I'm going to be talking about all aspects of wealth throughout the year - earning money, investing, charitable giving, etc. My thoughts about building wealth are that you need to learn to save before you can really build. After all, what good is it to gain more money if you lose it all by making poor spending choices? With this in mind, I was thinking that many of you have made resolutions this year that involve saving more money. If you are one of them, then have you determined how you're going to do it?
I read an article in Money Magazine (December, 2018) about a 31 year old woman who saves up to $8,000 a year clipping coupons. $8,000/year. That's $667/month, $541/week, $22/day. No bad. The woman, Katie Hernandez, spends roughly an hour and a half each week doing her couponing for her family. Honestly, I'm not sure that I would have the patience or energy to do this. It may not sound like much time but I know how tough it is to sit down to do ANYTHING in a day without distraction. 13 minutes a day may not sound like a lot but it really can be. That's why many of us don't take 10 minutes a day to meditate. But that's another article.
Back to Katie. This enterprising woman has shown that taking the time to clip coupons may be worth its weight in gold! Hernandez points out that she and her husband spent an average of $800/month on food and household items before she started couponing. Now, they spend just $100/month on those items, despite having a house, baby and two pets. And the annual $8,000 savings have been used to pay down college debt, pay off her mortgage and invest in retirement accounts.
Hm, there's something to this couponing after all! Sooo, how do you do it? I'm glad you asked. Of course, you can find physical coupons in your local Sunday newspaper. Many retailers have their own apps that contain coupons, like Meijer and Target. In addition, here are a few more couponing apps that Money Magazine recommends:
Finally, if you want to learn more about how Katie Hernandez saves, then visit her website and blog, KouponingwithKatie.com.
Let me hear from you! Do you "coupon"? If so, then what is your strategy? And share with me some other ways that you save money. We may write about them some time this year!