Money Mistakes People Make In Their 20s
Earning & Learning
Your 20s are when you come into your own and start earning your own salary. That newfound financial freedom can be a great feeling - but there are some mistakes you should avoid.
Not Tracking Spending
It can be tempting to spend on a new gadget or holiday - but you should not live beyond your means, as acquiring debt in your 20s can lead to difficulty later.
Not Having A Plan
You may want to save up for a house or a car. Or maybe you want to save up for your wedding. Either way, you need to have a financial plan or budget in place and stick to it.
Not Having An Emergency Fund
You may not have too many responsibilities by way of family, but you may still face a financial emergency. You need to have some money set aside for this.
Not Having Health Insurance
Most large employers these days provide health insurance. But if your company doesn’t cover it, get yourself health insurance - it will be a lifesaver in case you need it.
The sooner you start, the better. Whether you are looking to fund your master’s or buy a house, investing is the way forward.
If you are new to investing, try MFs. Money is collected from a group of investors and managed by a fund manager who does thorough research to ensure you get good returns.
You Can Start Small
The great thing is, you don’t need a lump sum to invest in a mutual fund. You can invest as little as Rs.1000 in a systematic investment plan (SIP) and grow your money over time.
Start Your Journey Today
Whatever your earning capacity, at Scripbox, we have multiple mutual funds to choose from, suited to your financial goals.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.