Common Money Mistakes We Should Avoid...

These tips are not for the super rich...But for ordinary folks who would like to build a tiny nest egg for their future....

Try avoiding these mistakes and you will find that you have already saved a tidy heap!!!!!

1. Lavish celebrations of family functions like weddings ,engagements ,birthdays etc. even if you cannot really afford.

2. Impulsive buying of costly things even if you dont really need them.

3. Taking a loan just because it is offered.

4. Buying things that depreciate in value(eg.electronic wares) as soon as they enter the market.

5. Taking a loan on high interest for anything that does not have a appreciable resale value.

6. Not maintaining regular accounts.

7. Not making savings a regular habit.

8. Standing as surety or guarantee for someone else's loan commitments.

9. Spending a lot on rentals when you can pay the same as an EMI for your housing loan + avail tax benefits.

10. Not taking medical insurance .

11. Frequently exchanging gold jewellery for the latest models and fashions.

12. Not making proper tax planning well in advance.

13. Living up to the Joneses.

14. Making an investment impulsively, without proper enquiries about the documents/legal aspects.

15. Putting all your investments in one place.(put your eggs in various baskets)