Opportunity cost refers to choosing one factor and letting go of others, along with the benefits of the foregone items or services.
The saving habits of boomers may not be useful for millennials or Gen Y, therefore it is important to decide when to save and when to spend.
As the previous generation did not adequately recognise the need for insurance, their children typically follow the same path and could end up exhausting money during an emergency.
Saving on food items does not result into actual savings as you might be compromising on the quality of your food.
Where budgeting is an organised way to keep track of your money, micro budgeting might make it difficult for you to live a happy life, and you may end up making forceful compromises.
Education is always an investment whether it is for yourself or your children. However, its value remains unrecognised, as people take it for a long path without any guaranteed returns.
Proper medical check-ups or home kits, such as BP measuring machine or diabetes kits are a necessity. But people completely ignore their usefulness and often try for home remedies, which may backfire.
Compiled By Himani Verma