Stephanie Nelson was posting coupon match ups on her website, CouponMom.com, long before deal blogs and Extreme Couponing arrived on the scene. She knows how to save big at the grocery store, but she's just as savings-savvy in other areas of her life. Here's what she had to say when we talked with her recently:
What’s the first thing that you can remember buying with your own money?
I clearly remember saving up my money to buy my ten-speed bike back in 1976 in 7th grade – I saved my babysitting money (75 cents an hour), and bought a yellow Azuki 10 speed that cost $115 including tax. There is nothing I can remember buying since that made me as happy as that purchase, and it was because I'd saved up so long for it.
What was your first car? Who paid for it?
My first car was a used Datsun 310 that I bought when I graduated from college for my first job – it was $2,000, and I borrowed money from my dad to get it. I had it for three months before I got a better job that had a company car; and I sold it for $2,000, and paid my dad back!
How old were you when you got your first credit card?
21, when I graduated from college. Back then you had to establish credit with an easy-to-get credit card (if you can believe they were ever hard to get) before you could qualify for a real Visa or Mastercard. So I got a Sears credit card, and I really did get a free Ginsu knife set when I got the card.
Is there a particular financial lesson that you learned the hard way?
Yes. Do not trust that a "fee-based financial advisor" is really giving objective advice just because he/she says he is. Ask to see the required forms that he/she has to file with the IRS that discloses all of their sources of income. If earning commissions on financial products that they recommend is one of their sources of income, be aware of that when they give specific advice.
What’s something that you’re willing to splurge on?
Special gifts for family members, when I know how much they'll like it.
What are you saving for right now? How are you saving for it?
Saving for retirement! We make sure that we spend less than we make so that savings is automatic.
Are there any areas of your finances that still need improvement?
Teaching our children to be responsible about money. That's a constant lesson that can't be ignored.
What’s your favorite thing about saving money?
Knowing that there's a safety net in case life gets unpredictable, which is a pretty sure bet at some point.
Name something that you hate to spend money on.
Library fines.
Are there any money-saving tips that you’ve tried that were a complete flop?
Trying to make my own yogurt. I've tried more than once, and have given up. I love yogurt, so I use coupons or get the store brand.
When was the last time you used a coupon? What was it for?
Hello! How about yesterday? I used grocery coupons at Kroger and saved 42% on my week's worth of groceries. I never get tired of that.
What’s the craziest thing you do to save money?
I don't know if it's to save money or if it's just that I hate the idea of wasting perfectly good things, but I bring my lunch to the office every day and fold up the paper bag to take home for the next day. It takes a lot of lunches to justify throwing it away!
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