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Spaving: The Costly Trend of Spending to Save

Spaving: The Costly Trend of Spending to Save

Spending more to save, commonly known as spaving, can be a deceptive financial strategy that leads to excessive buying and potential debt. Consumer savings expert Andrea Woroch warns that while deals like "buy one, get one free" may appear beneficial, they often encourage unnecessary purchases. Similarly, psychologist and financial planner Brad Klontz explains that spaving is a justification for overbuying, driven by clever marketing strategies designed to maximize consumer spending. As inflation and interest rates rise, it's crucial for consumers to be aware of these traps, which can lead to financial stress and undermine long-term financial health.

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