1 Moneywise Be Wise 2 Smart investing is the key to financial happiness. It helps you multiply your money. Sav ing is not about saving extra money. It is about planning your expenses in a manner that lets you save enough money no matter what you earn for a safe future. But handling money is not very easy. So here are 11 tips on what you must not do with your hard earned money. 3 Do you rush to the ATM and withdraw money regularly Well you cannot afford to be careles s about withdrawals. While a savings bank account helps you meet your regular needs it is important not to deposit all your earnings in the savings account. While you must keep a portion of the salary in the savings account make sure you allocate enough money for regular expenses as well as additional expenses that you may need to meet unexpectedly. Excess money in savings account will always also tempt you to spend more money than you should ideally spend. 4 Dont manage money without a good plan. A golden rule in investing is to have a good financial plan. Do not invest money only on the basis of what your friends or relatives say. You must identify your priorities and set realistic goals. Calculate your monthly expenses and see h ow much you can save every month. Make a list of things you can and cannot avoid. Learn to strictly stick to you plans. 5 Dont invest all your money in the same plan. No matter which investment plan you choose you must not invest all your money in just one plan or in one bank. It is very important to diversif y your investment. Remember interest rates and services charges vary from one bank to the other. Before you invest money in any scheme call up banks financial service companies and make sure you get the best deal. 6 Dont set high savings targets. You must not go overboard on savings. There is no point in saving all your money and being sad about not having enough for your needs If you have a family you must take care of their needs as well before you start investing. Set a target accordingly. But you should allocate a fixed amount every month. The more you can save the better 7 Dont lose your focus on savings. You may have invested your money across various investment options. Dont think that your job is over. In fact you must keep a watch on interest rate changes and market fluctuations If it is stocks you have invested in check out how the companies are performing read up be alert. You have to be proactive to the changes and be actively involved to make your money grow 8 Dont splurge more just because you got a hike. Most people have a habit of spending more and changing their lifestyle when they get a good hike or bonus. There is no harm in enjoying and have a good time. However if you would like to save money you must invest the additional amount to add to your savings . You must always think ab out the long-term benefits 9 Beware of credit cards. Easy availability of cred it cards has provided a major boost to spending. A credit card gives you access to high spending limits also it liberates you of the worry about handling cash. But credit cards have their downsides as well. For example making the minimum payment due could get you entangled in a debt trap and force you to make interest payments at obscenely high rates 10 Spend in line with a budget. Remember the longsta nding method of making a budget and then spending in line with the same. That is still the right way to go about spending. Having a clearly laid-out budget will help you prioritize your spending. Only when the high priority needs have been taken care of should the balance funds be used for other expenses 11 Dont go for too many loans at the same time. It is very easy to get a loan nowadays. Loans are available just by sending an SMS. But beware of easy loans! Your may want to own a car a home or some other luxury but ideally you must not go for too many loans at the same time. Buy things one at a time so that you have enough money for yourself and to save and you are not too indebted. 12 Dont join any scheme without verifying the credentials. There have been several cases of fra ud where innocent investors have been cheated by crooks posing as smart investors or advisors. They may lure you with all kinds of schemes of getting higher returns at the shortest possible time. Always cross-check facts and figures and their credentials before you invest in any plan. 13 Dont invest your money in risky plans. While it is important not to keep stacking your money in a savings account it is not important not to indulge in risky investment plans. You must start saving with smaller amounts and try to save more as you go along. To start with you mu st seek the advice of a good financial planner or choose low-risk plans. Remember slow and steady wins the race! 14 Dont forget the dates plans. Make sure you keep a diary of all the saving plans their maturity dates and remember to either reinvest the money or go ahead with any plan that you have in mind when the plan matures All the papers must be safely kept in either a b ank locker or any safe place. You must also keep a photocopy of all the important papers incase you lose the original will be useful
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