Focus on the Family

Money Traps

Are you falling into a financial trap? See if you can escape these common money mistakes.

by Lynne Thompson

My husband loves to catch crawdads, or as they say in some circles, freshwater lobsters. His foolproof method of snagging these crustaceans is to place the cage behind it. As he waves his hand in its face, the creature's natural defense is to back up—right into the trap.

Like crawdads, it's all too easy to unknowingly back into a trap—especially when it comes to money. If not careful, the spending decisions we make could back us into a corner—or worse…debt. I've listed a few of the money traps I've managed to escape from; see if you recognize them in your own spending habits.

The main thing to remember is that overspending is a trap, and it takes a great deal of planning to keep out of.

Luckily for us we're smarter than crawdads.