Feeling stuck in a cycle where you can't seem to get ahead, no matter how hard you try? It's time to shine a light on the common money traps that may be holding you back. Let's dive into these traps and learn how to steer clear of them to secure your financial future.

1. Living Beyond Your Means: This can happen fast and without you releasing when you are just keeping up with colleagues, friends and situations in life, it’s also really hard to admit to, also you may not even realise because you just don’t pay enough attention.  Key here is to bring it all in to live within your means even if it means shifting a few things in the short term.

2. Ignoring Your Finances: Turning a blind eye to your finances can lead to missed opportunities. Make time, I get my clients to set a Money Date with themselves.  This is to regularly review your financial situation and make necessary adjustments.

3. Not Having a Money Plan: Without a plan or you might call it a budget, it's easy to overspend or not have control. Create a Money Plan aligned with your financial goals and stick to it.

4. Impulse Buying: Impulse purchases can derail your financial goals. I get it too, we are being marketed to all the time, so it’s super easy to get caught up in. Before buying, ask yourself if it aligns with your priorities.

5. Not Saving for Unexpected things: Neglecting to save for emergencies or unexpected things in life can leave you vulnerable. Life is full of unexpected things, so we need to be prepared by expecting the unexpected.  Start to build a fund covering at least three to six months of living expenses and build it up to 12 months so if those unexpected things happen you have time to recover.

6. Neglecting Your Money Mindset: Your mindset is crucial to financial success. IIt will be the one thing that derails it all.  So continued work on upgrading your money mindset so it’s set for success is critical.

7. Trying to Keep Up With Others: Comparing yourself to others can strain your finances. Concentrate on your financial goals and progress.

8. Not Investing for the Future: This is BIGGGGG….Investing is vital for building wealth. Begin investing early or just begin now.

9. Ignoring Hidden Fees: Watch out for hidden fees in your financial products and services. These fees can accumulate and impact your savings.

10. Lack of Financial Education: Let’s face it, it's not a sexy topic, and so much of our lives are spent not talking about this, but so much also really depends on it.  So make some time to learn more about it for you and your future.

By recognising and avoiding these money traps, you can take charge of your finances and move towards a more secure future. Start today by assessing your financial situation and making a plan to steer clear of these common pitfalls. Your future self will thank you.