Never do these 5 things with your money

You have been dreaming of becoming the next millionaire in town. You have spent sleepless nights working on your dreams. Your efforts seem not to bear fruits. There are chances you are not making good use of the money you get. Never do these 5 things with your money, as outlined by gobankingrates.com.

1. Relying only on cash when travelling.

You might be travelling to a business function. Relying on cash puts you at risk. It is recommended to carry credit cards or a cheque in the event that something bad happens while away.

2. Living above your means

 Living below your means is among the tenets of wealth creation. Many have failed to achieve their dreams because they do not live below their means.  You will have nothing to save if your expenditure is more than your earnings.

3. Co-sign a loan you can’t afford

Your property risk being auctioned if you sign a loan you know very well you cannot afford. Learn to avoid loans that will make your life harder. Understand the terms and conditions before asking for a loan.

4. Falling for unclear finance deals 

There are some deals that look special but they are not. Understand the deal before you when seeking for funds. Some of the deals are not affordable.

5. Shopping when you’re emotional

 Never shop at the time you feel very emotional. You risk buying what you never intended. Instead, go back home and come back another day.