Annnnnnnd we’re back with another personal finance buzzword! 🤓Today, we’re talking about “spaving.” Yep, it’s a combo of “spending” and “saving.”💸 How could these two words melt into one? We’re glad you asked.
Have you ever filled up your cart because a store said you’d save more if you did? 🫣 Congratulations, you’ve spaved yourself (DJ Khalid voice). 😆
Here’s Five Fast Facts on spaving and overspending:
- 🛒 Fill ‘Er Up - One of the biggest spaving traps is when retailers suggest you put more items in your cart to take advantage of a deal. For example, “buy two get one free” or “free shipping on orders over $50.” If you’re not careful, you can easily overspend.
- ✨ Shiny Object Syndrome - Retailers also like to dangle the carrot in front of shoppers by creating a bogus sense of urgency. They might flash pop ups that say “limited time only” or “flash sale” to get you to bite. People hate wasting a good opportunity, and advertisers know this.
- 🧠 Mind Games - Spaving head games make logical thinking go out the window. Even though a store might be bribing you with a benefit like free shipping, it’s not always worth it. For example, the extra $25 you put in your cart to reach the threshold is more than the $4.99 shipping you would have paid if you purchased only what you needed.
- 🧮 When the Math Ain’t Mathin’ - Stop yourself from spaving by taking a pause to do the math. A quick number crunch should tell you whether or not you’re getting a good deal. Sticking to a shopping list helps, too. Commit to only buying what you need. If it’s not on the list, it’s not in the cart.
- 📨 Unsubscribe - Wanna stop the temptation altogether? Go through your emails and unsubscribe from retailers’ sales alerts. This way, you won’t feel the urge to splurge every time a sale hits your inbox. These days, there’s a sale rolling in every minute.
🔥Bottom line: Spaving sure is a sneaky little you-know-what, but you’re stronger than you think. Don’t let those sales steer your cart and wallet in the wrong direction. In this economy, we need to save every hard earned penny we can! In other news, Gen Z is racking up debt in a big way. This article has the latest stats.
Have you been saving or spaving?
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