Some extreme savers take coupon clipping to a new level, purchasing items only when they have coupons and stockpiling goods for future use.
Jay says the secret to saving on groceries and other items is to "ditch the brand loyalty, and be open to alternative products or generics."
"Be adventurous and try out that bargain-priced shampoo, cereal or detergent," says Jay. "If you're shopping online, search Google for coupons before making your purchase; you'll be surprised how often you'll find vouchers for free shipping and other discounts."
As with credit cards, coupons divide the cheapskate community.
"As many cheapskates swear about them as swear by them," Yeager says.
According to Yeager, many naysayers believe coupons cause people to buy things unnecessarily.
Yeager says coupons are most popular among penny pinchers who eat more processed foods and have plenty of storage space.
By contrast, Yeager prides himself on being able to "go into any grocery store at any time and come up with a delicious healthful meal that's really cheap without ever having to use a coupon."
He simply takes advantage of "the loss leaders that the grocery store has on sale that day" and buys generic.