Finance Experts Issue Urgent Warning To Minnesotans

In these tough times of inflation, we are all trying to be better with our finances. That's why finance experts are bringing an old scam to the forefront. It involves an old money trick companies use to get you to spend more.

Beware Of 'Spaving'

Have you ever heard of this term? The first time I heard it was today! 'Spaving' means spending more money in order to save money. This is a tactic businesses use to get you to spend more and make you think it is a good deal.

While this tactic has been around for a long time, finance experts say that it now has a new name and is likely heading to a retailer near you in Minnesota and Wisconsin.

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Hidden 'Spaving' Techniques

So what are some of these techniques you should be on the lookout for? There are many, including buy one, get one free promotions, which is probably the most obvious and popular 'spaving' technique.

RELATED: Minnesota Named 2024's Most Financially Literate State

Here are a few other examples of 'spaving' that you can look out for:

• Store cash / credit to use only in store on future purchases
• Free gifts with a certain dollar amount spent in store
• Subscribe and save programs
• Buy this many products and get a discount

Why The Warning + How Should You Handle It?

The cost of living is very high and people are pinching pennies more than ever. While this isn't as upfront of a scam as others, like phone scams or text scams, it is a type of scam marketing you should be aware of.

RELATED: How To Stay Safe From Minnesota's Biggest Scams

Finance experts say the best way to avoid falling victim to this scam is to pretend like you never saw a special 'deal' or offer. Instead, make a list of what you need and stick to it. I could definitely be better at that!