Monday, November 29, 2010
Money Monday: Deals to Debt
From clipping coupons to only shopping the sales, a lot of us only buy when things are on sale. But thanks to some new websites, trying to save is turning into debt for some shoppers. 7s Lynn Martinez has more in tonight's Money Monday.
WSVN -- Laura Lieberman loves a good deal, and now, she doesn't even have to leave home to find one.
Laura Lieberman: "The first thing every morning, I check Groupon, and I check Woot."
Websites offering hot deals and huge discounts on all kinds of things: food, spa services, to clothing and accessories, travel and restaurants and more.
Laura Lieberman: "It's an obsession. I do it a lot, and not just these sites. I shop online a lot."
Dawn Read loves hot deals too, and thanks to sites like Groupon and restaurant.com, she's collected a pile.
Dawn Read: "I have spas. I have a variety of restaurants in every increment that they offered."
Some of these shared coupon sites offer up to 80 percent off.
Dawn Read: "This has been something that's delivered to your inbox every day, so you get it, you look at the deal and you see a massage for $35 and you want it."
And for some shoppers set on saving, the deals are too good to pass up.
Laura Lieberman: "Oh, this is a good deal. $120 value for $50."
Investment expert Jacqueline Lalonde says since the deals are delivered right to your inbox, for some, it's just too tempting and can dig some people into debt.
Jacqueline Lalonde, Raymond James & Associates: "Every day, all day long, you can get hit with a request to buy something."
She says if you find yourself constantly buying, it is best to make a budget of what you can afford to spend every month on the things you buy from the discount sites, record all of your purchases and stop when you've hit your limit.
And remember, buy a deal because you need it, not just because it's too good to pass up.
Jacqueline Lalonde, Raymond James & Associates: "Be cognizant of what you need to do for yourself so that you don't find yourself six to eight months down the road having purchased a lot of items, A: you didn't use, B: you didn't need, and C: you couldn't really afford."
Dawn says her safeguard is she doesn't use credit cards.
Dawn Read: "I do it on my check card so it comes right out. I know what I'm paying for, know what I'm doing."
And Laura says taking advantage of online deals is helping her keep in budget.
Laura Lieberman: "I don't have to go to the mall at all, and I don't have to shop around to see who's running specials."
Lynn Martinez: "If you have any other money questions or story ideas you'd like us to look into on Money Monday, you can tell us about it by emailing us at firstname.lastname@example.org."