'I'm a personal finance expert and these are 5 things I don't do with my money'

Many people may feel overwhelmed when it comes to handling their finances and consequently, they rely on popular habits and products to save, invest, and spend. However, finance experts often do not stick to these conventional rules, and whilst some might presume they are taking on complex strategies, one specialist has disclosed the reality.

Financial planner and partner at Holden Partners, Stefani Williams, revealed how the money mavens handle their cash and the hard-won wisdom she's gathered throughout her career.

She explained: "When it comes to building financial security, what you don't do with your money can be just as important as what you do. I've learned that avoiding certain habits is the key to staying in control and growing wealth over time. Being smart with money isn't about being perfect - it's about being intentional.

"By avoiding these five common mistakes, I make sure my finances are always moving in the right direction. And if there's one rule I live by, it's this: control your money, or it will control you."

Don't spend without a plan

Prior to making any significant or routine purchases, Stefani maps out these expenses beforehand, considering the outlay in advance. She explained: "Planning my spending keeps me focused on my priorities and helps me avoid impulse buys.

"It's easy to get distracted by short-term wants, but by sticking to a plan, I make sure my money always works toward my long-term goals."

Don't have just one account

For some, managing a single savings, pension, or investment account can be a tricky affair. However, experts like Williams advocate for the use of multiple accounts simultaneously.

She elaborated: "Keeping everything in one account not only limits growth but also leaves me vulnerable if something goes wrong. Diversifying protects me, helps my money grow faster, and ensures I'm building wealth in more than one way."

Don't pay just interest on credit cards

Williams shared that she sidesteps paying mere interest on her credit card statements by settling the entire balance in full every month. This practice has saved her thousands annually at times, funds she's instead been able to allocate towards savings or investments that yield a far superior type of interest.

Don't delay saving

Many people postpone working on their savings or investment objectives, waiting for the day when they feel they have a significant amount of money to contribute. Williams advised people to commence as soon as possible and make this a regular habit, even if it's only setting aside minuscule amounts.

She clarified: "The earlier you start, the better the results. Time is the secret weapon of investing and saving - small contributions today can snowball into huge sums over decades, thanks to compound growth."

Avoid sales

Alongside her spending plan, she avoids sales on items that she doesn't need or hadn't already planned for. She cautioned: "A bargain is only a bargain if you were going to buy it anyway.

"Buying unnecessary sale items just leads to clutter and wasted money. By staying disciplined, I make sure my spending lines up with my values and goals."