Getting a good price on products can be important for many young people, especially if their budget is tight. There are some ways to add this to a person’s financial plan, and taking advantage of coupons for necessary products may be one of the more popular options.
More than 90 percent of consumers actively use coupons when shopping, according to a report from RetailMeNot. There are many types of coupons utilized by consumers, with the traditional paper options still used by the majority. Approximately six in 10 shoppers noted they use this type primarily.
However, other coupons are still notably popular among individuals, and their usage is on the rise. The report explained that close to 10 percent of people use mobile coupons, while nearly 30 percent use coupons they find online. Both of these levels were approximately half as popular three years ago.
Young people are increasingly taking advantage of mobile coupon options, with the current level nearly triple that of those older Americans. The report explained that close to one-fifth of those between the ages of 18 and 34 use something on their mobile device, while only 6 percent of those older than 34 years of age practice the same habit.
When it comes to getting a coupon worth using, many shoppers have varied opinions. The report showed that close to 45 percent of respondents felt that a discount needed to be at least 25 percent in order to be something worth using, while close to one-quarter of those polled noted anything that took less than that off of the sales price was still a smart decision.
Some people spending too much money
While a number individuals may be seeking ways to spend smarter, there are still those who are struggling to cut some expenses from their financial strategy.
Approximately 15 percent of shoppers explained they have spent enough money while at stores to actually put them in some level of debt, according to a report from CouponCabin.com. More than 40 percent noted they have struggled with more than $1,000 in debt, while another 20 percent explained their debt level reached $5,000.
“Shopping is a fun activity for many, but like anything, it should be done in moderation,” said Jackie Warrick, senior savings adviser at CouponCabin.com. “We’re bombarded with ads, daily deal emails and coupons every single day, so taking a step back and reflecting on your budget can be difficult.”