Spending more to save more, also known as “spaving,” is a common pitfall that many consumers fall into. This can include buying more items to reach a discount threshold, purchasing items on sale that weren’t originally planned, or convincing oneself to buy something based on the perceived savings. However, this can lead to excessive buying habits and high-interest credit card debt if not careful. Financial experts warn against these practices, as they can have negative consequences on one’s financial health.
American consumers are already financially strained, with inflation and high interest rates impacting budgets. Despite this, many continue to fall for the trap of spaving, which often leads to stress related to financial health. Experts emphasize the need to combat spaving by being mindful of purchases and considering the trade-offs involved in buying decisions. By following specific steps outlined by consumer savings expert Andrea Woroch, individuals can avoid the pitfalls of spaving and make more informed financial decisions.
To combat spaving, experts recommend first identifying triggers that lead to impulse sale purchases and eliminating them. This may involve deleting shopping apps and unsubscribing from store newsletters that promote sales. Paying with cash for big-ticket purchases can also help prevent impulse spending, as individuals are more reluctant to part with physical money. Additionally, doing the math on supposed “buy more, save more” deals can reveal that the percent discount offered is often the same, regardless of the total purchase amount.
Another tip to avoid spaving is to steer clear of temptation by avoiding stores that consistently offer tempting sales. Online shopping can help create a barrier to impulse buying, as individuals can take the time to think through their decisions before proceeding with a purchase. Setting time limits, such as waiting 24 hours before making a purchase, can also help individuals avoid making rash buying decisions. By implementing these strategies, consumers can combat the lure of spaving and make more intentional purchases.
Overall, spaving can have detrimental effects on financial health, leading to stress and excessive spending. By being mindful of triggers that lead to impulse purchases, paying with cash for big-ticket items, and carefully evaluating discounts and deals, consumers can avoid falling into the trap of spaving. Setting shopping hurdles, such as deleting payment information online, and implementing time rules before making purchases can further assist in making more deliberate buying decisions. Ultimately, being aware of the pitfalls of spaving and taking steps to combat it can lead to improved financial well-being and a more intentional approach to shopping.
