Stop Leaving Your Money to Lose Itself – Avoid These Mistakes

Earning money is easy enough (well, for some). Managing it, on the other hand, is a task not many can master. Saving money and sticking to a budget can be quite a challenge especially if you are prone to spending cash as soon as you get your hands on it. Money mistakes might end up losing a lot of value of your hard earned cash.

Listed below are 7 such money mistakes you might be making, and the ways you can avoid them.

Deposits in Online Wallets –

online e-wallets save money in e-wallets
online wallets in india

Online wallet and payment processing services like PayTM, Amazon Pay are changing the face of e-commerce today. No longer do we have to deal with hard cash; digital money has simplified life beyond belief. However, on the downside, online payment gateways do block the flow of money. The unused money left in your e-wallet does not give you any interest, unlike when you keep the money in a bank. Moreover, these platforms (PayPal included) are not insured by the FDIC certification. It is always advisable that you keep a minimum balance amount in these payment gateways, transferring all the main funds to a savings account.

Keeping Cash in Your Home –

keep money at home save money

An independent study by the American Express Spending and Savings Tracker revealed that more than 43% of Americans prefer to keep their savings in cash rather than invest it in some lucrative schemes. Moreover, about 53% of these people tend to keep cash in their homes and not deposit it in the savings account. The two direct disadvantages of these choices are:

  • Your money is not safe; it can get stolen or misplaced easily at home, unlike in a bank where your deposits are guarded with the most advanced security system.
  • You lose out on the interest – the biggest advantage of keeping your money in the bank is the little amount of interest you get every month out of it. Although minimal, this extra amount is still better than not getting anything at all.

Unused Gift Cards and Coupons –

save money by using these simple tips

Discount coupons and gift cards have been a major marketing tool for several brands that want to promote their products and expand their customer base. However, not everyone uses gift cards intelligently. Every year, thousands of dollar worth of gift credit is lost because of misplaced or expired coupons. The technical term for this financial bleed is “breakage” when the companies are profited from unused coupons. Niche coupon code databases leverage this breakage model to offer highly valuable coupons to a targeted audience. It has been estimated that between 2005 and 2011 there was a loss of over $14 billion dollar worth of gift cards just because they were never redeemed.

Compare Before You Buy –

Compare before buying save money

People are now more interested in buying things online and the e-commerce market is booming because of the comfort and discount online portals offer to consumers. If you’re one of them who loves to shop online then this tip is for you. If you research well before you buy anything online you could save some bucks. The CEO of, a list reviewer brand of India revealed that “The research and our filtered list helped thousands of customers to save their money and finding the best items for the long run. Thus they don’t waste money on low quality and expensive things instead they get the same value for lower money.”

Investing in Gold –

Invest in Gold best investment options

Investing in gold can be quite a great idea if the market conditions favor it. However, during an economic recession or depression, investing in gold or property might not be a good idea because these sectors are highly volatile and prone to heavy gains or loss. Contrary to popular belief, converting your money into gold biscuits isn’t always the best way to safeguard its monetary value. The increase in investment in gold also contributes to inflation as there is a shortage of currency in the market. Gold lacks utility; the people investing in gold are more speculating rather than investing.

Also read – Protect your Family Future with Term Insurance.

Credit Card Fees and Other Expenses –

credit card fees and expenses
Illustration of credit card payment

Ask yourself; are you heavily dependent on credit cards when out shopping? It is a great way to pay for things that we otherwise cannot afford because we’re awaiting the payday. However, it comes as a bit of a shocker when we see the bill at the end of the month. It is best that you avoid swiping the card unless it is an absolute necessity. Even if you do swipe the card for payment, make sure that you have the full funds to pay the amount by the due date. There are many retailers who try and lure customers using the free shipping/ zero interest EMI schemes, but it just a trap to compel users to buy more than what we actually need.

Unused Subscriptions –

How do I cancel unused subscriptions

There are a lot of things that we just impulsively sign up for and then forget about for the whole year. Gym membership often falls under this category. According to a report by in 2014, 76% of households that have an average income of $100,000 or more spend $500-$999 on gym memberships and fitness centers. The study also shows how almost 2/3rd of the people who sign up for these gyms never end up actually using it. Then, 25% of the members are inactive after the first 6 months itself! Be very careful when you are subscribing to any paid-membership of any sort, go for it only if you really intend to use it all through the year.  

Final Thoughts –

Consider these suggestions in isolation, and you’re right in questioning the quantum of benefit they’ll bring. Capture the financial discipline lessons in these suggestions and you’ve got a lifetime of smart choices ahead.


© Dipika Singh. Unauthorized use or duplication of this material without express and written permission from this site’s author is strictly prohibited. Excerpts and links used, provided that full and clear credit is given to Dipika Singh (Gleefulblogger). With the right and specific direction to the original content.

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  1. Hi Dipika,

    This is a very informative and necessary post. Managing finance is one of the toughest of things to do if you cannot resist unnecessary purchases. Your post is very helpful and with your suggestions one can save money.

    Thanks for sharing, have a good day.

  2. I make almost all these mistakes?. It feels like you wrote it about me. Nice article:)

  3. […] Kedy via Stop Leaving Your Money to Lose Itself – Avoid These Mistakes – Gleefulblogger […]

  4. Gift Cards and Coupons are what I am guilty of. Shall be more careful next time. Very helpful tips, Dipika.

  5. When we try and get cute and top tick an exit it reinforces a bad trading habit.

    You subtly send a signal to yourself that you are good enough to know when the market is about to turn and will bank profits at the optimal time.

    Every now and again I do it like that too, but it’s luck, not skill.

    The way forward is to have a method which you exit all trades the same.

    Do something the same way every time, and trust that on balance you will get a good result.

  6. Thanks for sharing with us, really a very help full post for us.

    1. Thank you for stopping by

  7. Really a very help full article, thanks for sharing with us.

    1. Thank you so much, glad you like it.

  8. Awesome post!! Thanks for sharing it

    1. Thank you so much. Glad you like it.

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