Yesterday, we talked about building good money habits to make your income work for you. If you missed it, [check out my introduction to essential money habits here].

But to truly grow financially, it’s just as important to know what not to do. Today, we'll uncover three common financial traps that catch young men off guard—and, more importantly, how to avoid them.

Pitfall #1. Credit Card Debt

Credit cards may seem like a shortcut to the lifestyle you want, but they’re often a trap.

The lure of easy spending hides a darker side—interest piling up, keeping you in debt for years. To avoid this, treat your credit card like cash: only spend what you can afford to pay off each month. This simple strategy makes the difference between financial stress and staying in control.

Pitfall #2. Impulse Spending

It’s easier than ever to spend impulsively.

One-click shopping, ads, and discounts make buying on a whim feel normal. These purchases add up quickly, often leading to regret. The solution? Create a 24-hour rule for non-essential purchases. Waiting a day helps you skip unnecessary expenses and stay on track with your goals.

Pitfall #3. Buy Now, Pay Later Schemes

Buy now, pay later schemes make purchases feel affordable and immediate.

The issue is they often lead to financial commitments you weren’t really prepared for. If you can’t afford something outright, ask yourself if you really need it. Showing discipline today will help you avoid these pitfalls, and the future-you will be all the more grateful for it.

Avoiding these traps is just as important as building good habits. It keeps your financial progress steady and prevents setbacks.

Tomorrow, we'll explore the 60-20-20 rule—a simple budgeting method to help you manage your money effectively. Stay tuned!