Saving with Coupons from Networking Sites

In these tough economic times, more and more people are using their computers to save money at the grocery store.

CBS News correspondent Kelly Wallace reported that the popularity of social networking sites, such as Facebook and Twitter, have led moms to stop looking for coupon bargains in the Sunday newspapers, but online. In fact, she said, they're creating their own virtual community of bargain hunters.

Nichelle Pace, founder of Stylemom.com said, "Whether it's clothing, whether it's food, whether it's restaurant deals, there's all kinds of ways you can save through social media and it's immediate. It's real time."

But how do you find that information?

Wallace said the online world of coupon clipping has become a shared experience. Sarah Walton, founder of Betterwaymoms.com and a mother of two, says she checks Twitter daily to learn about deals -- and tweet bargains she's found to all her friends.

Walton said, "We don't have coffee together in the mornings, we're not out in the neighborhood while the kids are running around, this is our community."

On Savings.com, which reports two million customers every month -- so-called "deal pros" -- offer tips and tricks on how to save for free.

Tiffany Ivanovsky, one of those deal pros, said, "Sometimes it feels a little good to be frugal."

The use of online coupons, Wallace said, has jumped an astounding 172 percent between this year and last.

Pace added online coupons aren't just for baby food and diapers.

"Dell sold millions of dollars of computers using Twitter and social media, so it's for all types of products."

Wallace, citing shopping experts, said social networking is guaranteed to save at least 15 to 20 percent on your shopping bill -- and even as much as even 30 percent if you're really looking for bargains.

But how do you get started?

Wallace suggested these social networking tips:

1. Go on Twitter and enter "#" or the word, "sale."
2. Visit coupon sites like savings.com and RetailMeNot.com.
3. Combine your combine deals with in-store sales.