Are you guilty of “Spaving” ?

I swear a new financial term is being created every other week. Last week, it was A.L.I.C.E. Anywho, “spaving” is the concept of spending more to save more.

Here is how to avoid it…

Identifying triggers that lead to impulse sale purchases is key to dodging them in the future. For example, Delete shopping apps on your phone that alert you to the latest sale and unsubscribe from store newsletters. Use cash.

Do your own math. For some "buy more, save more" deals, the percent discount is often the same but disguised as a greater value. If there's a particular retailer that temps you with limited-time sales, try to avoid going into that store altogether. Implement shopping hurdles. If you are shopping online, deleting stored payment details can help create a "purchase hurdle". "Give yourself 24 hours to think through a purchase before you hit the buy button."

As always thanks for reading.

Read the Full Article Here

https://www.cnbc.com/2024/05/06/americans-cant-stop-spaving-heres-how-to-avoid-this-financial-trap.h