🗂️Keep in Mind 'Spaving' Is Not a Smart Financial Hack

[_=*Croft*=_]

You may have seen the term "spaving" pop up on social media lately as a supposed money-saving hack. But despite its (sort of) catchy name, spaving is just a rebranded version of an old bad habit: overspending to save money. And as always: TikTok is never going to bring you the financial freedom you seek.

What is spaving?​

Spaving refers to the practice of spending more money upfront in order to supposedly save more in the long run. For example, buying in bulk, choosing premium products instead of cheaper options, or splurging on an annual membership to get a discount.

While some of these tactics can make sense in moderation, spaving takes it to an extreme. Paying $100 for an annual streaming subscription to save $8 per month is smart. But spending $500 extra on a premium appliance you can't really afford in hopes of lower energy bills is spaving.

The spaving trap​

The core problem with spaving is that you're still overspending and likely spending more than you're really saving. It's easy to rationalize spaving as a way to be frugal, when in reality it's just mentally tricking yourself into buying more than you truly need or can comfortably afford.

Smarter spending strategies​

Whether you deliberately ignore certain bad spending habits or you’ve fallen prey to a larger trend of lifestyle creep, most of us have a general goal of "spend less, save more." Rather than falling for spending gimmicks like spaving, focus on sticking to a realistic budget and scaling back recurring costs. Look for ways to economize that don't require shelling out extra cash.

One place to start with your specific spending goals is to physically write down the things you want to buy before you buy them. Use those bank statements to inform what items make your official “to-buy list.” When you read over items on this list, you’ll be able to make a more thoughtful decision as to what you really need.

The bottom line​

Spaving puts the emphasis on spending over saving. Don't get lured in by the faulty logic that you need to spend more to save more. True financial discipline comes from living within your means, curbing impulsive spending, and finding smart ways to cut costs—not rationalizing going over-budget.
Full story here:

To view the content, you need to Sign In or Register.