Pittsburgh, PA – Are you familiar with the concept of “spaving”? It’s a blend of spending and saving, where consumers spend more in an attempt to trigger savings. While it may sound like a clever tactic, experts warn that spaving often results in more spending rather than saving. Jeff Galak, an associate professor of marketing at Carnegie Mellon University, points out that spaving has been around for quite a while, despite its recent surge in popularity.

Spaving involves enticing customers to spend more by offering discounts or rewards for reaching certain spending thresholds. This tactic, commonly used by retailers, can be seen in various promotions such as buy-one-get-one-free deals or discounted shipping for reaching a minimum purchase amount. However, the allure of spaving can lead shoppers to make unnecessary purchases that they wouldn’t have otherwise considered.

With rising inflation driving up prices, many retailers are ramping up spaving offers to entice consumers. While discounts can be tempting, Kimberly Palmer, a personal finance expert, cautions against falling into the spaving trap. She shares a personal experience where a buy-one-get-one-free deal resulted in her spending more than intended, highlighting the potential pitfalls of spaving.

While some spaving deals can offer genuine savings, experts emphasize the importance of carefully evaluating whether the deal aligns with your needs and budget. Cassandra Happe, an analyst at WalletHub, advises consumers to consider if the additional purchases are items they would buy anyway and if they have the resources to use or store them effectively. Making informed decisions when faced with spaving offers can prevent overspending on items that may not be essential.

The psychology behind spaving lies in the perception of saving money, even if it leads to increased spending on unnecessary items. Kris Yamano, a partner at Crewe Advisors, explains that the gratification of securing a deal can cloud judgment and result in impulse purchases. Consumers are urged to resist the urge to overspend by sticking to their shopping lists, setting budgets, and taking the time to evaluate the true value of spaving offers before making a purchase.

In conclusion, while spaving may seem like a lucrative way to save money, it often leads to unnecessary spending. By approaching spaving offers with caution and assessing their true value, consumers can avoid falling into the trap of overspending on items they don’t need. Remember, saving money is essential, but not at the cost of spending more than necessary.