What renter hasn’t been swept up in the latest online craze - daily discounted deals? Groupon started it all, and, now, there are more than a dozen daily deal sites pumping unbelievable one-time only discounts to your email inbox. It is like an outlet mall on steriods.
It’s easy to get caught up in the bargain frenzy. Here are a few things to keep in mind.
- It doesn’t save you money if you don’t use “it.” Because you pay in advance, you’re paying for it whether you use it or not. Most deals have a finite timeframe for which you must use the certificate or lose it. So, make sure you read the fine print and can use the discounted item before it expires. And, keep track of what you bought, because a wasted coupon equals wasted money.
- It doesn’t save you money if you don’t need “it.” Yes, a bargain is a huge motivator for many. But, if you really don’t need an evening at the roller derby, don’t buy it - even if it is 70% off. (It’s just like that “unbelievable” deal you got on those blue cowboy boots that you bought seven years ago and still have yet to wear.)
- Remember, it’s not free. You usually need to spend in order to save. Take a typical online deal: pay $25 for $50 of food at Restaurant De Jour. A few things from the fine print: Only one certificate per table; no carry-out; not good on Saturday nights. So, unless you are going to eat alone, you will be going with at lest one friend. Let’s say that RDJ has an average bill of $50 without drinks, tax and tip. Because you want to enjoy some wine with your dinner, all in, your portion of the tab would be $75, as would your dining companion, for a total of $150, or $100 with your prepaid certificate. You paid $25 for your discount certificate, so your total cost was $125. Your savings? Not the 50% you thought, but less than 17%.
- There will be another deal tomorrow. Keep in mind that there will be another deal tomorrow. So, don’t let the urgency of a deal tip you on whether or not you should buy today’s unbelievable bargain.
These deal sites can be great as long as you use a little discretion. Just be smart about how and when you use them, and make sure the price is right (for you that is).
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