The 7 Biggest Myths About Saving Money, Debunked By Financial Experts

While it’s true that some people may be naturally more inclined to save, there’s no such thing as being “bad” at saving money — and there’s always opportunities to learn more. “A great place to start your financial journey is to build a healthier relationship with your money," Chaves says. "I recommend scheduling money dates that force you to sit down and think about one area of your finances that you would like to improve. Just like our personal relationships, we need to make the time for our relationship with money. Schedule a daily, weekly, or monthly check-up with your money, and you will start to see positive changes as you feel more in control of your finances.”

In a tumultuous year, it’s tough to feel in control of your finances. That’s especially true if you’re currently looking for a job, or are worried about being laid off or furloughed. That said, financial experts agree that you can control more than you may think. “People in their 20s and early 30s may feel like they don’t have full control over their finances, or that they’ll always be ‘broke’ – especially considering the current state of the economy,” Erin Ellis, a financial educator at Philadelphia Federal Credit Union, tells Bustle. “But, there are actually many ways young people can take control over their money, whether that’s taking advantage of employee benefits like investing in company stock or having their employer match their 401(k) contributions, asking for a raise when deserved, and seeking out educational resources to find other strategic ways to make the most of their money.”

If your finances feel especially shaky, assess ways to save money: Temporarily moving in with relatives if it’s an option, negotiating interest rates on debt, or taking on a side gig can all be ways to begin feeling more in control about the state of your finances.

Yes, technically that’s true, but experts say that the best way to make the most of your money is to build better financial habits now, regardless of how much you make. That’s because when you make more, you may become subject to what’s called "lifestyle creep." For instance, instead of springing for a $2 slice of pizza when you don’t want to cook, you’ll order $20 sushi because your paycheck can cover it.

“Theoretically having more money coming in would mean that there is more available to save, but sadly that’s rarely where the money goes,” Lauren Anastasio, a Certified Financial Planner (CFP) at SoFi, tells Bustle. “Lifestyle inflation is a phenomenon that takes place when someone experiences an increase in income, like from a job change or promotion, and finds that their fixed expenses like rent and transportation tend to increase with that income because they are pursuing a lifestyle associated with higher income instead of allocating the extra money towards saving.”

The best way to avoid lifestyle creep? Give yourself a "salary" — and put the rest of your cash in a savings or investment account.

Some financial experts suggest cutting up credit cards, never to use them again. While it is true that credit card debt is bad news, a credit card, used responsibly with a balance paid in full, can be a smart financial tool. This is especially true when rewards come into play. While some people have spreadsheets and a serious rewards strategy, you don’t need anything that complex to take advantage of them, Colleen McCreary, CreditKarma’s Chief People Officer and financial advocate, tells Bustle.

“If your credit card is helping you rack up points as you continue everyday spending on things like groceries and gas, use them,” says McCreary. “As we head into the holidays, which are a big spending moment for many of us, sometimes the points can help you purchase things like the newest gadget or gift cards to your favorite online stores. You can then take the money you would have spent on that gift or experience and put it into savings.”

Debt can make you feel stuck. And while it’s a good idea to have a plan for paying it off, you don’t have to wait for your life begin to do so, Leslie Tayne, a debt relief attorney and founder of the Tayne Law Group in New York City, tells Bustle. “Having less debt will certainly be helpful for your financial future, but you don’t necessarily have to choose between paying off your debt and saving for long-term goals."

Even putting $20 a week aside for a vacation can help you stay on track — and less likely to blow your budget and get even more off course. “Assess your budget and look to work in debt payments, savings, and fun money," Tayne says. "Every individual’s situation is different, so consider what makes the most sense for you both financially and psychologically.”

In theory, willpower is simple. But in practice, when you’ve had a bad day and you’ve got multiple Poshmark tabs open, it’s not so easy. Instead of gritting your teeth and trying not to swipe your card, a smarter strategy may be to identify your spending triggers, Dasha Kennedy, finance coach for millennials and founder of The Broke Black Girl Facebook group, a community where women get candid about money. That means doing a mental check-in when you’re feeling the urge to splurge. “The first step to controlling your spending triggers is to recognize them. Ask yourself, how am I feeling at this moment? Will this purchase make things better? Take time to identify your spending triggers and create an alternative, affirming reactions to the stimuli,” says Kennedy.

It can be helpful to have less pricey ways of treating yourself. Maybe it’s making sure you have ingredients for an indulgent pasta on hand so you’re not tempted to run for takeout. Maybe it’s calling a friend or taking a specific yoga class online. Or it could be giving yourself a certain amount of money you can spend any way you’d like, so you can buy what you want without feeling guilty.

It can be hard to overlook a sale, but the smartest strategy is to determine whether or not you need that item at all, reminds Tayne. Tayne suggests using sales smartly — only buy what you need on sale, and put the difference in a savings account. It’s a painless way to save.