Business News Desk, The festival of Dussehra is celebrated on the tenth day of Shukla Paksha of Ashwin month. This day is considered the festival of victory of good over evil. On this day, Shri Ram had burnt Ravana. This day is called Dussehra because of the burning of ten headed Ravana. This festival of victory of good over evil gives the message to every person to remove all the evils within himself. This Dussehra, resolve to correct these 10 financial mistakes. If you do this then you will have to worry about money anytime in the future.
1. Not saving money
Many people have a habit that no matter how much money they earn, they are not able to save money. But to secure their future, everyone must save from their earnings. You should develop this habit right from your first earning. For savings, the financial rule of 50:30:20 should be adopted and everyone should save at least 20 percent. Today on Dussehra, say goodbye forever to the habit of not saving.
2. Not investing
Saving money is not enough. Acharya Chanakya has said that if the saved money is not invested, it gets destroyed with time. Money should be saved and invested. Only invested money can grow rapidly and create huge wealth. If you earn a lot of money but do not invest it, then this can also be a problem for you. Therefore, if you have not started investing yet, then resolve to start from today.
3. Not making a budget
Many people just spend money without thinking and do not make a monthly budget. But if you want to save money then making a budget is very important. With this you can control your excessive expenditure. You will know where and how much to spend.
4. Spending more than income
There is a saying that a person should have as many legs as his bedspread. We all have heard these things, but do not understand their true meaning. If you are not able to stop the habit of spending more than your income, then no one can save you from future crises. Therefore, improve this habit of yours today itself.
5. Investing without knowledge
Investing is a good thing, but if you invest money anywhere after listening to someone, you can also suffer huge losses. Therefore, wherever you are going to invest, get complete information about that place. Find out how and how much benefit you will get on your investment. Then invest the amount.
6. Not buying a life insurance policy
Life insurance is very important for everyone because we never know when and to whom something unfortunate might happen in life. Therefore, not taking life insurance can put your family in trouble in the future. Take life insurance in time and protect your family.
7. Not planning for retirement
Old age comes to everyone one day or the other. In old age, money is most useful to you. Therefore, if you have not yet done retirement planning for yourself, then start now so that you do not have to face financial crisis after retirement.
8. Habit of taking loan
Limit your expenses but do not make a habit of borrowing money from anyone. Borrowing can become a big problem for you. Such a person can never prosper financially. If you want to borrow for the purchase of any land or house, then you can avail the facility of home loan from the bank. But take loan only as much as you can easily repay.
9. Betting
The habit of betting in order to earn money quickly can be fatal for you. To accumulate money, you work hard and invest in the right places. If you do not know about investing then take advice from a financial expert. But give up habits like betting or gambling immediately.
10. Not getting health insurance
After Covid, everyone has understood how important health insurance is to deal with any disease or accident. If you have not taken this yet, then you are making a big mistake. With the help of health policy, hospital and treatment expenses are saved. Due to this, your savings are not affected in case of trouble.