Money mistake 2: Saving only on special occasions

Most people celebrate on certain occasions, but save through the rest of the year.

If you plan to save only when you get Diwali gifts from your family, a bonus from your company or a rich inheritance from an ailing relative, you are being downright silly!

Let's talk about the Rs 10,000 again. Say you got it as a bonus or a gift.

If you invest it at 10 percent per annum, you will get Rs 25,937 after 10 years.

But if you are a little more consistent and decide to add an additional Rs 500 every month to this kitty, you will finally end up with Rs 1,25,869.

This is a small monthly contribution and should not pinch your pocket. More important, the reward it fetches you is worth it!

If you are sold, let me push you some more.

Be a little more conscientious. Instead of a measly Rs 500, hike it to Rs 1,000 a month. You will end up with Rs 2,25,801.

Be consistent. It hurts less and the rewards are better.