6 money mistakes to avoid when starting a new job

financialexpress.com:

Starting a new job is an exciting milestone that brings opportunities for growth. You get opportunity to earn monthly income and become independent to take your own decisions. However, it’s crucial to approach your finances with care to avoid common pitfalls that could derail your financial journey.

There are a number of mistakes that people make when they start their jobs and these delay their overall financial growth and take more time later on to build funds for bigger goals such as housing, retirement and marriage etc.

Whether you’re entering the workforce for the first time or transitioning to a new job, here are some financial mistakes to steer clear of:

One of the most common mistakes new employees make is neglecting to create a budget. Without a clear understanding of your income and expenses, it’s easy to overspend and find yourself in financial trouble. Take the time to assess your monthly income, including your salary and any additional sources of income. Then, list all your expenses, including rent, utilities, groceries, transportation, and discretionary spending. Creating a budget will help you manage your finances more effectively and ensure you’re living within your means.

Also Read: Smart tips for rebuilding your poor financial health

Another mistake to avoid is failing to prioritize savings. Many new employees focus solely on covering their immediate expenses without setting aside money for future goals.

Adhil Shetty, CEO, Bankbazaar.com, says, “It’s essential to establish savings goals early on, whether it’s building an emergency fund, saving for retirement, or planning for major expenses like buying a home or furthering your education. Allocate a portion of your income towards savings each month and