With the economy on the down turn most people are bound to make various financial mistakes. It is difficult to invest or get returns on your money in an economy where the multi currency system has dealt a major blow to businesses.
1 One of the major problems arising out of the current economic situation is that of inflation. The worst you can do is to keep your money in local currency. The result is that you will wake up to see your money vanished due to the sky rocketing inflation levels. Always keep your money in foreign currency
2 Investing is key
If you leave your money lying around without investing, then it will not grow any returns. Ensure that you find a viable business to invest your money so that you can at least grow it.
3 Avoid the temptation to join pyramid schemes that will ultimately drain you of all your cash leaving you broke and stranded. The recent collapse of the Bevern ponzi scheme served as a wake up call. Never ever let your money go to waste through such schemes
4 Some people have a knack for spending more than their earnings. Indeed living within your means is necessary. Some people do not even sit down to budget with what they have on hand. They simply blow away their cash only to end up cash strapped.