MoneyMakingEasier

Believe it or not money traps are all around us. One of the most visible ones are commercials and advertisements. The ones that get people the most are “buy now, pay later” ones which don’t really mean what they say. Scams are another big one that get people. In this blog I give multiple examples on how to avoid these money traps and keep your money.

What are money traps?

A money trap is something that quietly drains your money or keeps you from building wealth. Money traps are mostly ads, spam emails and high-interest loans. The reason these would be considered money traps is because they lure you in by pretending it is free or low costly.

Most of the money traps you know are the most common. Some money traps are around that people aren’t aware of. Those include stretched out car loans, “free” trial subscriptions, fast food spending and cheap products that fail very fast.

Examples:

Interest: You spend $1,000 on a new phone using your credit card with 25% interest. This is one of the most common ways you lose money from interest.

1. Think about it

Think. Is it really needed? Do you already have things similar to it? Because if so then it’s not worth buying and is not needed. Another way to help is to give it time to think about in your brain. If anything, revise it the next day.

2. Save for it

If you save for it then you don’t have to worry about using important money for food on it. That brings me to the first idea. Do you really want it super bad you would wait/save for a while to earn money for it?

3. Avoid high-intrest

This means instead of owing them and they have interest on you, just pay full amount and get it over with. Then the interest won’t come biting back. Avoid 0% interest companies because almost all of them are lying.

4. Keep track of subscriptions

If you forget or lose focus on a subscription you could end up paying without realizing. Or it might auto renew and you pay without knowing. It’s best to read the subscription details before getting caught in their auto renew web.

5. Ignore it

In your head when you see it you could say, that’s what people buy to pretend they’re rich when actually they just spend more money and become broke. It may be harsh but it’s the truth.

6. Plan for the future

Of its subscriptions that are monthly you should look ahead. How much will you have spent on the subscription if you keep it for a year? Is it very expensive? If it is then it’s probably not worth the cost.