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What Not to Do with Your Money

by Alice C. Woodhouse
June 18, 2009
There are tips that guide us on how best to spend, what are the investments to put our money on, or how to bargain shop to save money, but here's a little twist to that. Here are the top tips on what you DON'T want to do with your money, from the financial experts themselves:

1. Are you still winging the financial aspect of your life by yourself or according to what family and relatives tell you? DON'T. When managing your own money, don't do so without a solid financial plan. You have to understand what you're doing, where your money is going, and where you're going to use it for. It's important to at least be able to identify your saving and spending budget, and set realistic plans on both.

2. Are you still opting to put your salary in your savings account? DON'T. Experts believe that it doesn't bode well to deposit all of your salary in the account because you shouldn't be careless when your withdraw money from it. There's also something that tempts us on the 'excess money' in our savings account and makes us spend a little too much than we should.

3. Going overboard on savings? DON'T. Just like in any other money diet, starving yourself financially is not the way to go when you're trying to put money away. You yourself know just how much can you save, how much money should go into paying bills and debt, and serve your present needs.

4. Easily tempted on buying things (that you don't really need right now)? DON'T. Keeping your budget and savings intact is crucial, and when your spending makes you tap into your supposedly un-tappable resource that's when you know you're getting yourself in a tangle of trouble. There's a reason why you should stick to a good and realistic budget: so you get your priorities straight, save regularly, spend on what you need to, and budget a tiny amount to keep you happy with treats to indulge yourself.

5. DON'T get cheated with quick-rich methods or money schemes. If you do think that the scheme looks legit and would give your high yields, check their credentials, customer reviews, and their standing in the industry first. With a high demand for gaining fast cash in a short amount of time, there are people who are quick to take advantage of other people for their own gains. There have been reports of these so-called advisors that lure potential investors, but there are still some real ones that can help you build wealth faster over the years.

6. DON'T forget about all your accounts. Spread them throughout various banks and investments so you don't keep all your eggs in one basket. Look at investment options, especially those low-risk ones. Never forget to remember dates of maturity in your CDs, your dates to pay premium and other deposits you might have. Keep a log of all the savings plans and investments. DON'T lose focus on your money and saving.


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What Not to Do with Your Money

 

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