1. Don't leave it too long
Sometimes people put their money into a savings account and then forget about it. They may not lose money, but they could make it grow faster somewhere else.
2. Don't invest in something you don't understand
Choose investments you feel comfortable with. You want to be able to sleep well at night and not worry. Look at all the reasons for or against each choice, then make the decision that's best for you.
3. Don't pay more fees than you have to
They say, "There's no such thing as a free lunch," and it's true. There is almost always a cost involved in saving or investing money. Find out about any fees you'll have to pay and compare them with other options. Don't pay for any services you don't really need.
4. Don't lock up your money where you can't get at it
If you are only putting your money someplace until you decide what to do, make sure you can get at it quickly and easily. Ask if you'll be charged any fees or penalties if you decide to take your money out earlier than you expect.
Remember: Don't rush into the wrong thing
Sometimes you need a few weeks or even a few months to decide what to do with your money.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.
