Keeping extra wealth leads to evil : Hadith

Messenger of Allah (SAWS) said, "O son of Adam, if you spend the surplus (i.e. extra wealth), it will be better for you; and if you keep it with you, it will be evil for you. You will not be reprimanded for storing what is enough for your need. First of all spend upon those who are your dependents.''
[At-Tirmidhi].

Commentary: The Muslims have been allowed, rather emphatically told and commanded, to possess as much wealth as could meet their personal and family needs. Yet, they have also been advised to spend the spare money on the needy.

In the Hereafter, the result of stinginess will be definitely bad as the Qur'an says:

"The things which they covetously withheld shall be tied to their necks like a collar on the Day of Resurrection.'' (3:180)

If somebody pays Zakat and yet retains enough money with him, and there are some needy people also in his knowledge, then he will be bound to spend on them. At-Tirmidhi quoted a Hadith in which Messenger of Allah (SAWS) said, "Indeed there is a right (for poor) in the wealth in addition to Zakat.''