FINANCIAL LITERACY
AVOID THESE COMMON MONEY MISTAKES DURING YOUR FIRST JOB
Published By Livemint | 04 Jun, 2023
First job
Starting out your first job is a significant milestone and the start of your financial independence journey
Financial mistakes
However, many people end up making some common money-related mistakes that can haunt them in the long run
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Here are 5 money mistakes most people make in their first job
Spending too much
Do not spend most of your first income on impulsive purchases and unnecessary expenses, instead try to create a budget set a long term financial plan
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Using too much credit
Try to save up for that big purchase rather than using credit cards to live beyond your means.
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Not saving enough
Try to save at least 10 to 20 percent of your income to build a retirement corpus and an emergency fund
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Taxation
Not fully understanding the tax system can mean you miss out on opportunities to save some money
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Health Insurance
Not having good health insurance can expose you to significant healthcare costs in the future
Credit : Mint_print
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