7 Money Moves To Take This Year

The way you treat your money will decide the state of your financial stability in the future. Steer clear of these common faux pas and grow your money in a healthy way.

- Nikita Sawant

Perhaps the easiest thing in the world is to spend your money. The difficult thing, however, is to hold on to it, invest wisely, and make it generate more income for you. While managing your finances may not seem very glamorous, it is crucial to start as early as you can. If you make good choices from the beginning, you may be able to save up and make your money grow. Be careful while doing so, and avoid the following mistakes.

#1: You don’t know where your money is going

As a young professional, it’s a powerful feeling to earn and spend your own money on things you’ve desired. Be warned, though, as impulsive spending can make you quite powerless in no time. The realisation strikes when you figure all your money is gone and you can’t even remember where! Independent chartered accountant Swati Phadke believes that keeping a conscious track of your money is the best way to know where you’re spending it. “Keep a detailed log of your expenses. If you’re not the kind to use a spiral-bound notebook, use a smartphone app to keep track. If possible, save all your receipts so you can go back to them when you’re calculating your spending and saving later,” she says.

#2: You don’t save for retirement