Personal Finance Round-Up: Are Group Buying Deal Sites Costing You Money?

women group buyingGroup buying deals sites are all the rage this year. Sites like Groupon, LivingSocial and dozens more have exploded and completely changed the way some of us do our shopping, vacation planning, and fine dining.

The way these companies work is they negotiate with businesses on your behalf to cut prices by a huge percentage in exchange for the deal site sending a large amount of new customers to the business. The deal site takes a percentage of sales and the business hopefully gets a substantial customer base increase that may return to buy more products in the future. But what do you get as the customer?

Obviously, you get a big discount on that one purchase sometimes reaching the 70% off mark, but in the end, you may be spending money you didn’t plan to spend or buying a product you never intended to buy. Spending money is still spending money after all. In an article titled Are Social Deal Sites (Groupon) Worth It? at Bargaineering, some of the key aspects of deal buying are dissected to help us better understand if we should be jumping on the new trend of group buying.

Here are some articles definitely worth jumping on:

4 Group-Deal Site Etiquette Tips
If you do plan to use deal sites to get big discounts, be sure to think about when it is and is not appropriate to use such coupons. Using them at the wrong time could land you in hot water and increase the cost of that 70% off coupon. [Get Currency]

Restoring Your Passion for Your Job
We all have to work in some form or another. Those who love their jobs don’t necessarily have better jobs than those who don’t. They just haven’t lost that original passion for what they do and that’s something that can be renewed if you want it to. [The Wisdom Journal]

5 Extended Warranties You Don’t Really Need
Extended warranties can come in handy, but they are also a profit machine for companies and aren’t always necessary. Here are some extended warranties you should avoid. [Financial Highway]

Do Programmable Thermostats Really Save Money?
Thermostats received an upgrade years back and the new digital, programmable thermostats are far superior to the old dials according to many heating companies. But has that superiority ever really been proven? [Get Rich Slowly]

Study Reveals which State Residents Have the Largest Savings and Checking Accounts
Do you consider yourself a saver? Well, according to this study, if you don’t live in one of these states, you may not be doing enough (or need to move). [Money Rates]

Budgeting for Unexpected Expenses
Unexpected expenses are just that, unexpected. You can’t know when they will hit or at what dollar amount, but there are plenty of things you can do to at least lighten the blow when the unexpected strikes. [PT Money]

Never Pay Full Price: Buy Gift Cards Below Face Value
Have you ever gotten a gift card you know you will never use? You’re not alone and many people sell those gift cards. On the other end of that transaction, there’s a good chance you can buy a gift card for somewhere you plan to shop at a discount from others. [The Saved Quarter]

How Will You Become Rich?
How do people become rich? That’s the million dollar question. Here are some ways that it is possible. Are you doing any of them? [Intelligent Speculator]

5 Wise Things to Do with Your Tax Refund
Getting a tax refund means vacation or a new TV for a lot of people, but they probably don’t read personal finance blogs. For us, it can mean a boost to an emergency fund or new investment opportunity. Here are some other smart ways to spend a tax refund. [Not Made of Money]

How Kids Can Earn Money this Summer
One guaranteed way to teach kids about money is to make them experience earning and managing money for themselves. Here are some great ways to help your kids enjoy and learn from a summer full of work. [One Money Design]

Spring Maintenance Checklist: 11 Tips to Get Your Home Ready for Spring and Summer
Spring is finally here! Now it’s time to get outside, stretch out and get to work. Here are some things you should do to help your home recover from winter and prepare for the rest of the year. [Kiplinger]

  • Ray @ Financial Highway

    Thanks for the link love!

  • Andrew (Admin)

    You got it Ray!