Finance expert sounds alarm over 'spaving' trend: An old 'trap' with a new name hitting your wallet
‘What Should I Do With My Money?’ author Bryan Kuderna shares how consumers can avoid falling for ‘spaving’ traps and stay in control of their finances.
«Spaving» – spending more to save – is an old «trap» with a new name hitting grocery stores, retailers and even online gambling.
Though there are times «spaving» is worthwhile, one personal finance expert outlined how consumers can avoid becoming the «victim» of the marketing ploy.
«The whole concept of ‘spaving’ is to get consumers to buy more,» Kuderna Financial Team founder and «What Should I Do with My Money?» author Bryan Kuderna told Fox News Digital.
«You see different examples like that all throughout the economy. And where it hurts the consumer is if it encourages them to essentially waste money to buy more than it's necessary, just so that they feel like, okay, now I'm getting the deal.»
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Some of the most prominent «spaving» deals are promotions like «buy one, get one,» in-store «cash» to use on future purchases, free gifts or even programs like «subscribe and save.»
«They're all just different marketing ploys to get consumers to buy more, and in certain instances that works great,» Kuderna said. «If we're using coupons to get what we need, and we also got a bargain at the same time, then certainly it's a win-win. But as we see so many times… it's not.»
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Americans have been struggling under the weight of inflationary pressures for years and higher prices after COVID lockdowns prompted more households to rely on credit cards to make purchases.
From 2021 to the end of 2023, credit
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