How to Determine Savings from Coupon Codes

Apr 29 — 2 mins read
Chums Referral - How to Save Money Using Coupon Codes - Our Guide

Chums Referral - How to Save Money Using Coupon Codes - Our Guide

Similar to traditional paper coupons, online stores offer coupon codes that are linked to a specific discount. The discounts can range from a couple of dollars of savings, to free shipping and products. According to a study, coupon codes can save an average American household as much as $122 per month, or a total of $1,465 per year. Coupons offer better savings based on the following factors:

Availability

Some types of products have more coupon codes available than others. Surveys show that tobacco products are the most likely to have usable coupon codes. Over half of all people who bought cigarettes or other tobacco products online were able to use a coupon code for the purchase, saving an average of 14%. Other categories that have worthwhile savings are alcohol and groceries. Almost half of all shoppers in both categories were able to take advantage of coupon codes, saving 18% and 16%, respectively.

Savings per purchase

Coupon savings vary both in dollars and as a percentage of your spending. Savings from coupon codes can range from a couple dollars to as much as $40. However, coupons with a smaller numerical amount of saving can still be worth more in terms of percentage. For example, a coupon for $0.50 off a $5 item saves you 10%, while a coupon for $5 off a $100 item saves you only 5%.

In numerical terms, travel-related deals offer the biggest savings. The average shopper who uses coupon codes can save $41. Yet, it is difficult to find coupons for travel expenses. Only 30% of shoppers were able to take advantage of a travel coupon. And since traveling is expensive, a $41 savings only represents 8.2% of the total spent. 

Other categories that offer good savings in numerical terms are household items and alcohol.

Savings per year

The amount you save in a given area of expenses depends on the amount you spend in that category overall. For instance, if you spend more on groceries than gas, you will have more opportunities to save on groceries than on gas. Since every family regularly buys groceries, saving on groceries can add up over a year. Coupon codes can save the average household $316 per year on groceries. That’s a bigger yearly dollar total than any other typical spending category. The next biggest categories are household items and eating out.

Conclusion

Use all three of factors to determine your savings from coupon codes. To garner even more savings, use Chums Referral. The easy to use platform allows you to generate revenue just by sharing referral codes with your friends and family.

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