If you rectify all these 15 financial mistakes that I am going to list down, I am pretty sure that you can get closer to your goal of achieving financial freedom.
Contents
- 1 Number One Money Saving Mistake.
- 2 Number Two Shopping Mistake.
- 3 Number Three Budgeting Mistake.
- 4 Number Four Emergency Fund Mistake
- 5 Number Five Banking Mistake
- 6 Number Six Credit Card Mistake.
- 7 Number Seven Phone Buying Mistake.
- 8 Number Nine Car Buying Mistake.
- 9 Number 10. Loan Mistake.
- 10 Number 11. Insurance Mistake.
- 11 number 12 Home Buy Mistake.
- 12 Number 13 Investment Mistake.
- 13 Number 14 Tax Mistake.
- 14 Number 15 Retirement Mistake.
Number One Money Saving Mistake.
One of the most common financial mistakes everyone does is not saving money in a right way. Income minus expense equal to saving, which basically you follow this.
Change this to income minus saving equal to expense. This will help you to save more.
Number Two Shopping Mistake.
How many of you go out for shopping without list? Or you might go with your list, but you don’t stick with your list. You can’t do this. Otherwise, you will always struggle with money.
Number Three Budgeting Mistake.
You don’t have this month budget right or say you don’t make budget because you think that budgeting is not important You are doing big mistake. Understand this budgeting helps to make you disciplined.
Number Four Emergency Fund Mistake
Tell me one thing what will happen if you are thrown out of your job or another pandemic came into play?
No answer. To avoid this uncertainty, you need to make the emergency fund anyhow.
Number Five Banking Mistake
There are lots of banks who take away so much money without knowing you. You open your account in that particular bank just seeing others. Hidden charges will always put you in financial trouble, mark my words.
So make sure that you know everything about that bank.
Number Six Credit Card Mistake.
You can’t make the mistake of applying any credit card without knowing their terms and conditions. Credit card charges are so high that if you miss a one due date, you will remember the interest throughout your life.
So pay your EMI on time to time.
Number Seven Phone Buying Mistake.
If you don’t have money to buy a phone, it is compulsory to take a phone on EMI. Don’t do the mistake of purchasing phone on EMI, only to show off.
Number eight, bike, bike mistake. If you are at in your early twenties, if there is not a need of that bike, don’t put your family in pressure of unnecessary EMI.
Number Nine Car Buying Mistake.
If you know that you only go for vacation once in a month. And only you use your car once in a week. It’s stupidity. Seriously, it’s better to use government transportation rather than again looking at us and buying the car.
Number 10. Loan Mistake.
Listen, whether you are taking education loan, car loan, home loan, personal or any kind of loan.
If there is a need, then only you should take. Otherwise, you should stay away from loan.
Number 11. Insurance Mistake.
Many people don’t take insurance, which is wrong. You can’t do this. Mistake insurance is very important. It helps to protect and secure family, not negotiable. Keep in mind,
number 12 Home Buy Mistake.
Many people look at and they purchase home, though they are not capable of it, but they still put themself in financial crisis. I saw many people buying a house for three to four years, and again, this is a wrong financial decision. You can only buy the house if you are going to live more than 10 years there.
Number 13 Investment Mistake.
Not investing is first mistake. Second, you do blindly investing. Third mistake, you think that you want to grow your money overnight.
Number 14 Tax Mistake.
I know many don’t pay tax, which is wrong. And many were done hearing the word tax. There are lots of tax advantage government provide to the common people.
Now it’s your fault if you don’t know about the tax advantage. Stop blaming government.
Number 15 Retirement Mistake.
I know you don’t plan your retirement, which is very wrong. If you want to retire peacefully, you need to understand that you make sure that you have retirement plan ready. No matter what your age is right now.
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