4. Not Tracking Your Expenses

Keeping a regular track on your money is not a trait of over-cautious people. But it represents that you are responsible and care about your financial status. It might seem painfully tedious to keep a track on your expenses but this is a must-do for all salaried people. With the Budget turning out to be a downer for the common man, uninhibited spending will definitely result in disaster. Keep a weekly track on your expenses if the daily task is not meant for you. There are online portals which will help you track expenses. So, log into these sites too, apart from Facebook and Twitter.

5. Not Having a Contingency Fund

We all think that we will never see the face of financial instability because we have a stable financial status. But this is not so. It’s only natural to change overtime. The same happens to your financial status as well. No one is clairvoyant enough to foresee all future events. So, you will have to be responsible enough to act at the right time. Always have an emergency fund and do not touch it unless your life depends on it. This emergency fund will help you when you will be need. So, always have one such fund. Not having one will only make you bow before tough financial times. Refill this fund when the ordeal is over.