A little site called Groupon pioneered the brilliant idea of harnessing the collective buying power of total strangers to create group discounts (group coupon = groupon). They launched about a year and a half ago in the States and have been growing at a ridiculous rate since. Now, with Groupon London ready to launch any day now, it’s time to figure out what group couponing is all about.

Groupon features a daily deal on something to do, see or buy at an unbeatable price. If enough people sign up, you get the deal! It’s easy and it works really, really well. For example, today’s deal in Los Angeles was a 60 minute massage for $39 (Approx £26) – more than half off. You can sign up for Groupon London here.

Can’t stand the suspense and want to try group couponing NOW? Try Groupola.com from the founder of MyVoucherCodes.co.uk. It launched last month in eight UK cities and plans to expand. The model is the same. Today’s London deal is £45 for a West End show and a meal at a West End restaurant. Not too late to get in on it now!

My recommendation? Sign up for both sites and seeing what kind of deals they offer if they cover your area. It’s another great tool to add to your budget mum toolkit!