7 Ways Coupons Cost You Money

They’re not always designed to save

Photo by towfiqu999 — licensed via Freepik

There’s no time like the present to talk about saving money. If there’s anything 2020 has taught us about our finances, it’s that we need to stop spending foolishly and ensure everything we buy holds value. By value, I mean not only items we need but also those built to provide long-term support or entertainment.

Retailers, large and small, are in constant competition for our dollars. They vie for center stage in newspapers, mailings, digital ads, and email newsletters. Sales, coupons, rebates — these are key trigger words that get us chomping at the bit.

I’m all about saving money. In two years, I’ve gotten more than $1,000 in kickbacks from Rakuten and Ibotta. Couple this with digital coupons from oft-visited stores and my household has fared pretty well when it comes to savings.

But when do coupons and the like not actually save you money? If you’re anything like the average consumer, more often than you think.

Here are seven questions to consider before knee-jerking in favor of a discounted purchase:

1. Would you buy the item at full price?

If you wouldn’t purchase it at the average regular price, you’re not saving money using a coupon. Instead, you’re…