Money Traps: 7 Costly Mistakes Keeping You Broke And How to Fix Them

Why You’re Always Broke And How to Change That Today

Are you stuck in a financial cycle? Have you ever wondered why, no matter how much you earn, you still feel like you’re always running out of money? Many hardworking Ghanaians struggle with financial stability not because they don’t earn enough, but because of hidden money traps that quietly drain their income.

The good news? You can break free. This article highlights seven costly financial mistakes that might be keeping you broke—and how to fix them to secure your financial future.

1. Spending Without a Budget

The Trap: If you don’t have a plan for your money, you’ll always wonder where it went. Many people spend based on their mood, social influences, or immediate wants, leaving little or nothing for savings and important expenses.

The Fix:

• Track your income and expenses with a simple notebook, spreadsheet, or budgeting apps like Ezeepay or Fido Budget.
• Follow the 50/30/20 rule:
• 50% for essentials (rent, food, transportation, bills)
• 30% for wants (shopping, entertainment)
• 20% for savings and investments

2. Relying on Loans for Everyday Expenses

The Trap: Many Ghanaians rely on mobile money loans, susu schemes, or borrowing from family and friends just to get through the month...

Final Thoughts: Your Money, Your Future

Breaking free from these money traps isn’t about earning a fortune—it’s about building better financial habits.

If you recognize yourself in any of these mistakes, don’t feel bad! The fact that you’re reading this means you’re already taking a step toward financial freedom.