Coupon Myth #3: Only Poor People Use Coupons

Missed the first two posts in this series?  Read them now: Coupon Myth #1, Coupon Myth #2.

Want to shop like the wealthy do?  Then use coupons!  Seriously.

Did you know that high income households use coupons more than low income ones? Research has shown that approximately 61% of adults with a household income of $100,000 or more use coupons.  In addition, households with an income of $100,000 or more are twice as likely to use coupons than households with an income of $35,000 or less.

I don’t know about you, but I find that fascinating.  It is easy to think that people who make a lot of money don’t need to worry about how they spend it and so they wouldn’t bother with coupons.  Think about it though.  How do you think many wealthy people stay wealthy?  By spending their money wisely and saving in any way they can- including using coupons.

And while we definitely don’t fall into the $100,000 or more household income category we do save a lot by using coupons.  Last year alone we saved around $5,000 on groceries, toiletries and household items like cleaning supplies just by watching coupons and sales!  And I estimate that we saved another $500 by using coupons at restaurants and retail stores such as Kohl’s, Bed Bath and Beyond and JCPenney.  That is some significant savings and definitely helps us get ahead financially.  In fact by saving like that over the past 5 years, we were able to focus on putting much more towards our mortgage than we had originally thought we’d be able to and as a result were able to pay off our house much earlier than we would have been able to otherwise.

So if you think that poor people are the only ones who use coupons, well, then I’ll happily be considered poor!

{Source for statistics}

Image: Latina Woman at Table via Shutterstock

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  1. by Coupon Cutting Mom

    On March 14, 2012 at 12:17 pm

    Interesting facts. I had read another article with the same facts recently and my husband and I enjoyed discussing it.
    I think to that likely the people who were in the over 100 thousand realize every penny counts and that is why they use coupons.
    I’m glad for coupons and the money they save me each year. I’m also glad you can use regardless of what income level you fall into.