Are you surprised by your expenses when you check your bank statement every month? Do you feel that the wealth you worked so hard to accumulate is actually less than you expected? As retirees, we all know we should be more prudent with our wealth management. But what must we avoid when managing our wealth?

Well, here are the first four of the eight "Don'ts" in Wealth Management.

Don't expect expenses to go down
It is easy to assume that when we are retired that we will be able to save money since we no longer need to spend on work-related travel, meals and clothing . This assumption, however, is wrong. On average, retirees have about 40 more hours of free time a week, giving them more opportunities to stroll about, shop or travel. This may unconsciously lead to the spending of fairly large amounts of money. It is better to cultivate healthy but costless hobbies, such as painting, playing sport or working as a volunteer, as these activities not only enrich the life of the giver, they also reduce the cost of entertainment.

Don't become a big spender
After years of hard work, as retirees we finally have plenty of time to do what we like. Sometimes this leads to a tendency to spend our savings as a reward for ourselves. It is fine to be kind to ourselves, but remember, you may well have a long retirement life. So plan ahead and use your leisure to improve your life – you can, for example, plan for a long trip once or twice a year, travelling in the low season to avoid paying peak rates.

Don't forget soaring prices
When preparing for retirement, the tendency is to minimise expenditure by watching our spending as much as possible. But prices, particularly in recent years, have soared sky-high. Even to maintain the same lifetyle, the basic costs of living will continue to rise with inflation. To deal with this scenario, it is best to steadily keep adding value to our savings to counterbalance the effects of inflation.

Don't stop learning
Many of us have our own ideas about wealth management, but we tend to forget that the world is changing every day, together with the financial knowledge in it. Not only are banks introducing new investment products every day, many new financial concepts and ideas are also constantly springing up. Therefore, we must make sure we advance with the times and absorb the latest financial knowledge to enable both wise choices and decisions in the management of our wealth.

Continuous reading：
The Eight Don'ts of Wealth Management (Part 2)