Mistake 9 # Not Having Adequate Cover

If it is raining and you and your family members of five people are out having only one umbrella, will it cover all five? The answer is obvious, No! Similarly not having an adequate financial cover may not help save your entire family from getting drenched. It is very important to have a proper coverage according to your necessities and liabilities. For example if you have medical insurance worth 6 lakhs for your parents above 65 years of age, it may not be sufficient for both of them. In such cases you can go for an additional Top-Up Insurance plan worth 2 lakhs which will help you meet the extra expenses.

Mistake 10 # Counting on Tomorrow's Income

This is one of the biggest mistakes which can hinder your financial life very bad. Being reluctant today counting on tomorrows income is a huge mistake. You never know what conditions you may have to face in future, therefore you need to be prepared rather than taking it lightly and not planning wise today. Therefore next time you spend on something which you don't need today stop and think twice.

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