To "clip the coupon" means to physically cut out a paper coupon from a newspaper, magazine, or other advertising material. People do this in order to save money when buying a particular product at a store. Full definition
By clipping a coupon from the ad above (scan courtesy of Dinosaur Dracula) and heading to Toys» R» Us you could put $ 10 down on Sonic the Hedgehog 3 and get a copy of the album when the game launched on February 2nd, 1994. (originalsoundversion.com)
«The masses are so focused on clipping coupons and living frugally they miss major opportunities,» he writes. (businessinsider.com)
I guess they see clipping coupons as more enjoyable than actual work. (thecollegeinvestor.com)