9 Money Myths & Mistakes That Could Cost You

It makes sense to stock up on non-perishable items such as soap and canned goods.

However, buying wholesale perishable items like fruit and milk might mean it goes to waste if you can't consume it before the expiration date.

Leaving money in your checking account might make you spend more than you planned, simply because the money is available. The money in your checking is also not earning any return.

Instead, lessen the temptation. Try budgeting carefully enough and transfer the extra money into savings and retirement accounts. By only keeping what is needed in your checking account, you won't feel tempted to spend more.

Instantly stopping your bad spending and saving habits may set you up for failure and leave you feeling discouraged and less motivated to improve your finances.

Changing your spending habits should be taken on in smaller steps. For example, if you like to eat out, save it for Saturday night.

Purchasing less expensive items could also mean buying lesser quality, meaning you will have to buy the same article more often.

Knowing how long something should last versus how much you'd like to pay, can balance quality and price.

Credit can come in handy on some big purchases. Rather than using your debit card, it may make better sense to pay with your credit card, then settle the amount immediately.

This is because credit cards often offer more protection for larger items, such as extra insurance against damage or theft, or reward points.

Consumers need to protect themselves when dealing with banks. Don't let the bank make financial decisions for you.

Signing up for a new credit card because you were pre-qualified will not always end in well. Despite good credit scores and money in the bank, only you know your real financial situation.

Your parents were in their prime in a very different social and economic climate. What was good for them may no longer be true.

By managing your money differently to your parents does not make you ungrateful. It acknowledges that your parents managed money in a way that was best for them, while you should do what makes the most sense for you. Thank your parents for giving you solid advice when it comes to financial responsibility, even if you have to handle your finances differently.