Avoiding Financial Mistakes

1.1 Spending Without Tracking – If you don’t track your spending, money

     disappears fast.

 

     Solution: Write down your expenses for a week.  

  

1.2 Not Saving Early – The earlier you save, the better.

 

      Solution: Set aside a little from every bit of money you get.  

  

1.3 Impulse Buying – Buying things on a whim often leads to regret.

 

      Solution: Use the 24-hour rule—wait a day before buying.  

  

1.4 No Financial Goals – Without goals, money gets wasted.

 

      Solution: Set short-term and long-term savings targets.  

  

1.5 Ignoring Budgeting – No budget means overspending.

 

      Solution: Follow the 50/30/20 rule (50% needs, 30% wants, 20% savings).