Money Myths That All Women Should Kick To The Curb
Hey girl, hey!
So, I’m pretty sure we can all relate to the fact that we all believe in a number of statements without ever checking the reality. This false knowledge may be handed down from various sources and can range from “we only use 10% of our brain” to “raw vegetables are healthier”. While most of those inaccurate statements won’t cause negative impacts to your life, issues relating to money certainly will.
Stop falling for these myths below, and your financial situation will look better in no time.
Money Myth No.1: Bankruptcy Signals Game Over
Make no mistake; bankruptcy is something that most people should actively try to avoid. However, it doesn’t mean that your hopes of ever buying a property or achieving other financial goals.
Bankruptcy will eventually be wiped from your credit report after a few years. Meanwhile, there are alternative ways of funding certain things. Looking at debt consolidation loans online, as well as the prospect of using a guarantor can overcome several hurdles. So, there’s no need to start waving the white flag just yet.
On a similar note, poor credit scores can be rebuilt. Take the first step by accessing your report. Follow any advice offered by the experts, and the improvements will soon follow.
Money Myth No.2: You Get What You Pay For
Ahh, we’ve all been won over by smart marketing in the past. I know that I’ve certainly paid over the odds for products that are no different to the unbranded options. Realising that the budget option is often just as good, if not better, can change everything.
Switching to more modest brands isn’t the only way to make big savings. There are plenty of beauty products hiding in your kitchen. Learn to use them instead of paying silly money from the high street salon, and you will see a difference. Better still, this progress is sure to put a satisfying smile on your face too.
There’s still nothing wrong with treating yourself to the fancy shoes or the branded foods you love. Nevertheless, finding balance in this aspect of your life can bring fantastic results.
Money Myth No.3: Two Incomes Are Better Than One
This is one primarily aimed at the mums. Many families now boast two incomes as people naturally assume that this is the best way to provide a better future for their children. In truth, this isn’t always true. After all, there are a lot of expenses to consider. A lot.
Finding a paid nanny will cost thousands over the course of a year while even nursery fees are pretty extortionate. By the time you take into account the taxes on the second income, as well as travel fees and other expenses, it might be better to stick with one income. Just remember that mum doesn’t have to be the one that stays home. Times have changed.
Either way, a child that has one parent around at all times may be better off. Even the second parent might get more time with the kids as the stay-at-home parent can handle other issues.
Money Myth No.4: Buying Is Always Better Than Renting
Buying a property can be great, not least because it is a substantial financial asset. However, it can be quite restrictive. Firstly, the added costs can push your budget to the limit. Secondly, it ties you down to one location, which might not be ideal if you’re still chasing other dreams.
It’s not only the property market where you should weigh up the pros and cons of all options. Car purchases are another major life expense, but car leasing may be the better option. You’ll probably upgrade within 3-5 years anyway. When combined with the depreciation rate and the added security if problems occur, this may be more suitable.
Various appliances may fall into a similar category where rentals are the better value. As long as you learn to take a responsible approach to those decisions, you should be just fine.
Money Myth No.5: Healthy Living Costs A Small Fortune
If you want to get healthy but worry about the financial side, you’re not alone. This is a very common misconception. While it can be a very costly idea when you take the wrong route, affordable options are out there. You just need to look for them.
Healthy food can be made more affordable in several ways. Shopping at the right time of day can secure discounts while meal preps will reduce the waste. Growing fruit and veg in the garden can also make a big impact. As for exercise, running and playing sports in the park doesn’t have to cost anything. You’ll save money in other aspects of maintaining your health and beauty too.
With a little planning and preparation, you can take control of this crucial life aspect. Aside from being good for the pocket, it’ll be great for your body.
Money Myth No.6: Savings Can Wait
Life is to be enjoyed, and that fact shouldn’t be forgotten. Given that most people don’t earn as much as they’d ideally like, it can be tempting to put off retirement savings. In truth, it’s never too early to start thinking about the future and increasing your sense of responsibility.
Many people assume that you need lots of money to start investing. You can learn the ropes of trading with a free demo account before risking any money. Moreover, there are plenty of investment opportunities that only require a small amount of starting capital. You can always take things to the next level with extra cash injections further down the line.
There’s nothing to say you have to invest. Some people are more than happy to let their money grow in the bank. One way or another, though, you should keep one eye on the future.
Stop those myths from becoming a problem by making the necessary adjustments, and you’ll be amazed by the results you see. And when your finances are in better health, there’s no doubt that your entire world will feel brighter than ever.