Before you open a bank account, savings plan or investment, here are some pitfalls to avoid if you want to hold on to your money rather than lose it:

1. Know your Financial Advisor. Do not let just anyone handle your money. Find out who the reputable Financial Services companies are and contact them for information and advice.

2. Understand the basics of what you are looking for. While you may be willing to pay for Fund Managers to manage your Investments, learn something about the investment process. The Internet is a wonderful tool to help with this and many of the most useful sites can be found in our Resources Centre. Also, seminars or presentations on financial planning, investments, or retirement planning can be hosted by reputable financial services companies in your city – it is wise to study the Expatriate publications where you live to learn of any that are being held.

3. Do not invest everything or commit everything. Start small, especially if you are raising a family or have other financial obligations. You can start a lump-sum investment with an unexpected windfall or make monthly payments toward building a regular savings plan.

4. Do not check your plan too much. Watching the daily ups and downs of your plan can be frustrating and confusing. While it is okay to keep a watchful or interested eye on your portfolio, understand that it is natural for a portfolio of ‘anything’ to follow an up-and-down curve over time. If you see a downward trend, check with your Financial Advisor.

5. Do not jump on "hot tips" from unreliable sources. Everyone wants to make a quick profit, but trying to do so in certain markets involves great risk. Do not take just anyone's advice. Instead, study general trends as well as markets you may want to invest in before taking the plunge. Avoid buying any holding in a fly-by-night organization just because someone says you should. Remember the adage: “If it sounds too good to be true, then it probably is”.

6. Do not wait too long. Start while young if possible. A monthly contribution of $250 over a few decades may be worth more than $500 a month when you reach age 50. Put aside your raises, bonuses, or dividends to add to your savings; you will never miss money that you do not see in the first place.

7. Do not risk what you can't afford to lose. Rather than selling the house to bankroll a huge investment account in hopes of striking it rich, just sit tight and let nature take its course. While there have been some overnight millionaires on Wall Street, there have been far more failures who lost everything, including the shirt off of their backs. Think of investing as like a savings account, one that could be drained without damaging your family's financial integrity or security.

8. Do not choose just one vehicle. Diversify by investing in funds, bonds, fixed interests or even gold or other commodities. Check on a variety of investment options. That way, you are not placing all of your financial eggs in one basket.

9. Do not panic. If you see your plan's value start to fall, keep in mind that all accounts rise and fall over time. Be prepared to ride out the storm without cashing in your chips unless your Financial Advisor suggests a switch or encashment.

10. Do not stop saving or investing. Some people set up a plan to receive all profit as income. It may be better to reinvest most if not all of your profits to increase the size of your holdings. Compounding investments like this can lead to more sizable gains over time.

A savings plan in particular is an exciting way to build economic returns for the future. Be prepared to make choices that will balance security with risk in order to maximize your ultimate returns.