'Spaving' Is Not 'Saving': 5 Ways To Break Free From This Financial Trap

Spaving, or the concept of spending money to save money, is a practice that we’ve all fallen for and continue to fall for every now and then. From “Buy One, Get One Free” deals to buying extra items just to hit free shipping thresholds, consumers frequently fall into these spending traps. We get it. Despite financial pressures and a tight economy, the lure of perceived savings is hard to resist. Well, here are five checks one can implement to avoid falling into the ‘spaving’ trap courtesy of savings guru Andrea Woroch.

1. Quiet the Noise

Cut out those triggers that push you towards impulse buys. Andrea suggests going on to your phone and deleting those shopping apps that bombard you with notifications and unsubscribing from store emails that are always tempting you with sales. Instead, hunt down coupons only when you actually need something, using websites or a handy browser plugin that helps you snag the best deals without the constant buzz of temptation.

2. Pay with Cash

When it comes to big purchases, stick to the good old-fashioned cash method. Andrea points out that you’re less likely to splurge on unnecessary items if you’re physically handing over cash. It’s just harder to part with your money when you see it leaving your hand! And hey, even when you pay with cash, you can still score some perks. Snap a pic of your receipt with apps like Fetch to earn points redeemable for gift cards at places like Walmart, Target, and Amazon.

3. Do the Math

Don’t get hoodwinked by those ‘buy more, save more’ deals that just repackage the same old discount in a shinier wrapper. For instance, a $20 discount on a $100 purchase isn't any better than $10 off $50. Andrea's advice? Whip out your calculator to see through these tricks and truly understand what you’re saving, or not.

4. Steer Clear of Temptation

Got a favorite store that constantly lures you in with flash sales? Stay out of there! Seriously, just avoid stepping foot in the store. Andrea recommends opting for online shopping with curbside pickup instead. This way, you get exactly what you need without the risk of those impulse buys at the checkout line.

5. Set Time Rules

And if you're still on the fence about a purchase, sleep on it. Giving yourself a 24-hour buffer to mull over that ‘must-have’ item can work wonders. More often than not, you’ll realize you're just fine without it. Andrea swears by this cool-down period to prevent regrettable clicks on that tempting buy button.