In business, you gotta spend money to make money. In personal finances, sometimes you gotta spend money to save money.
That is what spaving is. “Spending” + “Saving” combined. There are some instances where it makes financial sense to spave. Buy one get one deals or buying a minimum dollar amount to receive free shipping are good examples. The key thing to remember is you would spend more now on things you would have bought anyway in the future. I buy vitamins in multiple quantities to receive a bulk discount and free shipping. It is something I continually buy.
On the flip side, there are also instances where spaving does not make financial sense. Buying things you don’t need or would not use just to receive a discount is a prime example. Coupons for $20 off a $100 purchase when all you needed was a $25 item is another example 🚫. Or spending money you don’t have available to take advantage of a discount. In these situations, avoid the spaving tactic.
MMM tip: One way to save on big ticket items is signing up for that company’s email subscription. They often offer welcome discounts to new customers, and holiday discounts throughout the year.
Until next week!
Dariene
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Disclaimer: This newsletter is for informational and educational purposes only and should not be considered financial, investment, tax, or legal advice. I am not a licensed financial advisor. Please consult a qualified professional before making any financial decisions.
