5 What Do You Usually Buy When You Go Shopping Top Five Saving Money Myths

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Top Five Saving Money Myths

We all like to think we are doing everything we can financially. We think we’re saving money, but we’ve never sat down and done the math. You would be surprised if you did.

Here are the top five money-saving myths we find:

1. Savings accounts store money

Having money in an emergency savings account is a good idea. It’s easy to get to, but not too easy. But if you’re looking to save money or keep your money in check, a savings account is not the best way to go. First, you need to look at what you are paying in interest. For example, if you have a student loan with an interest rate of 5% and a savings account that is making 3% interest, your savings are losing about 2%. You may be better off paying off your student loan debt with your savings account.

It also goes the other way around. If your loan has a lower interest rate than your savings, your savings are doing well. But since today’s interest rates are so low, your debt is probably higher than the interest you earn on your savings account. This means you are losing money.

2. Shopping saves money

I used to be a shopaholic, and sales were my favorite medicine. Let me tell you that you don’t always save money. Yes, if you really want the product, then you are saving money. But sales often lead to purchases that otherwise would not have been purchased. And you usually buy twice as much because it’s on sale. So you didn’t save money.

So if you don’t use the product, you’ve wasted money. This can also apply to shopping and bulk purchases. It doesn’t matter that you bought your child 35 shoes at a garage sale for $1 each. If he wears only two pairs, you only lost $33.

3. Renovating your home pays off

When you renovate your home, you don’t just save a lot of money in the long run. Yes, your monthly payments are lower, but you have 30 years of repayments. This means that if you have already paid off a 10-year loan, and paid another 30 years, you have extended your loan to a 40-year loan. Do the math and you will see if you are saving anything.

If you really want to save money, refinance for a small amount and for a short period of time. Your monthly payments may not decrease, but your total repayments may.

4. Zero percent interest saves money

When you take out a card with zero percent cash back, you’re not saving money. You are just late paying things. You don’t save and you don’t spend a lot of money. But if you don’t repay the money within the zero percent period, you will be paying interest on those things. This costs you money.

5. Saving money depends on money

No matter how much you make, you can save money. You should only spend less than you make. If you make more money and spend more money, you are not saving anything. In fact, you can spend a lot of money. Don’t wait until you have a lot of money to start saving. You should start now.

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