10 Money Management Mistakes to Avoid


Bangalore: With many other financial problems like retirement planning at early age, life insurance, home loan etc, it has been observed that most of the financial crisis arises due to improper money management ability. Money management is one of the most important task of your financial planning as only after a proper planning one can save money and think of other investment or retirement plans. Here are 10 most common money management mistakes listed by Forbes that people usually make even without noticing. You never know, you can become wealthy if not stinking rich by avoiding these mistakes.

1. Want, Need and Desire

Often people do not understand the difference between their needs and desire. In this culture of consumerism people tend to buy things that are actually not needed but a sense of need is being created among them. You need to draw a line between things you actually need to spend money on and others where you have a choice.

2. Having Only a Rough Idea About Where Your Money Goes

Ask any one about their expenses, they will hardly remember only 10 percent of the total expenses made. But when they actually go through their expenses, most of them are surprised to see where their money is actually going. Therefore it is very important for any one to keep a track of their expenses. From there you can sort out the options from where you can save money.

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