It depends. How badly do you need toothpaste? If you're squeezing out the last from the tube, then buy it at GE with your coupon. If you have 1-2 in your stockpile, wait. One of the drugstores will have them for nearly free in the next month, you can buy 5, and then wait for the next deal. That gives you time to gather up a few more coupons to be able to buy 5.
The same idea holds true for anything. Let's say pasta is an okay price this week ($0.75). If you are running really low, then buy only as much as you would need for 1-2 weeks, and hope for a great sale where you can buy 10-20 at $0.25 each. Many staples like the ones you mentioned go on sale every 4-6 weeks, so you shouldn't have to wait long.
After a long time doing this, you'll notice that some things go on a great sale only once a year. For me, that item is olive oil. I use it a lot, but it's expensive. Last fall, my store had Filippo Berio bottles at $2.99, and there were $1/1 blinkies. You better believe I bought 16 bottles because I knew that sale wasn't coming again for a while.


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Disney January 2013 Savings: 37.65% of goal
mushrooms. It makes it so much easier to kill them.
