At Extreme Investor Network, we pride ourselves on providing unique and valuable information to help you navigate the world of personal finance. Today, we’re talking about the common pitfall of “spaving” and how you can avoid falling into this trap.
What is spaving, you ask? It’s the act of spending more in order to save more. Whether it’s getting sucked in by limited-time deals, BOGO offers, or adding extra items to hit a discount threshold, spaving can quickly lead to excessive buying habits and high-interest credit card debt.
To combat spaving and protect your financial health, consumer savings expert Andrea Woroch offers six key tips:
1. Quiet the noise: Identify triggers that lead to impulse purchases and eliminate them. Unsubscribe from store newsletters, delete shopping apps, and only seek out coupons when you truly need them.
2. Pay with cash: Making big purchases with cash can help you resist impulse buys. Plus, use apps like Fetch to earn points on your receipts and redeem them for gift cards.
3. Do the math: Don’t be fooled by “buy more, save more” deals. Calculate the true value of the discount to avoid overspending.
4. Steer clear of temptation: If a particular store lures you in with sales, opt for online shopping and curbside pickup to reduce impulse buys.
5. Create shopping “hurdles”: Delete stored payment details to add a step to the purchasing process, forcing you to consider your decision carefully.
6. Set time rules: Give yourself 24 hours to think over a purchase before hitting the buy button. Chances are, you’ll realize it’s not a necessary expense.
By following these steps and being mindful of your spending habits, you can steer clear of the spaving trap and maintain a healthy financial lifestyle. Stay tuned for more unique insights and expert advice on personal finance from Extreme Investor Network.
