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Your money-saving myths debunked article
Your money-saving myths debunked article

When it comes to saving money, there is no shortage of free advice and guidance out there designed to help you become a better budgeter and make the most of your finances.

But with an endless stream of information to sift through, it can be impossible to know how to separate fact from fiction. 

In this article, we’ll debunk your money-saving myths so you can get a firm grip on your finances without giving up the occasional avocado toast because, as much as you might have been told otherwise, this isn’t what’s stopping you from saving for your first home. 

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“I’m bad at saving” 

If you’ve tried and failed to save money in the past, it can be easy to come to the conclusion that you’re just bad at saving. But whilst people do tend to gravitate towards being either a spender or a saver, there is no such thing as being bad at saving.  

The first step towards becoming a successful saver is building a healthier relationship with your finances by sitting down and analysing what you are doing well and what you are perhaps doing not so well. 

This can help you start saving with an end goal in sight with regular check-ins allowing you to review your progress, celebrate the small wins, and slowly but surely regain control of your bank balance. 


“I have too much debt to save” 

If you can’t remember the last time you were debt-free, you might have just accepted the fact that you’ll be bogged down by your debts forever. 

But whilst this can make it feel like you’re stuck in an endless cycle of non-stop debt, the truth is, there is a debt management solution out there for everyone. 

So, whether you’ve gotten into the habit of turning a blind eye to your money worries or are oblivious to how much debt you’ve accumulated over the years, taking the first step towards clearing your debts can instantly put you on the path to a healthier financial future. It might sound daunting but it can end up being the best decision you ever make.


“I don’t earn enough to save” 

One of the biggest money-saving misconceptions is that you need to be earning above a certain amount per month to be able to start saving. 

But whilst your income can have an impact on the amount of money you can comfortably afford to put away every month, every little helps and even a pound per week can lead to super savings in the long run. 

So, whether you’re a student earning minimum wage or a CEO earning big bucks, making the decision to start saving can help you cover the cost of  large or unexpected expenses and is the single most important thing you can do to safeguard your financial future. 


“I’m too young to start saving”

If you’re in your 20s or 30s, you might prioritise spending over saving because you think you’re too young to start saving. But this couldn’t be further from the truth. 

It might sound obvious but when it comes to saving, the earlier you start, the more money you will save and be free to do whatever you want with at a later date. 

Whether you want to take your first step onto the property ladder or set yourself up for retirement, it’s never too early (or too late) to start saving with any spare cash going towards helping you lead a healthier financial future. Your future self will be grateful you started saving when you did. 


“Saving is more important than clearing my debts”

We are always being told that we should have a financial cushion to fall back on if the worst was to happen and our finances were to take an unexpected hit. But what happens if you have debts that are spiralling further out of control with each missed repayment? The answer comes down to interest. 

If the interest on your debts is growing, it makes the most financial sense to tackle this problem first and turn your attention to saving when you’ve gotten your debts under control by clearing them completely or entering into a debt management solution.

For the best of both worlds, it might also be worth switching to a 0% credit card and putting spare change into an emergency fund when you can for lower monthly repayments and greater financial flexibility. This can boost your chances of getting credit down the line by proving to lenders that you’re a low-risk borrower. 

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Maxine McCreadie

Maxine is an experienced writer, specialising in personal insolvency. With a wealth of experience in the finance industry, she has written extensively on the subject of Individual Voluntary Arrangements, Protected Trust Deed’s, and various other debt solutions.

How we reviewed this article:


Our debt experts, and insolvency practitioners continually monitor the personal finance and debt industry, and we update our articles when new information becomes available.

Current Version

August 2 2022

Written by
Maxine McCreadie

Edited by
Maxine McCreadie