Money management is the whole process of getting wealthy and includes:

earning, budgeting, spending, borrowing, accounting, taxation,  saving, trading, investing, etc…….

So it is likely that some of the points here could be relevant to you but not to APPLICABLE at this point in time……but still please read on:

1. NOT knowing the difference between needs, wants or luxuries. Period. Nothing to explain I guess?

2. NOT tracking the amount of money being spent – account wise. Using mental accounting is the road to disaster.

3. Under-owning equities or over-owning equities. Both hurt. Too many stocks and too few concentrated holding.

4. Not articulating your financial goals well enough, and not writing it DOWN

5. Excessive obsession with macros, but doing nothing as an investor – Inaction.

6. Not understanding compounding, cost of postponing, power of small numbers…

7. Using high cost ULIPs as well as high cost mutual funds – even in debt schemes…

of course there are many…but I guess 7 are decent to mull on a Sunday, right?