1. Spending more than your income. Check your family's spending plan, identify areas where you are overspending, and make the necessary cuts.
2. Not saving. Make an effort to save money each month by allocating funds for investments, savings, and an emergency fund before spending on other items.
3. Not monitoring spending. This may cause you to run out of money or accumulate debt. To keep track of your income and expenses, start creating a budget.
4. Failing to make timely bill payments. You will incur interest and a fine if you fail to make the payment on time.
5. Ignoring insurances. Get insurance for your health, car, etc. to help you avoid financial hardships in an emergency.
6. Eating out too much. It can quickly empty your bank account. Eat out only on the weekends, or place an order from outside once a week.
7. Going shopping too much. If you must shop every month, set aside a certain amount of money from your budget and don't go over that amount.
8. Keeping pointless subscriptions. If you are not using your gym membership or OTT subscription, consider cancelling them.
9. Overuse of credit cards. Credit cards are great for emergencies rather than for everyday purchases. Using credit cards excessively can result in debt.
10. Not making any investments. Invest in assets such as stocks, bonds, mutual funds, real estate, and ETFs that can help you accumulate wealth over the long term.