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Money Matters Blog

Monday, March 5, 2012

Online Couponing: Good Deals or Costly Temptations?

Group couponing and internet coupons are on the rise, reaching you everywhere from social media to smartphone apps.  These offers can be tempting, but are they really saving you money? 

According to the Wall Street Journal, $2 billion will be spent this year at daily deal sites. Sites like Groupon are now sending instant location-specific deals to your smartphone.  However, be careful to consider whether or not the item offered is meeting your needs or just enticing you to spend money. 

Instant deals may offer savings, but they can also get you to spend money on products or services you didn’t plan to purchase in the first place.  Therefore, making frequent purchases based on instant deals will actually cost you more money.

Some deals may be more practical, helping you save money on items you actually need.  For instance, certain sites are now sending out deals for groceries rather than expensive meals. 

Keep in mind if you use daily or group coupons, is to check the expiration date.  Just because the coupon lives online doesn't mean it won't expire. Also, make sure you trust the source of the coupon.  Sites like Groupon and Living Social have become more reputable sources for discounts. 

Overall, manage your budget and watch out for temptation. Online couponing can help you save money if you are careful with your purchases.  

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

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