Spending money recklessly is one of the easiest things you can do. Spending money wisely, on the other hand, is a little bit more difficult, if not impossible for some people. Instead of giving in to temptation and spending your hard-earned money on things you don’t really need, see what financial experts have to say first. Read on to find out what you should never do with your money if you know what’s good for you!
Never cash your paycheck immediately
If you cash your paycheck the minute you get to work, chances are you’ll be spending it just as quickly.
“You will most certainly spend it all if you cash your paycheck rather than have your employer directly deposit it into your bank account,” said Barbara Friedberg, a financial expert. “Even better is to automatically transfer a percent of your paycheck into a retirement investment account and direct-deposit the remainder into a bank account.” It’s a psychological thing: you are less likely to spend something you cannot see. Same with money in a bank account.
