huge savings are fun to watch (sometimes), being the pessimist I am, I see a dark side to the coupons as well, and it was recently brought to light when someone was online shopping beside me.
The person had received a “$10 off anything” coupon to use on an online clothing store, and it expired at midnight that night. They were online looking at things they didn’t need but wanted to use the coupon. I mentioned they were spending money they weren’t planning to in order to “save” $10. I reiterated and emphasized the “save” in quotation marks to get the point across.
Therein lies the problem with coupons and “good deals” with things on sale — our mind tricks us into buying something we weren’t planning on buying, just because it’s on sale or we are getting a fantastic price. We aren’t saving $10; we’re spending $50 on something we didn’t need.
The best example I have of this is when I was in college and shopping at a department store. A pair of Levi’s skinny jeans were about 90% off, which should have been my first red flag, but if you know me, you know my body was not made for skinny jeans and never will be. They fit like a glove (literally), and I ended up buying them because these $50 jeans were down to $5 or $6 — what a steal.
Well, months passed, and the jeans remained in my closet. Eventually, they took a ride to Share and Care, and I don’t know if I wore them one time after the changing room. My mind told me I was saving $45, but it failed to mention I was wasting a very small (but still) portion of money on something I didn’t need. The same goes for coupons: You can buy 40 cans of creamed corn for 75% off, but nobody eats that much corn, so it goes to waste — along with your money.
Don’t get me wrong — sales and coupons can help with a budget more than anything, and I love finding a good sale here and there. I even talked to a CEO in the area, and he told me he will still use coupons if he was going to buy the item anyway, which is the correct use of them.
The incorrect use would be to go out of your way to spend money on something that is unneeded, just so the coupon can be used. Almost everything in this world can be harmful or helping. It only depends on the user, whether it’s something as serious as a phone or a car or something as small as a “$5 off.” Don’t fall into the mind-set of “spending money to save money.” Flip it around and only use sales and coupons on items that are needed.
In the end, unless you’re building a bunker or a fallout shelter, there is no need to buy the number of groceries those on the “Extreme Couponing” television show do. So use coupons in moderation and know when you’re falling into the trap set by the store because they know you aren’t going to just buy the ice cream bars that are 75 cents off, but also will find something else that catches your eye. Those coupons got you into the store, fulfilling the purpose they were sent out for.
Holmes County native BJ Yoder is an insurance agent by day and a finance enthusiast by night. This column is for informational purposes only. He can be emailed at benjamin.john.yoder@gmail.com.