​’I’m a personal finance guru – there’s 5 things I won’t do with my cash’ 

‘I’m personal finance guru – there’s 5 things I won’t do with my cash’ | Express.co.uk Search Finance pro Michela Alloca has shared five money management tips on her TikTok page to help others improve their financial habits.Link copied Bookmark A financially successful woman has shared some money management tips on TikTok (stock photo) (Image: Getty)A financially successful woman and author of the book Own Your Career, who regularly shares financial advice and budgeting tips on her social media platforms, has revealed five things she never does with her money.Michela Alloca, the American finance guru who has also developed resources such as a personal finance starter kit and investing guide for those looking to enhance their financial skills, shared a video on TikTok titled “five things I don’t do with my money as a financially successful person”. In the caption, she wrote, “If you want to be financially successful in 2025…I’ll see you on ig and yt.”Michela emphasised that “what you don’t do with your money is just as important as what you do with it.”Don’t forget to return thingsOne of the key things she doesn’t do is forget to return items. She is “super super ruthless” about the things she keeps, explaining: “So for example, if I order clothes online and I’m trying them on and I’m not like absolutely over the moon cannot wait to wear these out of the house, they’re getting returned and I don’t care if I have to go figure out where to print a label.”She added, “I don’t care if I have to walk or drive to a UPS or FedEx store. I don’t care if it costs me a five dollar restock fee I am returning those things.”Michela has issued a stark warning for those hoarding unwanted items, stating that keeping things you don’t like or won’t use is akin to “basically flushing money down the toilet.”She also accused many shoppers of being “lazy” and called on people to make 2025 the year they hold themselves “accountable” to returning things they don’t like.Don’t use a traditional savings accountIn a bold move away from conventional wisdom, Michela advises against using traditional savings accounts.Instead, she champions the benefits of a high yield savings account, explaining that traditional ones linked to checking accounts are a “complete waste of space” due to the minuscule interest they offer. She points out that while a traditional savings account might offer a minimal 0.1% in interest, a high yield account can deliver at least 3.5%, provided it’s insured.In the UK, the Financial Services Compensation Scheme (FSCS) safeguards all savings accounts and cash ISAs with banks, building societies, and credit unions. Michela uses her high yield savings for all her short-term financial goals, including her emergency fund, holiday savings, and a house down payment, eschewing a traditional savings account altogether.Additionally, she suggests avoiding the use of debit cards. She revealed that she doesn’t use a debit card and instead puts all her expenses on