There’s nothing like landing yourself a great deal and with the soft economy we’re experiencing, saving money is more important than ever. Beginning today, fans of the money saving website Groupon can now take their penny pinching on the go with a brand new companion app for the iPhone.

For those of you unfamiliar, Groupon offers great daily deals of the day on various services from businesses around you. The site is able to offer these fantastic offers based on the assurance to the business that a minimum number of customers will participate in the deal. The special is offered all day long and if the minimum number of customers buy it, your purchase of the Groupon is honored. If not, the deal is canceled. Groupon calls it “collective buying power.” The service is currently in over 50 cities and growing.

The Groupon app offers all of the website features for use on the go. Upon launching, location based services will track where you are and present the current offer of the day. You can sign into your account and purchase the deal right from your iPhone. You can also see how many have been purchased and how much time is left for the deal.

The app also does a great job of allowing you to manage all of your purchased Groupons. Offers that you have purchased are stored in your device at all times, eliminating the need to print and carry them with you. You can simply present Groupon on your iPhone to vendors for redemption.

It’s really hard to pass over a great deal and Groupon is delivering a new one every day. If you haven’t gotten a chance to try out this service, I recommend you take a look.

Groupon is available now for free on the App Store.