Savings-5 Costly Money Mistakes I Made in My 20s (Learn from Me!)

We all make mistakes with money not having proper savings— I’ve made more than a few. But each one taught me something valuable. In this post, I’ll share 5 personal finance lessons I learned the hard way, so you can skip the pain and start winning with money faster.

💣 Mistake #1: Not Tracking My Expenses

I used to think budgeting was boring — until I realized I had no idea where my money was going. Once I started tracking every rupee, I discovered subscriptions I never used and impulsive spending patterns that drained my Savings.

Fix: Use free apps like Walnut, Money Manager, or even a basic Excel sheet to track your cash flow.

💳 Mistake #2: Living Off Credit

I treated credit cards like free money. The result? High interest, hidden charges, and constant anxiety. It took me years to break the cycle and drained my Savings.

Fix: Pay your full credit card bill monthly or avoid credit altogether until you’re disciplined.

📉 Mistake #3: No Emergency Fund

One sudden medical bill wiped out my savings. That’s when I learned why a ₹30,000 emergency fund is a non-negotiable financial buffer.

A detailed blog on what is Emergency fund and why it is required and how it will impact a family when unfortunate events happen. you can read on Emergency Fund

Fix: Start small — even ₹500/month builds up fast.

📈 Mistake #4: Delaying Investing

I waited for the “perfect time” to invest — and lost years of compounding. Don’t do that.

Fix: Start early, even with ₹1000/month in mutual funds or index ETFs could increase your savings.

🤯 Mistake #5: Following the Herd

From crypto hype to shady insurance products — I’ve jumped in just because everyone else was. Bad idea.

✅ Conclusion: Learn from My Losses

Making mistakes is okay — repeating them isn’t. I hope this post helps you skip a few of mine and start your journey with clarity, control, and confidence.

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