Spend it
Dipping into your savings can be very tempting especially when you find yourself short of cash. Set a savings target for yourself and discipline yourself not to touch it until that is achieved.
Loan it out
Never loan out money from your savings to family members or friends. You can loan out money from another source but not from your savings. Giving out loans is a risk because you cannot guarantee if the other party will pay back, so loaning out money from your savings is not a smart move.
Impulsive investment
Never invest your money in something you know nothing about. Before you decide to invest, do some research and get knowledgeable. You didn’t save so that you can gamble it away. Take calculated risks and don’t be greedy and start looking for ways to double your savings.
Give it out
You should be financially independent before you decide to become generous with everyone and toe the philanthropic path. Build your wealth first and then you can contribute to the society.
Leave it for so long in a savings account
Why leave your money in your account when you can use it? It’s good to save, but putting your savings in a savings account for too long without doing anything meaningful with it is not the best. Find profitable things you can do with your savings when you have enough. The real value of money would have gone down in a few years because of inflation.
