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There are a lot of ideas out there about money management. Some may be true, while others are far from that. Check out the list below for a quick read on 5 common money myths.

 

Purchase with debit card at store
1. Debit is always better than credit.

The truth: The only way to achieve a strong credit history is by occasionally using your credit cards — and paying your bills on time.

 

Jar of coins
2. Investing is for rich people.

The truth: Anyone with a small pile of savings can start investing.

 

Woman using her phone
3. My partner manages our finances, so I don’t need to think about money.

The truth: It’s important for both partners to be capable of managing household finances should the need arise.

 

Credit cards and cash
4. Credit cards will get me through any emergency.

The truth: It’s best to use a designated emergency fund that you’ve funded in advance of emergencies to get you through a financial crises.

 

Woman using her phone
5. I’m too young to plan for my retirement.

The truth: The younger you are when you start building your retirement fund, the less you’ll have to put away each month.