BANGALORE: Today we find many people around the world, struggling with debt on a daily basis. Even during recession there were people who could not manage their finances. Debt, decreased savings and increased expenditures are some of the pitfalls that can seriously derail your finances.

It’s true that, when it comes to money, we all make mistakes but avoiding these mistakes can make a huge difference in terms of financial security. However, it is important to realize the mistake and prevent it from happening again.

Let’s have a look at some of the financial mistakes that can make you poor:

1. Not having a perfect financial plan

Avoiding a financial plan and not setting goals can set you up for financial problems. Success in any area is largely dependent on having a written plan, short-term and long-term goals, and by working that plan.

Re-evaluate your plan and track your progress often using whatever method best suits you, whether it is through online software or in a notebook. Discuss money with your spouse or partner, meeting regularly to go over the budget and common financial goals.