I think it depends on the mental state of the person doing it. If it is simply cutting out coupon after coupon for the relaxation effect, I say no problem. But if the person purchases ONLY items that are covered by coupons, I suspect there is some problem going on. I knew a woman once that did this, and would drive to three different towns to save a dollar or so. Such a waste in gas certainly defeats the goal of saving money. The other thing is, people obsessed with saving money are tempted to purchase items they do not need and possibly will never need - another waste of money. And finally, I think the pride in feeling triumphantly frugal is probably a lot like the high others get from gambling - a very fleeting one at best.