There’s a new shopping term being plastered across social media these days: It’s called spaving. And while you may not know what it means, you’ve probably done it more than you think.
It’s a supposed blend of spending and saving.
Still confused? College student Aria Konanenko says she has seen it in stores.
"Not the 50% off kind of sales," she said, "but like buy one, get one free."
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Connie Kling says she’s seen it too: where you have to spend more to save more.
"You save money," she said, but admitted you have to spend more to do so. "So it’s good and bad I think."
Pros and cons of this new trend
We turned to a pair of experts for their take on spaving, Bankrate’s Ted Rossman and consumer savings expert Andrea Woroch.
"Spaving could look like buying more to get that bigger percent discount or maybe buying two sweaters instead of one to get the third for free or third for 50% off," Woroch explained.
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Ted Rossman was more concise.
"It's a ticket to overspending," he said.
Spaving, Bankrate says, also includes:
- Spending more to get free or same-day shipping
- Free trials that turn into paid memberships
- Promotional deals like 10 items for $10
"But if you're buying something you don't need, it doesn't matter how cheap you got it, you're still spending money you probably shouldn't have," Woroch said.
There are cases, our experts say, when spaving makes sense, such as stocking up on nonperishable food items.
"Sometimes it does make sense to buy in bulk and it really drives that unit cost down," Rossman said, "but only if you're going to use it."
If that’s the case, he says, "spave" away. Otherwise, our experts say, stick to your original budget, and avoid impulse purchases.
That might mean deleting your saved payment information online or opting out of deal notifications.
“Think about what triggers you to spend money and come up with ways to avoid them,” Woroch said.
And that way, you don’t waste your money.
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