There’s an array of money advice out there telling you what you should do with your money.

But if you do have it, how about the don’ts?

In this post, let’s tackle the things you should never do when you have money.

It is more like saying how to avoid bad money habits, traps, and mistakes so that you can be better at financial management.

There are probably countless lists of things you should never do when you have money, but some of the bigger mishaps can really cost you a lot and may take a toll on your mental health.

Therefore, here’s money mistakes you should avoid, plus things you should never do when you have money.

Related content: 11 Common Budgeting Mistakes that Beginners Make and How to Fix Them

1. Never lose track of your money.

Out of all the things you could do with your money, a handsome amount or not, never lose track of it.

Not only will it set you up to financial doom, but isn’t it hard that you are clueless about what you’ve got?

Remember that you can’t manage what you can’t measure.

Hence, you must know every money, even the most miniature penny, and coins in and out of your pocket. Call it exaggerated or anxious money hoots, but I call it being meticulous and proper money management.

If you have saved money, always keep track so that you won’t wake up one day wondering where it all went through.

Read more: 32 Realistic Ways to Save Money Very Easily Without Giving Up Too Much

2. Being unintentional.

Other things you should never do when you have money are being unintentional with it. 

Even before you’ve got the physical money in your hands, think of how and where you will use it. 

If your money doesn't have a purpose, may it be for spending or saving, you will eventually use it in other unworthy expenses such as things you will never use.

Therefore, know where your money is going and give it purpose and destination to fulfill its duties to you.

Related: Is Car an Asset or a Liability? Here's What You Need To Know

3. Steer clear of retail therapy.

Of course, other money mistakes you should avoid are the notorious impulse buying and adopting the one-day millionaire mindset.

It’s easy to have an outlet whenever we feel emotional. Some vent through retail therapy plus, it’s more common than you think.

Although it may put you into a good mood and a serotonin booster to treat yourself and buy stuff here and there to relieve stress when money is tight, and you're on the brink, it's not a good idea.

Moreover, that same mindset will also destroy your relationship with money. Besides, there are other things you could do to have fun without shelling out cash.

Therefore, forget your credit card numbers, leave them when going outside, and avoid commercial establishments. Another thing you could do is to shop in moderation and in line with your budget. Don't be a shopaholic and apply the 30-Day Savings Rule or the theory of anticipation.

Before adding to the cart and checking out or swipe that card, carefully decide whether you want the same item. Try to delay the gratification and come back after a month and see if you still feel the same.

If you feel different, maybe you're just hyped or perhaps you don't really need or want that stuff. But if you still feel those butterflies, then go ahead and buy them. Better if you saved up for that so it would feel more rewarding.

You must base your decisions on your needs and on your budget, not when you’re feeling down.

Read more: Stop Overspending Money: 9 Tips To Get Rid of a Bad Spending Habit

4. Never invest in something you don't understand and an amount you can't afford to lose. 

Aside from all the mentioned above, one of the things you should never do when you have money is blind investing.

What you ultimately need here is personal finance 101. Remember to go back to basics.

Never invest in something you don’t understand nor agree on a contract; you don’t have any single idea of how it will work.

It’s tempting to participate in the “easy money” and “get rich quick” scheme that promises you a massive return after a short period.

But, it would be best if you also remembered that the slow and steady wins the race. So, treat investment with a long-term timeline in mind.

Before you jump, look before you fall. You should at least have a basic idea of investing and never let your emotions get the best of you.

Invest only on a comfortable amount you are willing to lose, you know how it all depends on your risk appetite and acquired knowledge.

Therefore, protect your money and be smart about handling it. Yes, it's not enough that you save. You must invest too. But, be sure that you know what you're dealing with.

5. Never forget the people who helped you. 

When you’re starting in life, who are those who stay right behind your back and help you overcome those challenges? Friends? Family? Colleagues? Significant other?

Don't forget your humble beginnings. If you can, give back and share what you have. 

Remember and honor those who sacrificed for you to be where you are now. You have people in your life who helped you so much to succeed and be where you are right now if it weren't for them.

Therefore, one of the things you should never do when you have money is never to forget the people who helped you and were there for you when times are complicated and you're desperately in need.

6. Don't overshare.

You may view this as a contradicting analogy on the above, but one of the things you should never do when you have money is oversharing.

They say that the more money you have the more relatives you have. Meaning the more people see you, treat you nicely, and even respect you. Sad but true; some people will level their respect according to your title, your job position, or the amount of money you make.

Therefore, aside from finances, you should also keep your private life, such as your relationships and ambitious personal goals. 

Don't associate yourself with “user-friendly” and bad influence people who will likely rip your money or lead you down a crooked path.

Network with the right and like-minded people who share the same vision as you! For sure, there are a lot of you!

7. Never try to keep up with others.

Lastly, of the things you should never do when you have money is try to keep up with others.

You must live within your means if you want to build your wealth. Therefore, prioritize savings and investing for your future.

All these small sacrifices here and there will ultimately pay off for the future you aspire to.

Final thoughts

Without a doubt, there are many things you should never do when you have money. From wrong budgeting vs. careful planning, big expenses decision-making, paying more for essential expenses, things you don’t want to spend your money on- the list goes on!

As much as we would like you to keep an eye on all these unending lists, you will probably learn more when you’re in the actual situation, plus when you experience it firsthand. But as early as on, learn to spot all these symptoms and try to avoid these financial mistakes at all costs!

Also, learn from other's mistakes and experiences so you will not start from scratch, but with experience and hopefully wiser now.

But if you still think that what you know is not enough, it’s best to seek advice from financial experts who will guide you better.

We hope you learn from these things you should never do when you have money. There may be a handful of things you should do, but don’t miss out on those you should avoid so you won't get trapped in a pitfall and the vicious cycle of living paycheck to paycheck or, worse, broke.