ARE WE PRONE TO MAKING MONEY MISTAKES IN OUR LIVES?

ARE WE PRONE TO MAKING MONEY MISTAKES IN OUR LIVES?

Imagine for a fact that you completed your graduation and went on to apply for the job. By god’s grace you landed a good job in a good company. Furthermore, you started working well and began to earn good salary. You are real excited hitting each and every road of the town and doing shopping for your family.

We will be excited, because of the salary credit taking place and will try to spend the amount. Now, here is the catch. We will not be having any idea about way to spend the amount.

Moneymindz is the best financial company offering financial advice to citizens of India regarding financial products.

Some of the common mistakes usually people in India do are given below as follows:

Spending Money:

This is the major reason leading to debacle in the business. Mistake done by us, is that we underestimate expenses that takes place. You do not keep sufficient cash reserves, in order to satisfy your daily needs. This is a major reason for worry. One needs to reassess the financial position in a quarterly manner to avoid spending money.

Huge Money On Housing:

We Indians, value our house and hence end up spending lot of money on house related issues. Construction of the house, repair/renovation, purchasing valuable items/components of the house, is hitting your wallet. This leads to confusion and one cannot save money properly.

Doing Huge Credit Card Debt:

You get excited and apply for many credit cards, because salary is good. Later on you go crazy and have dinner, shopping trip, purchase antique pieces, amazing vacation and this piles up on your credit history. You will have a huge credit card debt and if not cleared on time, can lead to problems.

Purchasing Costly Items:

The major mistake done by people in India is that we purchase costly items like air conditioners, idols, antique pieces with an average salary. It can be really disgusting, because at the end of month you struggle.

Example:

Mr. Raghavendra is working in a top notch IT major as level one programmer. Since his aunty is arriving from Canada after 35 long years, he decided to renovate the house and purchase costly furniture, which was not required at that stage. His expense came up to staggering 5.5 lakhs. He suffered because his money management was pathetic.

No Retirement Savings:

You only thought of the present and ignored the future. This can be very disgusting at times. Ignoring your saving for future can be hazardous and during your old age can lead to mountain of problems.

So, the meaning is simple. The money you invest can earn you more money. The more you save the money, the less you struggle during later stages of your life.

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