One of the best coupons to have is one for a free product. And the temptation to take it directly to a store is hard to resist. Often, it's better not to redeem it right away.
Many companies offer coupons for free products through giveaways and contests. Many will offer free coupons when they release a new product. Recently, John Frieda, a hair-care company, sent me a coupon for a free box of its newest product, a hair dye. This dye was selling for more than $12 at most stores.
I could have taken that coupon to almost any retailer and walked out of the store paying only the tax. Instead, I held on to the coupon for several weeks. As the coupon was getting closer to expiring, Rite Aid ran an "Up" promotion on this hair dye. "Up" promotions are sale items that, when purchased, will produce store rewards called "Up" at Rite Aid. "Ups" can be used just like cash at Rite Aid stores.
By using this coupon on this product at Rite Aid at a particular time, I received more in store rewards than I paid in cash.
When you have a coupon for a free product, resist the urge to use it immediately. This coupon will always make the product free, so hold out for a better deal. A local store might offer a buy-one, get-one-free promotion. A coupon for a free product would entitle you to two free products instead of one.
For example, MyCokeRewards.com recently offered coupons for free 12 packs of Coca-Cola products for a reduced number of reward points. I cashed in my Coke Rewards for several of these coupons. I held on to them until Harris Teeter offered the Coke 12 packs in a buy-two, get-three-free sale. Two of these coupons allowed me to walk out of the store with five 12 packs, paying only the tax.
The same strategy works for coupons that might not make an item free, but will provide a great discount. The main concept behind strategic couponing is to stock up on items when they are at their lowest price. I have often used a coupon thinking the price was as low as it was going to go, only to see it get even cheaper the next week.
Using a coupon on an item when it is regular price will make it less expensive, but using that coupon on a really good sale price makes it even better.
Knowing a good stock-up price for products you routinely purchase is a good way to avoid overpaying. A list of products with my recommended stock-up price is on MoolaSavingMom.com.
Maximizing your savings and reducing your spending will often depend on timing. Using a coupon at the right store at the right time will allow you to spend a lot less.
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