Managing finances takes a lot of discipline but when it’s done right, your money will be around long enough to grow that savings egg. When not done correctly, money problems become a bane.

Did you know that money can fulfil the seven deadly sins? That might sound a little bit strange but it’s very true. In this article, we’ll take a look at the seven deadly sins of money and how you can avoid falling prey to these money issues.

1). Lust

Yes, money can engender lust. The feeling is even about the same as watching your favourite actors in a movie. Lust has to do with appetite, which means that while you may have a little, there’s always the urge and need to have more and more. It can also lead you to spend more than you have. Neither form of money lust is a good thing.

First, you may lust for products you see online, on TV or at the store. This lust, or drive to have these items, can lead to spending without thinking. If you don’t have the cash, then credit will do. Credit is dangerous if you overspend and don’t pay off the balance each month. You’ll soon end up with plenty of debt to go with your lust.

One solution to help avoid overspending due to lust is so create a list of free activities that fulfil these urges to spend. For instance, you can use our site to find free stuff. Just review the page of free items and choose one that looks interesting to you. Then follow the instructions on the screen to obtain this freebie. While the gratification may be delayed, you’ll know the free stuff will show up in the mail within about 28 days (or less). You’ll have something nice to look forward to in the post, and the best part is it will not have cost anything!

Create a list of free things you can do when the urge to spend hits. This may include watching videos on Netflix (or another streaming service), finding a great free ebook to read, and more. Do whatever you can to avoid spending, and you’ll avoid the deadly sin of financial lust.

2). Gluttony

This is another deadly sin that can soon lead to overspending and debt if left unchecked. Glutton may temp you into buying that iPad, or those great noise cancelling headphones. They’re expensive, and you don’t have the cash, but the credit card will work! Glutton of this type is always wanting those high-quality items you can’t afford. This can include tech, clothing, food and more, and the hunger is for luxury goods.

Instead of falling prey to gluttony, look for ways to find similar items but at more reasonable rates. This may include shopping on sites such as eBay, in secondhand shops, and more. You’ll have some wonderful luxury items without the hefty price tag. And you won’t end up overspending and/or in debt. Just be careful to avoid buying too many things and filling your house up until there’s no room for you.

3). Greed

This is another deadly sin that can also affect our finances. Instead of spending to help others or for others, you end up not spending at all. Instead, you just sit on that pile of money and hoard it. Giving it away to help others is a great way to combat this deadly financial sin.

Not only will you feel good about helping others, but you can even set up direct deposit to help charities. You can also choose to shower loved ones with money and gifts. Let them know how much you care. Just avoid sitting on all that money, which is really not doing you or anyone else much good.

4). Sloth

Sloth is laziness and is another of the seven deadly sins that can cause havoc with finances. Here, the laziness may not be about earning money, but in saving it. For instance, if you don’t shop around for the best prices on utilities and other services, that could be considered lazy. Plus you end up paying more for those services than you need to.

It’s always a good idea to conduct some research before making a huge change. That’s smart. Look for those services that are priced to save you money, without sacrificing the level of service you need. And it’s a good idea to review what comes in the mail!

What happens if your car insurance is about to renew, but you don’t remember? The provider sends a notification to remind you but if you don’t open the mail, you won’t be reminded. Be sure to review your mail for insurance and other renewals. When you receive a renewal, do some comparison shopping to see if there’s an equivalent service available at a lower price. Then you won’t be slothful and you’ll save more money.

5). Wrath

Do you get angry about your financial situation sometimes? That’s only natural; however, sometimes we don’t act on this anger, and then it’s wasted energy that only keeps us stirred up. Instead, when you feel angry about banking rates, the price of utilities, and more do some research and comparison shopping. Another method to deal with these feelings is to contact your bank or service provider.

Contacting your bank or service provider is a great way to deal with anger, and it’s a great way to find a better deal. Sometimes, the provider understands that you’re upset and may offer a better deal than you had before! But you’ll never know if you don’t call and complain!

6). Envy

This is another of the seven deadly financial sins. Envy is when you see your neighbour, cousin, friend (you get the idea) with some really snazzy thing. When you see it, you may want this great item. This is envy.

The problem here is similar to greed—the envious feeling may make you run out and buy that item, even if you can’t afford it. If you don’t have the cash, then you’ll turn to credit cards instead. This begins the slippery slope to overspending and credit card debt.

So, only buy what you can afford. The other bit of advice is to be content with what you have, instead of trying to keep up with others.

7). Pride

Pride may keep you from asking for help when you really need it most. This is a common issue when people are struggling with their finances.

It’s embarrassing, you feel ashamed for being in the situation, and more. However, talking with another person about the issue can help you feel better. It can also help you find solutions you may have missed.

There are many free independent advisory services available include:

  • Consumer Credit Counselling Service
  • Citizens Advice
  • National Debtline
  • Payplan

If you have a financial problem that’s caused by one of the seven deadly sins, you’re not alone. There are many people in a similar position. You know, if you never reach out for help, how can you ever improve your financial situation?

The time is now to find solutions to these financial issues. The sooner you begin, the sooner you’ll be on the way to financial good health.