Myths About Money That Just Aren’t True

Many people don’t have the best habits when it comes to saving or spending money. This is partly because they believe the many myths that are going around, and they simply aren’t true.

One being, budgets are for people who don’t have a lot of money. No matter what your income is, you should always track your spending and set a limit to your spending. Another myth is people believe their emergency funds should cover up to six months worth of expenses.

However, you should also have emergency funds for things you might never expect like medical or car repair expenses. Also, you’d be surprised to believe that a lot of people think insurance is a waste of money. If you’re one of those people, you should know that if you ever get into an accident that leaves you unable to work and the other person sues you, all of your money could be taken away from you. Without disability insurance, you won’t have anything to fall back on.