In general, I like coupons. I’m sitting with coffee on a Sunday morning, first one up, and not ready to think to much. I flip through the coupon insert and find our brands of toothpaste, soap, bathroom tissue, etc. A few minutes time when I’m not ready to turn on the higher functions required to write or go into my workshop where a groggy Joe might just lose a finger. The key thing is to not let the coupon tail wag the purchasing decision.
I’ve known about Groupon for some time and a friend of ours was often mentioning dinners she and her husband had just had at some restaurant not too far away. Soon after, I started looking at the deals Groupon offered. Restaurants, jewelry, electronics, services. Lots of companies trying to sell me stuff. I thought about the things that were on my wish list. I am near the end of a long project finishing my basement and have a TV on a stand, but have wanted to wall-mount it for some time. No rush, so I added that to the list along with a few restaurants we’d been to already, and wouldn’t mind a return visit.
About 3 months went by and there was a wall mounting bracket for $25 including shipping. A week later, my TV was on the wall, and the stand was retired.
The restaurant? One of them offered a Groupon which I bought. For $74, a dinner for 4 which included 2 appetizers, 4 main courses, and 2 deserts. The check showed the bill started at $175, and a credit of $130 for the Groupon value, I tipped on the full bill, so another $35 there or a total paid at the table of $80.I spent $154 total for what I’d have paid $210 without the deal. The extra on the bill was for adult drinks, we could have just gotten water or a soda and that would have been less. As I mentioned, we had been to this restaurant before, and had planned to go another time.
I can see how when these deals come to your mailbox there’s a bit of impulse control required. Part of what’s happening for most people is that you see a “buy now, expires soon” warning and you don’t want to miss a good deal. For the gadgets, I’d first decide if you actually need them to separate the impulse factor. I had already looked around and saw wall mounts for TVs, all well over $50, so it was on my list, but I was ready to wait. For restaurants, I see many that offer “$15 for $30 voucher” or similar. Ask yourself – would you grab a “$15 off dinner” coupon and run to this restaurant with it? That $30 may be a small part of the bill and when the check comes, the $15 saved off a $100 bill may not feel like a deal. If you know the restaurant the deal is for, you have an advantage and can decide if a small savings is worth it. Also, the restaurant offers will lead you to the restaurant web site where you can see a menu, usually with the prices listed. If you’re following a budget, strategically using these deals may help stretch the restaurant money a bit further and get you that extra night away from the kitchen.
Now, I have to ask – Are these pendants pretty? I’ve seen Swarovski pieces, but not jewelry, usually it’s vases and drinking glasses. Whatever the case, they’re on sale for 5 more days, and Groupon will bonus me if you sign up through the link above (the ad image). That was my disclaimer, FTC.
Groupon and the like can be great. (Don’t forget to use cash-back sites for your purchases, though.)
We got half-price admission to a water park, which we were already planning on visiting. We’ve saved on cat food (Wag.com voucher), and yesterday I picked up some VistaPrint vouchers that I’ll use for blog promo items. We also used them for luxuries we couldn’t normally afford like massages.
But, like you said, they can be tempting. It’s important to remember most goods come with shipping. And most vouchers for online stores aren’t for enough to get free shipping. So you’ll have to buy over that amount or pay $5-8. (A pet peeve of mine.)
I actually did a post called (Probably Obvious) Rules for Social Buying. A lot of them really are obvious, but that doesn’t mean they go without saying. Sorry if that’s self-promotion. This piece really did remind me about the pros and cons.
I like the pendants, especially the blue one. =)
Joe good analysis. We’ve purchased a few Groupons (and similar deals from Living Social). Like your example they are generally for places that we would go to anyway. As for the impulse control I always have to restrain myself on the bikini wax offers (just kidding). It’s been awhile since we’ve purchased anything of these deals I just generally blow away the emails most days.
Thanks, Will!
Hi Abigail, thanks for visiting. Nice article you wrote, some things I hadn’t considered. I added a link on your comment to the article, by the way.
Speaking of bikini wax, do people really use a Groupon for person items such as dental procedures, acupuncture, etc? That seems over the edge to me.
Joe: Thanks for the link!
I don’t think Groupon would offer so many of the personal items if they didn’t sell well. I have booked a teeth cleaning. I needed a cavity filled, so I wanted to pay $17 for a cleaning and x-rays. Then the expensive part would just be the filling. (Didn’t end up using it, since I couldn’t get in soon enough.)
And waxes are EXPENSIVE! I think bikini waxes start around $40. The more, er, comprehensive ones start around $60-70 I believe. Ouch for body, ouch for pocket book.
I promote many daily deals from Groupon and others but am selective and only post deals that are of interest to me or I think are a good deal. It’s important to be selective.
Is it just me, or is Groupon just becoming the home shopping network!
Agreed. They are starting to offer direct sales of some items, or immediate on line selling for third parties. More than just the initial coupon type restaurant or service deals.
As Abigal points out, cash back can be earned when purchasing from daily deal sites like this. At BeFrugal we offer cash back on Groupon (up to 6%), Living Social (up to 10%), Gilt City (up to 15%) and more daily deal sites. The cash back payout tends to be higher for first time shoppers, so if you are new to join the savings can stack up quickly. Even if you are an existing member, clicking through a cash back site first can lead to an even better deal.