Many people believe that managing money is something to be done in adulthood or when one has their own income. However, money management can start at an early age. Even the monthly allowance needs to be handled wisely.

Unfortunately, many are unaware of the money management mistakes specific to their age. To avoid these mistakes, let's explore the common errors in money management based on age:

1. Age 5 - 10:

• Mistake: Not teaching children to save.
• Advice: Children should be taught to save from a young age to instill good habits.

2. Age 11 - 20:

• Mistake: Spending money for the sake of prestige.
• Advice: Avoid prioritizing prestige; it's better to save or explore small-scale businesses.

3. Age 21 - 30:

• Mistake: Not seeking additional sources of income or investing.
• Advice: Investment can be instrumental in achieving financial freedom, so start exploring investment opportunities.

4. Age 31 - 40:

• Mistake: Not preparing an emergency fund and saving for children's education.
• Advice: In addition to an education fund, it's important to prepare an emergency fund to address unforeseen situations.

5. Age 41 - 50:

• Mistake: Not preparing for retirement.
• Advice: As you approach retirement age, it's crucial to prepare a retirement fund to ensure a more comfortable retirement.

Prudent money management according to your age will help you achieve greater financial stability and a more prosperous retirement."