Most people strive to end bad financial habits such as debt accumulation, working without a budget, not saving, or paying bills late. These habits can ruin your financial future, but another toxic spending habit flies under the radar: spaving.
Spaving is a relatively new term describing spending more to save money. Marketers use clever tactics like discounts and offers to get people to spend more, and in the end, you end up blowing your budget and buying things you don’t need.
If something has a 5 percent discount, it may not be a good deal if you buy it and don’t need it. That money comes from your pocket, and marketers bank on that because shoppers cannot resist “a good deal.”
How to know you are a spaver
One of the most apparent signs of spaving is an inability to resist discounts and offers. Other signs include impulse purchasing, making excuses for overspending or small expenses, and subscription overload.
How to avoid spaving
1. Unsubscribe from sales alert
Sales alerts and store email subscriptions may sometimes help you land a good deal. But if you notice you are being drawn into buying unnecessary stuff, avoid these alerts to reduce temptation and the fear of missing out.
2. Stick to your shopping list and budget
Before shopping, write down what you need and stick to that list to avoid impulse purchases. However, remember, the goal is not to avoid things with a discount or offer altogether — we are humans, and offers are exciting. So if you find something on the list has a discount, all the better because it’s not going to derail your budget,
3. Make specific financial goals
It’s advisable to have short-term, mid-term, and long-term financial goals. Always have these goals near you, and before spending on an item, ask yourself if it is a need or a want. And if you buy it, will it derail you from your goals?
This is called checking your opportunity costs. Another great way to stop spaving is to look at how many hours it will take to buy an item — is it worth the hours you put in?
4. Sleep on it
Most experts advise people to wait 24 to 48 hours before purchasing something they have seen on offer. Once the excitement settles, you will start thinking clearly and know whether you need the item.
5. Search for deals when you need them
Instead of letting the deals come to you, you can search for deals when you need to buy something. So when you need an item urgently, use your browser to compare prices online, and you will find better deals than if you wander into a single store. This also helps you ascertain that an item has a discount, and it’s not a trick where stores mark up an item’s price and then reduce it a bit to give you the illusion of a “discount.”
6. Don’t allow a store to save your info
You can avoid spaving by making it challenging to make impulse purchases. When stores have your credit card info, they streamline the buying process so you don’t even think twice when buying. But if you don’t allow them to save your info, you need to input your information afresh every time you make a purchase, and the urge to buy may pass.
7. Self-introspection
Self-introspection allows you to understand your thoughts, emotions, and motives better. Why do you overspend or get drawn by offers? You need to know if you are buying things to fill an emotional hole, to make yourself feel better, or to compete with your peers.
Understanding yourself helps you find healthier ways to cope with downcasting emotions or competition with your friends and family.
In summary
Spaving is a lousy spending behavior that can lead to overspending, impulse purchases, and derailment from your financial goals. Of course, things on offer may be a godsend if you need that item; otherwise, it is a bad economic choice. However, you may avoid spaving if you set a realistic budget, prioritize needs over wants, create deliberate hurdles like not saving payment details, or avoid sales subscriptions.
