4 money mistakes to avoid for good money management

Everyone on earth wishes to be rich and famous. Everyone dreams a life of luxury. Everyone wants pockets full of dollars. Everyone wants to roll in dough like life. And to see all these wishes in reality we need money. Unfortunately many of us are unable to notice one simple fact: It is easier to earn but harder to save the hard earned money. More often everyone is in one way or the other bread winner but not all are masters of saving. Saving money is an art in itself and one needs to know the basics to save money and grow richer. And to be richer unnecessary spending should be stopped, in a word money mistakes should be checked. Once this is done everything else that is related to money will follow.

Here are 4 biggest money mistakes one makes. Read to know if you are also doing any of these money mistakes……

  1. Spending on interest: Emergencies never knock and come they just walk in whether you are prepared or not. And to meet emergencies we need liquid cash reserves and reserves are possible only when your account has some savings and this savings are possible only when you have the habit of saving and spending less. And supposing your saving is nil and you hit an emergency then you are forced to pay out on huge interest rates. Your bank will definitely cash on your credit card thereby making you spend more than needed amount. This one big money mistake: NOT SAVING. So at least from now on save something on your hay day for some rainy day.
  2. Buying and reselling: Of course no one denies the joy of buying something new but at what cost? Is it of value to you? Do you use it often? Is it worth that much? These are all the questions one should ask to oneself before embarking on a purchase then alone one should purchase a thing. And the sillier mistake is-people have the habit of buying and selling in quick succession for no reason at all. Shelling out something that is still in good condition for lesser amount than you actually purchased is of no use. Doing so you are not only losing the amount but you are also spending again on the same thing. Make full use of a thing before you sell it out.
  3. Gadget Addiction:Spending hours together in a queue followed by spending huge amounts to purchase a newly released gadget is just one more money mistake. Being interested in technology is different from being addicted to it. What is the use of wasting money on something new that is of no value to you? Many of us have this habit of changing gadgets every now and then without knowing the real usage of it to us.
  4. Brand addiction: There is no fun in shelling out huge amounts just for the brand tag. It is always a wise move to prefer something that has same quality as the brand you prefer and that too for less.

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