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Four Financial Traps To Avoid

Financial Traps to Avoid as A TeenagerDo you want to get ahead in your finances? Or maybe you want to be well off and have money left over to give to others? You can get to where you want to be financially with some good discipline and hard work. Those good habits can start by knowing what bad habits you should avoid with your money. Check out four important traps to avoid with your money.

  1. The trap of spending money because you have it. – This trap is easy and fun to fall into. When you have some money it’s easy to want to spend it all. That paycheck is burning a hole in your wallet and all you can think of are those shoes you wanted to buy at the mall. What do you do? Do you tend to spend every dollar that you make or have?
    The problem with spending every dollar you make is that it doesn’t leave you any extra money if an emergency would arise. It also doesn’t leave you anything for the future. If you make wise decisions with your money and don’t spend every penny you make, you’ll find yourself better off in the long run.
  2. The trap of thinking more money equals a better life.– It can be really easy to see someone who is better off than you and think that if you just had more money like them you would be happy.
    The truth is that no amount of money will make you happy. Learn to be happy with what you have and live within your means.

    Money wrongly gained will disappear bit by bit; money earned little by little will grow and grow. (Proverbs 13:11 CEV)

  3. The trap of impulsive purchases – Many time you think you can’t live without those new shoes or that awesome pair of jeans? It’s easy to want to buy, buy, buy. However, impulsive buying can easily become a trap. You soon realize that due to all your impulsive purchases you no longer have the money to buy the things you truly may want or need in the future. Be on guard for impulsive purchasing.
  4. The trap of not involving God in your finances – Life gets full and busy really quickly. In those times it’s easy to forget to include God in your finances. However, including God in your finances always brings rewards and helps you out in the end. Ask God’s wisdom to show you which purchases to make or his guidance when buying things. Also choose to give at your church. As you make God a priority in your finances, you’ll see that God wants to bless you!

    But seek first his kingdom and his righteousness, and all these things will be given to you as well. (Matthew 6:33 BOOKS)

    Developing good habits with your money isn’t always what feels good or what comes easily. However, if you begin while you’re young to develop good habits of saving and giving, you’ll find that you’ll have more money as you get older. Choose to put into practice wise financial habits.