Mistake#2: Not maintaining emergency funds

Emergencies are unexpected and they can occur at any time. However, it seems that people don’t find it necessary to save some fund for emergencies. But, have you ever thought about any emergency situation? If you are prepared then no issues but if no then start keeping some money aside for your emergencies as an emergency fund. Most of the people during their emergencies depend on their credit cards but, they forget the fact that they are actually increasing their debt burden. In order to avoid such debt burden start saving for emergency funds from today itself.

Mistake#3: Avoiding retirement savings

Young people in this 20th century hate the word “Retirement”! For them retirement is a phase that is yet very far. But retirement is not too far and it will arrive in no time, thus spending lavishly and zero savings can affect your future. If you are young then this is the perfect time to start saving as you will accumulate a good amount of money for your life after you retire. Also being young, you can take more of risk while investing in different financial products; but as you grow older your level of taking risk decreases. First step towards saving for retirement is to take advantage of the retirement savings plan that is offered by your employer or open a bank account and start keeping money each month.

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