The following are the Top 9 common finance mistakes by job freshers committed early in their career in India:
- Not creating a budget: Many job freshers in India fail to create a budget, which can lead to overspending and difficulty saving money.
- Taking on too much debt: Many job freshers in India take on too much debt, such as credit card debt or student loans, which can be difficult to repay.
- Not saving enough for emergencies: Many job freshers in India fail to save enough money for emergencies, which can lead to financial hardship in the event of an unexpected expense.
- Failing to invest for the future: Many job freshers in India fail to invest for the future, such as saving for retirement, which can lead to financial insecurity in later years.
- Not building a credit history: Many job freshers in India fail to build a credit history, which can make it difficult to obtain loans or credit in the future.
- Not understanding taxes: Many job freshers in India are not familiar with tax laws and regulations, which can lead to mistakes on tax returns and potentially owing money to the government.
- Not shopping around for financial products: Many job freshers in India fail to shop around for financial products, such as credit cards or loans, which can lead to paying more than necessary.
- Not protecting against fraud: Many job freshers in India fail to take the necessary precautions to protect their finances from fraud and scams.
- Not having financial goals: Many job freshers in India fail to set financial goals, which can make it difficult to achieve financial success and independence.