Avoiding Money Traps

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I’m addicted to these things, but at nearly $10 per box, I can’t afford to purchase them on a regular basis. Not just because they put a strain on my grocery bill, but if I ate as many as I wanted, I’d have to shell out additional money to purchase new pants.

Mini donuts = money trap… but a dang fine tasting money trap.

Thinking before you buy an item is a sure-fire way to avoid money traps. Exercise conscious spending. Before you fill fridge with cinnamon goodness or your den with pricey electronics or your kid’s room with a mountain on toys, ask yourself why you are buying the items. Just because you want them it isn’t a good reason. If you can’t come up with at least two solid reasons why the goods are essential to your survival, then step away and keep your money in your wallet.

Another way to avoid money traps is to recognize your spending triggers. Determine places that encourage out of control spending, whether it’s browsing on the Internet, visiting antique shops or simply strolling around the mall. If you are an emotional shopper, you should also avoid stores when you are under stress or try to find other ways to relieve your anxiety other than spending money.

Exercising self control is huge when it comes to saving money. Consider instituting a waiting period, from 48 hours to a week, whereby you think long and hard about a big ticket buy. Once you weigh the pros and cons, you may realize that you don’t need the item after all.

Of course, if you absolutely have to replace a certain item or you decide you really need it in order to function; there are ways to obtain it without breaking the bank. One solution is to comparison shop. Do some homework looking for the best price possible. Check the Internet or newspaper ads to see which store is offering the best deal.

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Michele Cheplic

About Michele Cheplic

Michele Cheplic was born and raised in Hilo, Hawaii, but now lives in Wisconsin. Michele graduated from the University of Wisconsin-Madison with a degree in Journalism. She spent the next ten years as a television anchor and reporter at various stations throughout the country (from the CBS affiliate in Honolulu to the NBC affiliate in Green Bay). She has won numerous honors including an Emmy Award and multiple Edward R. Murrow awards honoring outstanding achievements in broadcast journalism. In addition, she has received awards from the Aircraft Owners and Pilots Association for her reports on air travel and the Wisconsin Education Association Council for her stories on education. Michele has since left television to concentrate on being a mom and freelance writer.

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