Moneyadviceblog » Budgettitle_li=Budgetingtitle_li=Wealth » Debunking popular myths about savings

If you are an older Gen Z like me, you most likely just ended college and were thrown in the job market (if you never had a job before that, of course, which is nice, but I can’t relate). This is the first that you are making enough money to live on your own and make your own grown-up decision, and no one can tell you what to do with your money because it’s your hard-earned money. I know, having enough money to spend is great. All I can say is that I have spent my fair share of money on unnecessary and random stuff that I bought during one of my drunken shopping sprees. But, something adult and reasonable you have to do with your money is to save a fraction of it each money, this will help you invest for your future. However, there are a lot of myths on saving out there, and we are here to debunk them.

#Myth 1- Saving means less money to spend on leisure


Only people who are bad with money will tell you this, if you have a clearcut budget, it will have it impossible for you to overspend and you will have enough money to go out with your friends once in a while. One key to avoiding feeling left out on the fun and saving your money at the same time is budgeting; you can follow the 50/30/20 rule. 50% of your salary will go towards your need (bills, food, rent), 30% for your wants (clothes, leisure, going out), and the remaining 20% will be your saving.

#Myth 2- You don’t need a budget


I have a lot of people say this, that they don’t need a budget and that they can keep track of their spendings. This is an excellent idea on paper, but in reality, it barely works, and this is especially an issue when you spend when there are sales. Sales give you a false illusion that you are spending less, but in all actualities, you tend to spend more on sales than what you’d pay if you were shopping, usually according to studies. Shopping more to get free shipping seems like a deal, right? But this is how businesses make you spend more than you want, they give you an offer that will make you seem foolish not to follow, but they are idiot traps meant to make you spend more. Mapping out what you need rather than what you want is a great way to save money.

#Myth 3- I don’t even have enough money to save


The amount of money you save doesn’t matter as long as you are making an active decision of saving; over time, the money you have saved will amass and will be something you can use to pay off a loan or buy something that you badly need. If you always push saving for later or when you have a higher salary, you will never save. I am a procrastinator at heart, but the only thing I always do on time is savings as soon as you get your paycheck, remove the amount that you want and keep it somewhere safe and never dip into it unless you are in an emergency. Saving even if it’s only 20 dollars a month is a good start.

Remember, the internet has everything on it, and not everything that you read or see on it is true. You need to be critical about the things you see on there; if something seems too good to be true, then it most likely is n there’s a catch behind it. Sound off in the comments section below and tell us if you want to read about more myths surrounding money and spending.