Here are the top five money saving myths that we fall for:
1. Savings accounts save us money
Having money in a savings account for emergencies is a good idea. It’s easy to get to, but not too easy. But if you are looking to save money or make your money work for you, an old-fashioned savings account isn’t necessarily the best way to go. First, you have to look at what you are paying out in interest rates. For example, if you have a student loan with a 5% interest rate and a savings account making 3% interest rate, your savings are costing you approximately 2%. You would be better off paying off that student loan with your savings account.
It goes the other way around too. If your debt has less of an interest rate than your savings, your money is working better in the savings. But with…
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