Money Fix: Tips on using group coupons

If you like bargains -- and sharing news of bargains -- Groupon.com could be a good site to check out. That's where you can get 50 percent or more off on goods and services offered by local and national merchants, provided a certain number of others sign up for the same deal within a set window of time.

"I love Groupon," says Amy Platt of Syosset, founder of the Long Island Parent Source, an online resource for families. She's snared 50 percent off at a local restaurant, as well as at the Gap, Barnes & Noble and Bath & Body Works. Still, she says, there are best practices -- and a couple of caveats.

SHARING: Besides tipping off friends to desirable bargains, it's in your best interest to get the word out, she says. "Refer a lot of people. As the referrer, I get a Groupon credit, which means the things I am buying at a discount are even further discounted, and sometimes even free." Consumers can even sign on to Groupon through Facebook.

MOBILE: Bargain hunters can browse and sign up for deals using their iPhones, Androids and BlackBerrys -- and even redeem Groupon deals with a swipe of their phones.

COLD WATER: And, yes, there are warnings. Groupons do have an expiration date, so if you have an ever-growing stack of unredeemed gift cards, this may not be the best shopping method for you.

Also, people can succumb to the thrill of the deal, says Linda Howland, chief executive of Rochester-based Rethinking Debt.org, a nonprofit community service agency.

The key is not just how much you can save, she says, but also how much you actually need the service or product.