Valve is having regular sales on Steam where new and old games are offered for a discount. The sales are a great way of buying games that you are interested in but do not really want to pay the full price for. If you have the time you are probably checking out the sales on the Steam website or client so that you can browse the list of games that are on sale on the day or during all days of the sale.
Sometimes though, you may want to receive alerts instead when a game drops below a certain price point. The main advantage here is that you get the notification without having to check the Steam store for the game all the time. This can be especially helpful when there are no sales, as game prices can drop then as well. While that's not happening as frequently as during sales, it is still possible that you miss out on the sale because of this.
Steam Alerts is a free web service that you can make use of to monitor Steam game prices to receive notifications when the price of a selected game drops below your threshold. The service supports the following stores:
To use the service select the location you want to receive alerts for which you can do at the bottom of the page. Once you have done that you can enter the name of a game that you are interested in at the top. Here you then get a list of games matching the name. A click on a game selects the game so that you can create an alert for it.
All you need to do is enter an email address you want the notifications send to and the maximum price that you are willing to pay for that game. You will receive a notification when the price drops below the selected threshold. Repeat the process for all games you are interested in.
What happens when you buy the game or are not interested in the game anymore? You do not really want to receive additional notifications in this case. Click on the manage alerts link at the top and enter your notification email address to check up on all notifications. Here you can remove game notifications so that you do not receive price drop notifications for the removed games anymore. (via Arturogoga)
As Sparx pointed out in the comments, Is There Any Deal is an alternative which covers not only Steam but also other online game stores such as gog.com, Gamersgate or Greenman Gaming.
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