Middle-class and lower-middle-class families are constantly avoiding financial landmines everywhere they go. But some of them are much more obvious than others. Here are seven hidden financial traps that lie in wait, just hoping to send you into a spiral of financial struggles, credit card debt, and lots of avoidable stress.
Constant Grocery Runs
You know the drill: you head to the grocery store for a few essentials and somehow end up with a cart full of snacks, treats, and that one item you definitely didn’t need but just couldn’t resist—for the third time that week. Going to the grocery store constantly can lead to more opportunities for you to make impulse purchases. But however often you go, just remember to stick to your list to avoid falling into this trap.
Too Many Subscriptions
You signed up for a subscription just to watch your favorite show. Seems normal. But it’s been a year, and you’ve barely scratched the surface of season one. It’s draining your bank account. So if you can’t remember the last time you watched something on a certain service, it’s time to unsubscribe.
Service Fees
A simple five dollar service fee doesn’t seem like a big deal. Except that fee has a knack for multiplying over time. These charges add up much faster than you think, so check your bills and see if there are ways to cut out service fees. We also recommend cutting back on convenience services, since they’ll usually have service fees and be more expensive overall.
Credit Card Cash Back
Credit card reward programs can turn into a slippery slope of debt if you aren’t careful. Remember, cash back doesn’t mean you can spend like there’s no tomorrow. Use your credit card only when absolutely necessary and don’t spend outside your means.
Paying “That Bill” “Later”
Procrastinating on your bills and saying you’ll pay them “later” is enticing. But when is “later,” exactly? Is it when you’re paying late fees that are draining your finances even further? If you keep forgetting, set reminders or set up automatic payments. If you’re just avoiding it because you’re worried about your finances, know that avoidance rarely works; contact the company and see if they can set you up with a payment plan.
Buying In Bulk
Middle-class families often hear that buying in bulk is actually saving them money. This can be true, but there’s one problem: too many families buy bulk items they don’t actually need or can’t consume before an expiration date. So unless you have a plan for the purchase, you might be better off buying something that isn’t on sale or in bulk because it translates to more savings.
Free Trial Traps
Free trials are the preface to subscription struggles. It’s great to have it for the month, but what happens when you forget to cancel your service? Mark your calendar, set reminders, write yourself a note—do whatever it takes to remember to cancel the service if you don’t actually want it next month.
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