Learn why spending to save money can be a trap.

Shopping - have you ever still had tags on clothes you've never worn in the closet?

How does that happen?

Something happened that I wasn't conscious of until now.

I bought 2 velour sweatsuits. Looked at other pieces but didn't like them. Next they were on sale. I picked out 5 to try on, even though I didn't like them the week before.

Suddenly I was convincing myself that they were such a good deal I should just get all 5!

Then I caught myself. Wait a minute. I don't even like them! The "savings" idea had taken over my logical brain!

This is how we get clutter, clothes we don't wear, etc. It has to be based on price because if we liked it, we would wear them!

Our closets get full of shoes and clothes that we "collect", but we can only wear one at a time. If you wore one pair of shoes or one top without repeating, how many days until it took you to wear them all?

Are you not going to wear something, in order to wear this?

Closets are becoming poverty traps! Money is pouring into things we don't even wear while retirement accounts go without funding.

Next time you are buying multiples, ask yourself, do I really like these? Do I want to wear them tomorrow? Because if you're not excited to wear it, you don't really want it.

"Saving" by spending is a fallacy. The only real saving is putting money into an account where your net worth increases.

Hit the subscribe button for instant notice of new podcasts!