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Spaving: Can Spending More Actually Save You More?
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In this week's episode of the Last Paycheck Podcast, certified financial planners Archie Hoxton and Rob Hoxton dive into the intriguing concept of "spaving"—the idea of spending more to save more that has roots in behavioral finance. Rob, inspired by an insomnia-induced CNBC article, discusses how spaving often leads consumers to spend more under the illusion of savings. They explore common scenarios, such as online shopping for free shipping, car upgrades, and credit card reward points, highlighting how retailers exploit these behaviors.
While there are situations where spaving can be beneficial, Archie and Rob stress that it often results in overspending and accumulating debt. They caution listeners to be mindful of behavioral traps like anchoring and scarcity tactics used by retailers. Tune in as they shed light on this financial phenomenon and offer wisdom to help you retire comfortably.
If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation
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Listen in on conversations with Certified Financial Planners Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it’s excitement, anxiety, or anything in between, this show is for you.
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