The Credit Card Trap and the Need to Save Money

 

How The Creditor's Catch You?

If you were young like me in your teens and if you are struggling now in debt or scrounging every bit of dollar you can to put you gas you are buying on credit, well this blog is for you because this is a time to be more conservative with your spending and not spend a lot with inflation. Take it from me I went broke before and cameback and am paying my bills on time, but I like many fell into the credit card trap. This was an early video I did and I should have learned my lesson, but life gets demanding and the pandemic happens. Next thing you know you are spending money that you don't have for gas on credit. 

Credit Card keep you trapped. The bill add up next thing you know is that you are frustratated that you are taking endless time paying off a debt and you are wondering why you can't catch up with the Joneses. Well screw the Joneses, be like Warren Buffett. He was smart to have the same car for years and thinks about how to make more money even when times are rough. 

Don't Put Big Purchases on Credit

If you have a Big Screen TV or a Laptop is it necessary to put this on credit. Take it from me, a manic spree of mine during the pandemic cost me a lot. Yes I have a big screen TV to show for it and a Laptop to use, but I am still paying for it and the debt just keeps on adding up. Especially with interest. If you want to pay for the creditors debt then you will want to buy these big expenditure expenses. However, if you do so you will have to except paying for those expenses of $50 or more each time and they add up. 

In big expenditures like this it pays off to save money and put it away little by little. Take it from me, it is better to have money on hand and pay for your big expendture rather then paying with debt that money adds up. I know I maybe repeating myself, but having an emergency fund or a fun fund can help pay off what you need to do. It's better to have. Think of the future and think about right now. 

Smile with Putting Money Aside

Having an emergency fund or a fun fund and planning your expenditures in advance whether it is a trip or it is a big screen TV. You will have that money on hand and when the car breaks down and need repair or another problem such as this gas situation you will be prepared. 

Take it from me. I could have done a better job with my finances. I have come along way where I am paying my bills on time and making payments while trying to grow my money even though it is difficult where somethings it takes cutting back on. Spending on money you don't have is never fun and it hurts and it is addicting. Coming to the reality we don't have it and not spend on and plan for the future is something that we need to think about and that is where we want to go. How do we prepare? Otherwise we will keep on paying for our debts of yesterday rather then thinking of tomorrow.

Some books I have learned from were The Automatic Millionaire and The Latte Factor from David Bach. He felt automating it was the way to go and even preparing for investments to. For these books and more you could check on Amazon. 

This article was written by Joseph Evaldi. You could find his Twitter Feed at Joseph Evaldi and here is Joseph Evaldi's Facebook Page. Some of his links for his other books are on Amazon. 

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