Americans can’t stop ‘spaving’ — here’s how to avoid this financial trap

Spending more to save money, also known as “spaving,” is a common pitfall that can lead to excessive spending and debt if not managed wisely.

Consumers are often enticed by discounts and promotions to purchase more items or spend more money, justifying their actions as cost-saving measures.

However, these supposed “savings” can often result in overspending and financial strain.

Experts caution against falling for marketing tactics and impulse purchases.

To avoid the trap of spaving, consider these steps: * **Quiet the Noise:** Block shopping apps and unsubscribe from emails that trigger impulsive spending.

Instead, search for coupons only when necessary.

* **Pay with Cash:** Using cash for large purchases can curb impulse spending as it makes parting with hard-earned money more difficult.

* **Do the Math:** Evaluate discounts carefully.

A 20% off $100 purchase is equivalent to a 10% off $50 purchase.

* **Steer Clear of Temptation:** Avoid stores or websites that trigger overspending.

Opt for online shopping with curbside pickup instead.

* **Create Shopping Hurdles:** Delete saved payment details online to create an extra step that forces you to reconsider purchases.

* **Set Time Rules:** Give yourself 24 hours to think over purchases before making a final decision.

Remember, financial stress can negatively impact your well-being.

By avoiding impulse purchases and managing your spending wisely, you can prevent falling into the spaving trap and preserve your financial health.