Here's what you need to know about 'spaving,' including how to avoid this financial trap.
Spending more to save more is an all-too-common pitfall. The opportunities for so-called 'spaving' are nearly everywhere, whether it’s the lure of a “limited-time deal” or “buy one, get one free” or tacking on additional items to get a bigger discount or simply to reach the free shipping threshold. But spending to save can lead to excessive buying habits and high-interest credit card debt if you aren’t careful, according to consumer savings expert Andrea Woroch.
“Delete shopping apps on your phone that alert you to the latest sale and unsubscribe from store newsletters,” she said. “Instead, look for coupons only when you need them” through deal sites such as CouponCabin.com or with a browser plug in like SideKick, which scans for applicable codes. Pay with cash. Buying big-ticket purchases in cash can also help avoid impulse spending.
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