BY MONEYCONTROL NEWS
May 23, 2024
SAURAV PANDEY
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Many people don't keep tabs on what they earn and spend, which makes it tough to save up and plan ahead.
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Feeling pressured to match others' lifestyles can push you to overspend on things beyond your means. Focus on your own financial goals and steer clear of comparing yourself to others.
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Unexpected events like medical bills or job loss can throw your finances off balance if you're not prepared. Aim to set aside enough to cover 3-6 months of living expenses.
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Being stuck in this cycle can keep you trapped in debt. Look for ways to boost your income or cut down expenses to break free from the salary-to-salary cycle.
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Credit card debt, especially with high interest rates, can quickly become overwhelming. Work on minimizing your debt and pay it off as soon as possible.
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Over time, inflation can erode the value of your money. Invest your savings wisely to grow your wealth and achieve your long-term financial goals.
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Delaying retirement savings can leave you short when the time comes. Take advantage of retirement plans offered by your employer and start saving as early as you can.
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Unexpected medical expenses or accidents can hit hard financially. Make sure you have sufficient health, life, and disability insurance coverage to safeguard against these risks.
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Beware of schemes promising fast wealth; they're often scams that'll leave you worse off. Focus on building wealth through reliable, long-term strategies.
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Seeking advice from a financial advisor can help you craft a tailored financial plan and make informed investment choices. Consider consulting a fee-only advisor who prioritises your interests.