10 Money Management Mistakes to Avoid
5. Living Paycheck To Paycheck
In this highly competitive and unpredictable world you never know when a crisis situation may arise. In an inflation and recession hit economy thinking that you have a safe job is not suggestible. Stopping a crisis is not in your hand but few cash in hand will definitely make it easier to handle the crisis wisely. Thinking about only monthly expenses is not a smart way of managing your finances. Make a monthly budget and create a section for emergency fund where you should have minimum five to six months of your expenses saved.
6. Failure to Create and Stick to a Budget
Create a budget and try to stick to it. But often people tend to forget budgeting and spend mindlessly. It is very important that they should keep an account of their expenses and save themselves from unnecessary expenses. To achieve your long term goals you should always avoid unnecessary expenses and follow your budget strictly.
