CBS Atlanta 4610 tips to master online deals and coupons for smart spending

By Andrew Housser

In email inboxes and on social networking websites, people are bombarded with offers to save money by buying online coupons and certificates. People who are working to save money or get out of debt can be tempted by these deals: What is better, they ask, than saving money on everyday purchases? The challenge is that it sometimes can become nearly addictive to pursue these bargains. As with any spending, too much of a good thing can become dangerous. These 10 tips can help you master online deals and avoid overspending. 

1) Think twice -- or three times -- before purchasing.

Especially in the age of trendy "extreme couponing," it is all too easy to be swept up in the craze for bargains and forget that the money you are spending can really add up. Make yourself pause before clicking "buy" by never saving your credit card information in online purchasing sites.

2) Set a bargain-buying budget.

Limit the amount you spend on so-called great deals. You can set up a spreadsheet, keep track via online financial management software such as Mint, save purchased deals using the Evernote free note-keeping application, or jot down purchases in a notebook. Make sure to check credit card balances online during the month to keep track of expenditures, or sign up online to have balance updates emailed to you weekly. As always -- online expenditures or not -- be sure you can pay the balance in full during each billing cycle. You definitely do not want to go into debt by imagining you are saving money.

3) Remind yourself what else that money could do for you.

Imagine you are tempted to splurge on a certificate that costs $50, but gives you $100 toward a new pair of designer jeans. You might feel this is your opportunity to get the clothes you've been longing for. Or you might decide you have enough jeans, and instead put that $50 toward paying down credit card debt or saving for retirement. Investing $50 now in a retirement vehicle that earns 4 percent interest would amount to $208 in 35 years. That might not sound like much, but it reflects more than 300 percent growth. 

4) Be careful about using debit cards online.

The concept of spending cash instead of going into debt is a sound one. However, if a debit card falls victim to fraud, the account holder can lose cash from his/her account, and it can take a long time to recover the money. One alternative is to open a dedicated free bank account for online shopping, and keep a limited amount of money in the account for online shopping only. (This can also be a great way to help keep to your budget.)

5) Only purchase items you would buy anyway.

You might see an offer on a good deal on a grocery store certificate or a coupon for the restaurant where you always go for date night with your spouse. These can help cut down what you spend in those places. On the other hand, if you have never tried what is being offered, ask yourself honestly if you will use the coupon. If not, you are not saving -- only spending.

6) Check your calendar.

Some offers are for a certain date. If you are busy that day, do not waste your money. This sounds simple, but once you hit "buy," you are usually locked in. Many deals are not refundable or transferable.

7) Read the fine print.

Offers have certain expiration dates or might have other contingencies. On the other hand, some group purchasing bargain sites protect consumers from some of these contingencies

8) Check post-expiration value.

In some cases, after a deal expires, the merchant might be required to honor the price you paid for a deal -- even if the higher face value has expired. For example, if you paid $10 for a $20 certificate to a restaurant, even after its expiration, the certificate might still be worth $10. If you are buying, these values can provide some additional assurance on your purchase's worth to you.

9) Combine deals.

Many establishments allow users to use the deal certificate to pay, and also add a coupon. Check if you can use a buy-one-entrée, get-one-free coupon along with your deal certificate. Stacking deals that way can turn a $7 purchase for a $10 value into a $7 meal for two. As long as you replace a meal out, rather than adding an outing, you can trim your costs and treat yourself.

10) Protect your online safety.

As with any online activity, keep your personal information safe. Always have active antivirus software. Only shop at sites where URLs begin with "https" to show the site is secure, and that show a padlock symbol indicating a secure transaction. And definitely think twice before sharing your credit card or bank account information with an online merchant.

Online bargains can be good tools to create some wiggle room in a budget. Even better, they can help free up cash that can be used to pay down debt, or save for future emergencies or for retirement. However, truly smart shoppers will be sure they are really saving, and not spending more, with these types of deals.