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Group Discount Sites

Group Discount Sites

Group discount sites are so popular now and can be a great way to save money if used correctly. What do I mean by “if used correctly?” To answer that, let me highlight some reasons why I feel people are somewhat tricked by these sites.

Don’t Do It!

  • Buying a deal because it is “too good to pass up”
  • Buying a deal because someone you know bought it
  • Buying a deal for something you don’t need

Do It!

  • Buying a deal for something you do on a regular basis anyways
  • Buying a deal for something that you need

What I Buy

I buy a lot of restaurant deals because I like to try new restaurants. Recently I have been buying movie ticket deals because this summer’s movie lineup looks promising! I ignore most of the other Groupons because I don’t need a manicure, pedicure, massage, skin therapy, or photography lessons. Sites such as Groupon.com and LivingSocial.com offer extremely good deals, but you have to make sure you’re not buying the deals for the wrong reason.

Watch Out!

There are a few of these sites out there that I have found to be pretty worthless. They allow low quality companies to provide low quality deals. I won’t list them, but I will say that Groupon.com and LivingSocial.com have been the most consistent and high quality group discount sites that I have come across. I used to be signed up to receive e-mails from 6 such sites and now I only receive them from 2.

The Next Frontier

The trend out there seems to be group discount deals on traveling and hotels. LivingSocial.com has a program called “Escapes” and I suspect Groupon will have something similar soon if they don’t already. Groupon.com has a new program called “Now! Deals” that focus on deals that are in the here-and-now. These deals have to be used on a certain day between certain hours and expire quickly.

Bottom Line

These sites can either help or hinder your goal of net worth building. You’ll either come out ahead with discounts on products and events that you use and participate in regularly or you’ll buy more than you need. Most decisions in life can be likened to a double-edged sword. This is more like a double-edged, blunt, plastic sword. These sites are must-watch us young professionals. Just be careful out there okay?

Categories: Discounts
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