“With all this money I’m saving, we’re going to go broke!”
My mom jokingly says this to my dad when she gets home from a shopping trip. Even though she finds awesome deals, she still has to spend money to get those deals. This is how Groupon often makes me feel. I upgraded my world and got an iPhone a few months ago and while I won’t go as far as my friend who has over 250 apps on his phone (how do you even remember where everything is?!), I have accumulated about 50 apps. One of them is Groupon.
Gym trial, coffee, and yoga
I’ve used Groupon a few times before and enjoyed the great deals I’ve purchased. I became a member at my current gym thanks to a Groupon that got me a 3-month trial membership for $30. I would have never discovered my love for Body Pump if it wasn’t for that Groupon. I also got a deal for a local coffee shop and 5 yoga classes. All three purchases ended up being well worth the money. However, having Groupon readily available on my iPhone makes me want to buy things I don’t need.
I literally just bought a Groupon
You read right; I bought a Groupon as I wrote this article. Man, they’re good! Writing about Groupon obviously made me want to check out the local deals and go figure- our favorite restaurant with authentic Latin American food had a $10 deal for $20 worth of food. I’m such a sucker! Let me explain how this purchase is justified and how you can possibly justify future Groupon purchases…
Is the Groupon purchase in my budget?
This question must be asked before a Groupon is purchased. Dave and I allocate a set amount each month (let’s say $100) toward entertainment. If we want to get that $50 Groupon for a $100 massage, it will come out of the entertainment budget. However, we only get $100 total so if April 15th rolls around and we’ve hit the $100 limit then that means we’re eating at home the rest of the month and friends will have to come over if they want to chat over a cup of coffee. Also– don’t forget to account for the few extra bucks if you spend over the Groupon amount and for a tip if applicable! If you don’t have a budget established, spontaneous spending habits can really add up and apps like Groupon can really screw up your budget.
What deals have you purchased from Groupon? Do you find that you buy things you don’t need?
This has been a guest post from Jessica. She is a Registered Dietitian and shares practical, useful tips on food, fitness, and finance. Be sure to subscribe to her blog, Budget For Health.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.