Adequate health insurance for yourself, parents

Contingency fund to cover 6-9 months' expenses

Equity fund SIPs for medium- and long-term goals

Spendthrift friends and colleagues who encourage you to follow suit

Instant personal loan offers and multiple credit cards that can lead you into a debt trap

Acquaintances selling 'savings' schemes with tax benefits and 'free' insurance

Monthly SIPs linked to financial goals like house purchase, kids' education and retirement

A term insurance plan to cover income, clear dues

Review health cover for family every five years

Large mortgage and personal loans if EMIs exceed 40% of monthly salary

Unfettered spending on lifestyle shopping, eating out and home refurbishing

Knee-jerk reactions to market movements rather than sticking to asset allocation

Gradual shift from equities towards debt

Clearing all outstanding loans to be debt free

Healthcare fund to take care of your parents

Excessive focus on children's education which can impede savings for retirement

Health policies that have multiple restrictions. Build a corpus if you don't have a cover

Safe options like Senior Citizens' Savings Scheme, Pradhan Mantri Vaya Vandana Yojana or bank FDs

Small 10-15% exposure to equity through funds

Separate kitty to finance your travel expenses

Attractive opportunities offering great returns

Bank managers who promise tax-free returns from insurance plans

Relatives seeking monetary favours

Normally, one begins earning in their 20s, some in their early 20s, some in their late 20s. When you start managing your own money , naturally you will make some mistakes, at least initially. Eventually you will learn from them as your grow and progress towards later stages of your financial life.Along the way, you may pick up some habits that can exact a heavy toll on your finances. Depending upon your age bracket, here are the habits you should make friends with and welcome in your life and those that you must steer clear of.Make friends with... Reject requests from...Make friends with...Reject requests from...Make friends with...Reject requests from...Make friends with...Reject requests from...