Saturday, December 21, 2024

Remember these 5 mistakes before start of year 2025, new year will go well - remember these 5 mistakes before start of year 2025 new year will go well


The end of the year is a time when we learn lessons from our past mistakes. Its purpose is to avoid repeating those mistakes in the new year. This also applies in the case of money. If you do not want to compromise with your financial health in 2025, then you will have to avoid certain mistakes. Often we commit these mistakes unknowingly, for which we have to pay a heavy price.

1. Not increasing your SIP amount

There are many people whoSIP) amount is not increased every year. This is a big mistake. Especially when you want to create a big fund for yourself in the long term. You need to think about increasing your SIP amount before the start of the new year. You will have to try to increase your SIP amount from January. You can increase your SIP amount by at least 10 to 15 percent. This will make it much easier for you to achieve your financial goals.

2. Not tracking emergency funds

Have you created an emergency fund? If you have not made it yet then you should not delay now. This fund saves you from getting into big trouble. If you have made it then it is very important to keep track of it. This is the best time for this before the beginning of the new year. Keeping track means that if you have spent some part of your emergency fund this year, you will have to put that money in your emergency fund. Reduction in emergency fund is not good. Your effort should be to increase it.

3. Higher balance in savings account

Many people do not pay attention to the balance of their savings account. Experts say that if you have excess money lying in your savings account then it is not good for your financial health. The reason for this is that banks give very little interest on the balance of savings account. It is not more than 3-4 per cent. Currently the inflation rate is more than 5 percent. This means that the value of your money lying in the savings account is continuously decreasing. Therefore, keeping more money in your savings account than a certain limit causes loss to you.

4. Habit of taking personal loan

Nowadays, personal loan offers from banks and NBFCs come on people’s phones every day. In these it is told that the bank has approved the loan for you at a very low interest rate. You find this offer attractive. You say yes to the loan. Experts say that you should avoid taking a personal loan unless it is absolutely necessary. The main reason for this is that the interest rate of personal loan is high. You get personal loan offers from banks every day because banks earn good money from this. But, this takes a heavy toll on customers.

5. Shopping for non-essential items

Have you shopped for anything in the year 2024 that you did not need much? In fact, many people out of emotion buy something which they do not need much. This has a direct impact on your financial health. If you have a habit of buying non-essential things then you need to change this habit in the new year. Especially due to online shopping i.e. e-commerce companies, the habit of buying non-essential things is increasing among people. Experts say that instead of spending unnecessarily, it is beneficial to increase focus on savings and investments.

https://aiearth.us/world-war/remember-these-5-mistakes-before-start-of-year-2025-new-year-will-go-well-remember-these-5-mistakes-before-start-of-year-2025-new-year-will-go-well/

Related Posts: