Money. We all want it, we all need it. But let’s be honest, most of us aren’t taught how to handle it properly. And before we know it, we make mistakes that set us back years.
Let’s talk about the biggest money mistakes young people make, so you can avoid them.
Thinking “I’ll Start Saving Later”
The biggest mistake? Believing you have time. The truth is, the earlier you start saving, the easier it is to build wealth. Even small amounts add up over time.
Think about it:
▪️ Saving Rs.50 a month from age 20 will give you way more in the future than saving Rs.200 a month from age 30.
▪️ Time is the secret ingredient in money growth. The longer your money sits, the more it multiplies.
So don’t wait. Start now, even if it’s small.
Spending More Than You Earn
It sounds obvious, yet so many people do it. New job? Higher salary? Boom... bigger expenses. It’s called “lifestyle inflation,” and it’s why many people stay broke no matter how much they earn.
Solution?
▪️ Live below your means.
▪️ Increase your savings as your income grows.
▪️ Don’t buy things just to “look” successful, real wealth is quiet.
Relying on Just One Income Source
Having only one way to make money is risky. What if you lose your job? What if an emergency hits? The smartest people create multiple income streams, even small ones.
Ways to start:
▪️ Freelancing (writing, photography, or tutoring)
▪️ Selling a skill (baking, crafting, or online coaching)
▪️ Part-time jobs or side businesses
Even a little extra money on the side can give you financial security.
Not Learning About Money
Schools don’t teach this. And if you don’t take time to learn, you’ll spend your whole life struggling.
A few basic things everyone should know:
▪️ Budgeting: Know where your money goes.
▪️ Investing: Make your money work for you.
▪️ Debt management: Avoid bad debt, use good debt wisely.
Financial knowledge = financial freedom.
Ignoring Emergency Funds
Life is unpredictable. A job loss, medical emergency, or car repair can wipe you out if you’re not prepared. Having 3-6 months worth of expenses saved can save you from financial disasters.
Final Thought
Money mistakes can set you back, but the good news? You can start fixing them today.
▪️ Start saving now, even if it’s small.
▪️ Spend less than you earn.
▪️ Build multiple income streams.
▪️ Learn about money.
▪️ Prepare for emergencies.
Because the sooner you take control of your money, the sooner you take control of your future.
Words by Matheesha Prathapa
("Money moves from those who do not manage it to those who do.")