IS 'SPAVING' The New Saving?

Spending more to save more—is it worth it? How to know if a deal is too good to be true

- LAMBETH HOCHWALD

Linda Condrillo, a retiree in Delaware, considers herself a master of "spaving"-aka spending money to save. She never met a BOGO deal or limited-time offer she didn't like. "One of the most lucrative ways I'spave' is applying for credit cards with big bonus offers," she says. "I look for those that reward you with travel and use that card for expenses that normally come out of the checking account, such as groceries and cable bills." The way she sees it, she'd be spending on those things anyway. Why not reap the rewards of additional savings?

To remain debt-free and keep her credit score in check, Condrillo pays her credit card bills on time, and as soon as she's able, she uses accrued points to book her next flight. "If I play my (credit) cards right, I cancel before the renewal and move on to the next offer," she says. "But I've forgotten to do that a few times and come to regret it."