Great Deals and Great Friends? Yes, Please.
I’m always excited when I hear about ways to save money on fun activities, and when I can do that while supporting local businesses and/or spending time with my friends, even better. Which is why I was jazzed to hear about the web site Groupon.com.
What It Is
Groupon is a site that allows members to save money through collective bargaining. Here’s how it works:
- You sign up. It’s free and easy. You just need to indicate where you live and provide an email address.
- Each day, there’s a deal. Groupon offers deals on things like restaurants, tickets and other types of entertainment. They advertise themselves as offering 50–90 percent off normal prices.
- You choose whether or not you’re interested. If the deal sounds like something you’d use, you click the
buy
button. If enough people choose to buy by the deadline (usually midnight), your card is charged and you receive your coupon in the mail. - You redeem your coupon. Each individual coupon has information about expiration dates and limits right on it, so you’ll see pertinent details when you print.
For people interested in going out, this site could provide excellent ways to save money.
The Drawbacks
Unfortunately, this is not a perfect service. It has limitations, including:
- Availability: at this point, you need to be near a major city to take advantage of the deals.
- Uncertainty: if too few people agree to buy the day’s coupon, the deal is canceled. The good news is that you won’t be charged for a canceled deal.
- Commitment: since you’re paying for a coupon, you must use it in order for the bargain to work. So if you tend to lose track of dates, this may not be a good choice for you.
Why It Works
Groupon works on the principal that exposure to a business is the best way to increase its sales. When new customers are coming through a business’s doors and like their experience, everybody wins.
This is why Groupon also allows users to recommend friends (and rewards them with $10 credit when they join) as well as businesses to include on the site.
Of course, these types of sites only work if you have money to spend. If you’re struggling with debt or recovering after bankruptcy, it may be best to avoid sites like these, and maybe the internet altogether.
Have you tried Groupon? What are your thoughts? Leave them in the comments below.
I’m a huge Groupon fan. I get their updates for both Chicago and Memphis, and I have used them for everything from dinner to massages to a poll-dancing class at Flirty Girl Fitness. Definitely worth it when you are looking for new things to do on the cheap!