In this third article in the series, we will explore the darker side of paying yourself with the savings that you earn from using coupons.
If you haven’t read the previous two articles, yet, you might want to do so now. Should You “Pay Yourself” in Coupon Savings tells you all about the process of this frugal practice: what it is, and the two different ways to do it. In The Pros of “Paying Yourself” in Coupon Savings, I shared all of the great positive reasons that this can work for you.
Of course, there are also reasons that paying yourself in coupon savings might actually not be a good idea. Here are some of the dangers.
If you are a competitive person, especially when you compete against yourself, like I do, you might find yourself making poor shopping choices just to raise up your savings and “earn” more money. Coupons are there to make you buy the product. Do you really need 5 bottles of pricey olive oil just because you have high value coupons for them? Would the generic version cost less even without coupons and be just as good? Will you avoid shopping at places like Aldi’s or a warehouse club just because they don’t take coupons? You could be missing out on some great grocery savings.
Buying products that you wouldn’t normally buy so you can count on a coupon savings is another pitfall of paying yourself with your coupon savings. I sort of fell into this one a week ago. My kids begged me for a microwavable macaroni and cheese bowl. I gave in, partially because I had coupons for them. It turns out that the kids couldn’t stand the taste of it, since they were so used to my homemade version.
If you are tempted to spend the extra money on things you wouldn’t normally buy because you feel you have earned it, then you are not benefitting frugally from this practice. For example, you spend your $30 out on an expensive lunch after shopping instead of making one at home. Treating yourself once in a while is perfectly okay of course, but if the extra money always flies out of your hands before it can be used for something you need, such as stockpiling or monthly expenses, then your budget is losing.
Do you use coupons? What do you think of them?
Mary Ann Romans also writes for the Computing Blog here at Families.com where she shares everything from the latest news on technology to cool downloads and fun websites.
Related Articles:
Should You “Pay Yourself” in Coupon Savings?
The Pros of “Paying Yourself” in Coupon Savings
A Frugal Secret: Bakery Thrift Stores
Grocery Sneaks: How One Item Can have Three Different Prices
Extra Grocery Rewards: Get Them with A Bonus Card