The Money Trap, a Cycle of Greed and Debt

Turn on the television, it tells you what to buy, big new cars, diamond rings, fancy new clothes, big house, holiday vacations, and totally unhealthy junk food. None of this is necessity, most of it is brainwashing.

The more you want crap you do not need the more you have to work, especially if you fall for the old “credit card” scam, a trap where the user of a credit card often ends up paying hundreds of dollars extra in the form of interest, conned by the idea of earning points.

Banks get richer, and people seem puzzled at the size of their personal debt. They blame the government rather than themselves and throw away hundreds more trying to win the lottery to escape the pit they have dug for themselves.

People’s own greed is sometimes the reason for their struggles, a fancy wedding, a big ring, huge expenses doled out for one day, and no money left for their future. They have a kid, then another, and then complain about the high costs of having children, unable to set aside any savings for their children’s education they doom their child to a lifetime of student loan debt.

They work two jobs, ditch their kids in day care to be raised by strangers, then wonder why their marriage is falling apart and why they fight so much about money, she gets the kids – and demands more money from him. Many lives are in the toilet.

Would it not be simpler to say “No, I do not want a diamond ring on a gold band, I do not need the big wedding, I would rather have money for the future!”. Would it not be better to live in a small modest house? You do not need that much furniture and can save a lot on heating and cooling. Would it not be better to eat healthy food rather than spend money on calories that do not do anything more than make you fat and force you to buy bigger clothes? Would it not be better to have one kid and start a savings plan for them rather than having more than you can afford? Would it not be better to work less and have more time for yourself?

debt (Photo credit: Alan Cleaver)

If you have fallen into the money trap it is very difficult to get out, it is better if avoided altogether. Perhaps some salvation frugal tips for those in the trap would be:

• Destroy your credit cards
• Have a garage sale and use the funds to pay off debt
• If possible downsize into a smaller home
• Make plans not to have more kids
• Stop eating at fast food places, or buying prepared meals
• Stop buying junk foods, sodas, and so forth

One more suggestion which most married couples may struggle with; sell your wedding rings, the ring is not a symbol of love, it is something people have been “trained” to buy, an expense that you cannot fully recover but if you are able to realize that a ring is not an expression of love, but rather is a waste of money (according to history it is actually a symbol of ownership), perhaps you can part with the rings in favor of having money for other things – such as paying off debt.

Paying off debt may seem like money you cannot enjoy however it is debt that is the trap, debt is more draining than anything. When your dept is paid off you are freed because all other money is yours, not a burden hanging over you.  Remember too, if you have kids you owe it to them to keep them out of debt, start a savings plan for their education.