10 Myths About Saving Money

Christmas has come and gone, and for a while it seemed as though we had all forgotten about the recession. However, now we are in a new year and money is as tight as ever. Because of this, we are all looking for ways to save wherever we can. However, it is easy to get caught up in the battle to save, and forget to use common sense in the meantime. There are a lot of false ideas about what it means to save money. What follows are a few of the most common myths about saving money.[easyazon-image align=”right” asin=”0773758178″ locale=”us” height=”375″ src=”http://ecx.images-amazon.com/images/I/51TGSGAGDZL.jpg” width=”245″]

You Cannot Spend Anything

Obviously this is ridiculous, but many people get caught up in saving so much that they refuse to spend any money, or they feel guilty when they are forced to spend on necessities. Saving money is about restraint and prioritization, not going without.

You Should Buy Everything in Bulk

Although some things are cheaper in bulk, that does not mean that everything is. It is easy to go to a wholesale store and go a little crazy, but be careful. Just because something is technically cheaper if you buy the supersized version, does not mean that you need it. Only buy things in bulk that you use a lot of regularly.

If I Have a Coupon, I Should Buy It

This is exactly what the retailers want you to think. Coupons are good if it is actually a good deal, but try not to get swept away in the excitement of it all. Only use coupons for necessities, and only if it is a good deal, for example if you do not have to buy five of the product plus a cheesecake in order to get the ten cent discount.

When Buying Something, Always Pick the Cheaper Option

When trying to save money, you want to go for the cheaper option most of the time, but when it is something important, you have to make sure that you are not sacrificing quality to do so. It is worthless to save money on something that you will have to replace in a week anyway. Sometimes it is good to opt for paying a little more for quality and longevity.

I’ll Just Buy What I Want, It’ll All Work Out in the End  australian-money336x280

This is a dangerous way to live. You may think that millionaires live however they want, but even they have to save and budget their money. It is all about knowing what your limits are and living with them.

My Parents Will Pay For It

If you are no longer living at home, your parents should not be paying for anything that you buy.

I Don’t Need a Job to Get By

Everyone needs a job if they are able. You may be able to eat without having a job, but there is very little else that you can do.

You Have to Have No Fun to Save Money

Saving money does not mean that you can’t do the things that you want to do. In fact, if you are careful with your money, you will find that it frees you, and you can probably do more fun things than you could without saving.

You Have to Be a Business-type Person to Know How to Save Money

It doesn’t take a business brain to save money. Budgetingis easy for anyone. If you need some help, there are plenty of online sources and apps that can help you out.

You Only Need to Save if You are Saving Up for Something Special

Saving should be a lifelong thing. You do not know what will happen today, tomorrow, or even a year from now, so there is only one way to be prepared. If you do want to treat yourself, it will be a lot easier to save for it if you already have some money put aside.

About the Author: David Glenn is a businessman who is actively engaged in many business ventures, and does freelance writing offering financial advice. David is currently working with Budget Direct to help people get cheap home insurance.

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