Yahoo: Maximize Groupon

Do you Groupon? Daily deal sites are all the rage these days. The massive success of Groupon and LivingSocial has inspired a wave of similar web sites all offering deep discounts on everything from fashion to travel, dining, entertainment and beauty. Even Facebook couldn't resist. The social network recently launched its own service called Deals.

But buyers need to beware. About 20% of daily deal consumers end up wasting their vouchers and never redeeming the deal. The problem is that daily deal sites encourage consumers to buy on impulse. We see the time clock ticking on the site, telling us we only have two hours left to buy a deal for 80% off teeth whitening or 50% off acupuncture, and our adrenaline starts to flow. We click the "buy" button without really thinking rationally. It happens to the best of us.

Experts say one way to maximize the daily deal market is to buy with your friends. If you work it out the right way, you'll all get a discount, or at least one of you will. Another tip: Choose offers that don't require you to go too far out of your way. Take the path of least resistance. "You want something that's right in your path going to work, right on your path going home, right on your path going to school so that you know you will use that service. If you have to go out of your way you're not going to use it," says Beth Pinsker, Editorial Director at DealNews.com.

Deals from national vendors are another safe way to go, since they allow consumers the most opportunity to redeem their vouchers. Groupon, for example, recently offered a very popular $8 deal for a large pizza at Domino's worth $20, valid at nearly all U.S. locations. And it may sound obvious, but you're best to stay away from deals that you wouldn't normally desire. Is it a "need" or a whimsical "want?" "If you pick a balloon ride two hours away and have all the great intentions in the world of going, you're not going to get there," says Pinsker.

And if you still end up with buyer's remorse, there's hope yet. Consumers can resell their unwanted deal vouchers on a number of Web sites, including Lifesta.com, DealsGoRound.com and CoupRecoup.com. "It's like an eBay or stub hub for daily deals basically," says Yael Gavish, CEO of Lifesta.com. "If you happen to buy something that you know you're not going to use, just upload it as quickly as possible. "

View the accompanying video below. This article is part of a series on Yahoo!Finance related to being Financially Fit.