University of Missouri Extension

Money Traps

Whether you earn a lot of money or just a little, a family can avoid the big money traps that keep most people from realizing their dreams.

Trap #1 - not saving enough money. Ask yourself what you would do if you lost your job or experienced another major life change. This should help give you the motivation you need to start new savings and spending habits.

Trap #2 - living on the financial edge. Many people have to borrow money when a financial crisis occurs. Motivate yourself to spend less by setting a goal. When you have a goal, spending less doesn’t seem like deprivation but more like moving toward your goal - and that is very satisfying.

Trap #3 - spending on impulse. Before you buy something, ask yourself if you can accomplish the same task with things you already own. For costlier items, do research to make sure you’re getting the best value.

Source: Dacyczyn, A. (1995, May). The big money traps and how to avoid them. Bottom Line Personal, p. 5 (S. McKinnon 6-95).

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Web site coordinators:
Jamie Thompson
Sandra McKinnon
Site evaluation:
Cynthia Crawford
Last updated: March 09, 2005
Web site established by:
Kate Akers
Mark Belwood
Cynthia Crawford
Sandra McKinnon
Diana Hammond

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