You may have retired wealthy but still, you may be bound to live a financially petty lifestyle, do you know why? Because you may not be minding your own money! Yes, to use your money efficiently, you need to mind your own money. Well, now you may ask, how to mind your own money? Here’s how to do it, let’s find out.

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Keep Your Money In Safe Custody

Where do you keep your money? Is it safe? You can’t afford to lose money at any stage in your life and especially after retirement as it can cause catastrophic damage to your finance. If you keep money at home in a place which is easily accessible to everyone, you may be putting it at risk of getting stolen.

The liquid money should be kept in such a way that they are safe from the wrong hands. You can keep the money in your bank account, liquid fund and some cash at your home. Whenever the cash portion is exhausted, you can withdraw more from the bigger pool i.e., from your bank or the liquid fund. It can help you in keeping your retirement corpus safe from getting into the wrong hands.

Spend Your Money On Things As Per Your Budget Plan

You may not get the retirement corpus back once it’s exhausted, so better to use it wisely. Make your budget plan for the short and long-term and adhere to it strictly. You should get full control of your spending so that it doesn’t exceed your budget. It will help you in meeting your financial need without exhausting money for your remaining life.

Do Not Get Financially Emotional And Lose Your Money

The big corpus that you receive on your retirement can easily entice people around you and if their intention is not good then they may try various ways to get a hand into your money. How to save it? You just need to avoid getting into financially emotional decisions and focus on your financial plan. Do not give access to your retirement corpus to anyone in any circumstances.

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If you stick to financial discipline after your retirement, you can easily mind your money. Apart from keeping your retirement corpus safe, you should also try to keep your financial instruments safe such as your credit cards, bank account details, insurance and investment products, etc.

The author is an independent financial journalist.