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Avoid 7 Spending Mistakes and Save More Money

It's time to face your bad habits and take control of your spending. Laura interviews money-saving expert, Andrea Woroch, for savvy shopping tips to protect your finances and save more money.

By
Laura Adams, MBA,
February 17, 2016
Episode #438

Page 1 of 2

Avoid 7 Spending Mistakes and Save More MoneyWe all make costly spending mistakes that end up hurting our finances. It could be overspending on shoes, eating dinners out, overbuying with coupons, or never shopping around for better deals.

No matter your budget, it’s important to understand how and why you’re making spending mistakes so you can avoid them and save more money.

I interviewed money-saving expert Andrea Woroch about tips to face your bad habits and take control of your spending. Her savvy shopping advice has been featured in top news outlets like Good Morning America, Today, CNN, Dr. OZ, New York Times, MONEY Magazine, Consumer Reports, Forbes and many more. Check out Andrea’s website at AndreaWoroch.com.

Free Resource: Laura's Recommended Tools—use them to earn more, save more, and accomplish more with your money!

Here are Andrea’s tips to avoid seven common spending mistakes:

Spending Mistake #1: "Spaving"

Spending more to save more, often called "spaving," is an easy sales trap to fall for.

For instance, buying two items to get one free can be hard to resist. But don't allow seemingly bigger savings to influence you to buy more than you really need.

Spending Mistake #2: Paying Full Price

Bargains abound in today's retail landscape. If you don't compare prices, search for coupons, or research sales you're probably missing out on big savings. Consumers who pay full price because they believe that finding discounts takes too much time are being foolish.

Snag top deals using apps like Coupon Sherpa and Target's Cartwheel. You can also earn cash back while shopping online through portals like Ebates and Giving Assistant. You can even dodge delivery fees by searching for free shipping codes on FreeShipping.org.

Spending Mistake #3: Making emotional purchases

Some people shop when they're feeling sad while others spend as a reward when they're feeling really good. Don’t allow your feelings to trigger bad buying decisions that waste money.

Learn how to cope with your emotions in other ways. For instance, go for a run to let off steam or bake a favorite dessert as a reward when you want to celebrate.

See also: 8 Smart Ways to Spend Less Money and Save More

Spending Mistake #4: Signing up for retail newsletters

Giving your email address to retailers and restaurants typically results in a new member coupon. While that sound great, all the emails that follow the initial deal can get you into spending trouble.

These messages create an urgency to spend even if the store is not providing a coupon or special offer. If you sign up to receive a new member deal or start getting newsletters after making an online purchase, unsubscribe immediately. That way you can enjoy the savings without the recurring temptation to spend more money.

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