The popularity of daily deal sites like Living Social and Groupon has yielded huge benefits. Consumers receive massive savings on everything from dining out to teeth whitening; yet with the positive comes the negative. The ease with which these deals can be purchased, coupled with the prospect of double-digit savings, is creating a troubling trend: daily deal addiction.
If your collective expenditure on daily deals rivals your monthly mortgage payment, remember the following tips to keep overspending at bay.
1. Cut Down on Subscriptions
With so many daily deal sites out there, your inbox is probably flooded with offers and the temptation is thus multiplied. Sign up for just one of your favorite sites and ignore the rest. Most of these services have similar offers anyway. You also might want to create a separate email address so you can discern deals from spiels.
2. Go Halvsies With Friends
Frequently, daily deals feature two-for-one opportunities yielding double the pleasure. Consider splitting the discounted cost with a friend to get even more bang for your buck.
3. Set Rules
Daily deal purchases should be treated like any other expense and incorporated into your monthly budget. Consider the activities on which you spend the majority of your discretionary income, and search for deals accordingly. To receive the best value, check out these tips for getting the most out of group buying sites.
4. Sell Your Daily Deal Vouchers
Half-off laser treatments may sound like a good idea, but you could later regret it. Never fear; sites like CoupRecoup help identify buyers for your impulsive daily deal purchases.
5. Save With Coupons Instead
Find coupons for the items you need, instead of making unnecessary purchases based on bid savings. No patience for coupon clipping? No problem. Find online coupons for Kohl's, Home Depot, and hundreds of other major retailers at CouponSherpa.com.
6. Choose Deals Wisely
A good deal is hard to pass up. However, you end up spending unnecessarily when the prospect of big savings clouds your judgement. Find deals for items you need and skip everything else.
7. Go Cold Turkey
Believe it or not, there was a time when Groupon didn't exist. If these deals are interfering with your daily routine, consider unsubscribing entirely and get back in tune with your real needs. You'll likely find they're much less expensive.
Andrea Woroch is a consumer and money-saving expert for Kinoli Inc. She is available for in-studio, satelite or skype interviews and to write guest posts or articles. As a nationally recognized media source, Andrea has been featured on Good Morning America, NBC Today Show, FOX & Friends, MSNBC, ShopSmart Magazine, Kiplinger Personal Finance, CNNMoney and many more.