Six Tips for Spending Smartly on Group-Buying Websites

Co-op and work-study earnings put some extra cash in your bank account, but sometimes stretching your dollar a little further requires some added effort. Group-buying websites like Groupon, LivingSocial, and BuyWithMe offer a simple solution to this problem.

Combining generous value and undeniable convenience with a focus on local businesses, these websites feature daily deals that are great for economical Northeastern collegiettes on the go who want savings—fast. Recent deals include: 50% off grub at Penguin Pizza in Brigham Circle, a $30 cut and dry at Viselli Santoro Salon on Newbury Street, and a $22 two-hour electric bike tour in Downtown Boston.

The following six tips will help you spend smartly while a fierce competition for your hard-earned money brews among the top group-buying websites.

1. Let the deal come to you
Sign up for the daily e-mails at each of the three websites, and don’t do anything else. Do you need what the deal is offering? If yes, purchase it. If not, delete the e-mail. Don’t look for deals that ‘might come in handy’ because you’ll waste your money when you end up not using it at all. Also, don’t go searching for deals in neighboring cities because transportation will be an added cost.

2. Remember that you’re not the only one
Coupons for classes, like jewelry making, are great for bonding with your best friend or sister, but chances are, there are hundreds of other girls that are thinking the same thing. These classes can fill up quickly, so rally your friends and book the class as soon as possible to guarantee that you get your first choice.

3. Keep track of expiration dates
Many deals have expiration dates that are months in advance, and don’t let your money go to waste by being neglectful. Since these coupons usually arrive via e-mail, an easy solution is to keep them in your inbox flagged with a ‘star’ in G-mail or as a priority in Outlook. You should print it out and hang it on your fridge, or even mark it down in your planner.

4. Don’t save your credit card information
Some websites let you leave a credit card or PayPal account on file. Don’t do it. Making a purchase just one click away sounds like a wonderful idea in theory, but it can be detrimental to your spending habits in reality. Taking the time and effort to type in your credit card information for each purchase can give you a little extra time to consider whether the deal is really worth it.

5. Read the fine print
You’ve found the best deal—ever! It’s a half price Barnes and Noble Groupon that you can use at our bookstore, right? Wrong! (Terms and Conditions, bullet point #3). Spend your money wisely by making sure you read all the terms and conditions attached to the coupon. Don’t like the restrictions? Ditch the coupon.

6. Refer a friend (or ten)
Referral programs making earning extra money easy. For Groupon and BuyWithMe, earn $10 toward a future purchase when someone you refer makes their first purchase. With LivingSocial, get your deal for free when your three referrals purchase the same deal using a unique link.