Managing money sounds simple — earn, spend, save. But in reality, many individuals fall into traps that can derail financial stability. At Vizzve Finance, we help you identify these common personal finance mistakes and offer smart ways to avoid them.
1. Living Beyond Your Means
Mistake: Spending more than you earn through credit cards, EMI purchases, or lifestyle inflation.
Avoid It:
Create a realistic monthly budget
Track spending with budgeting apps
Differentiate between wants and needs
Vizzve Tip: Use our budget planner to realign your lifestyle with your income.
2. Not Having an Emergency Fund
Mistake: Relying on loans or credit cards during emergencies.
Avoid It:
Save 3–6 months’ worth of expenses in a liquid account
Automate a portion of your monthly income toward emergency savings
Vizzve Insight: We offer quick emergency loans if you’re caught unprepared — but prevention is always cheaper.
3. Ignoring or Delaying Investments
Mistake: Keeping all your money idle in savings accounts.
Avoid It:
Start investing early (even small SIPs help)
Diversify: mutual funds, PPF, FDs, stocks
Set short- and long-term financial goals
Vizzve Finance can help you align your loan repayment plans with your investment strategy.
4. Not Reviewing Credit Score Regularly
Mistake: Ignoring your CIBIL score, which affects your loan eligibility.
Avoid It:
Check your credit report every 6 months
Pay EMIs and credit card dues on time
Keep credit utilization below 30%
Vizzve Advantage: We offer tools and tips to boost your score and get better loan deals.
5. Taking Loans Without Comparing Offers
Mistake: Choosing the first lender without checking terms.
Avoid It:
Compare interest rates, tenure, processing fees, and prepayment charges
Use Vizzve’s Loan Comparison Tool to find the best fit
6. Not Planning for Retirement
Mistake: Thinking retirement planning is only for people in their 40s or 50s.
Avoid It:
Start contributing to retirement schemes like NPS or EPF
Increase investment contributions with salary hikes
Use Vizzve’s retirement calculators to stay on track
7. Poor Insurance Coverage
Mistake: No or inadequate life and health insurance.
Avoid It:
Get term insurance covering 10x your annual income
Opt for family floater health plans
Don’t rely solely on employer insurance
Vizzve Recommends: Talk to our experts for insurance planning tailored to your financial goals.
8. Failing to Set Financial Goals
Mistake: Spending and saving without a purpose.
Avoid It:
Set SMART goals: Specific, Measurable, Achievable, Relevant, Time-bound
Categorize into short-term (vacation), medium-term (car/home), and long-term (retirement)
Use Vizzve’s goal tracker to break down your big dreams into actionable financial steps.
9. Emotional Spending or Impulse Buying
Mistake: Shopping to feel better, especially during stress or boredom.
Avoid It:
Delay purchases by 24 hours
Make a list and stick to it
Budget for occasional indulgences
10. Not Seeking Financial Advice
Mistake: Assuming you can figure everything out yourself.
Avoid It:
Consult financial advisors or fintech platforms like Vizzve
Join financial literacy communities
Take free financial education workshops online
How Vizzve Finance Can Help
Compare loans with ease
Track and improve your credit score
Get tailored financial advice and calculators
Secure instant personal or emergency loans
Access smart money guides made for Indian consumers
Avoid mistakes and make confident money decisions — the Vizzve way.
FAQs
Q1. What is the biggest personal finance mistake people make?
Living beyond their means and not saving for emergencies are the most common errors.
Q2. How can Vizzve help improve my financial habits?
From budgeting tools to personalized loan comparisons, Vizzve helps you plan smarter and borrow better.
Q3. Why is it important to track credit score?
A high credit score increases your chances of getting low-interest loans and better financial products.
Q4. Is taking a personal loan always a bad idea?
No. If planned wisely and used for specific needs (education, medical, home setup), it can be a smart decision
published on 2nd july
Publisher : SMITA
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