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Part II of the saving money myth debate! Check out nine more myths below to see what others are saying about saving money.

Myth#1: “I’ll start saving money later, now isn’t the right time for me”

You may have a lot on your mind now and consider that the last thing you need to worry about at this point is saving money. But is this really the way to go?

Origin: People underestimate the importance of saving money and think that this issue doesn’t deserve a top spot on their priority list, that there are far more important things to worry about.

Reality check: And when exactly will you start saving? Do you think that there is any way to predict when you will be in need of some extra funds? Saving money is all about planning ahead, about trying your best in order to be prepared for situations when the amount of money you have saved will prove to be a blessing. If you think that you can get away with such an attitude then I’m afraid that a reality check might just prove you wrong.

Myth#2: “There’s no point in trying to save money until I earn considerably more”

Is saving money when your income level is not what one would call impressive really a bad idea? Should you wait until you start earning considerably more?

Origin: A lot of folks tend to believe that a few dollars here and there won’t make a difference and that saving money when you’re not currently making all that much is pointless.

Reality check: Everything counts, you can never start saving money too soon. Even if the amount you manage to set aside at a certain point doesn’t seem like much, it still adds up over time and it’s definitely better than not trying in the first place. Once you make more money, great, you can set more funds aside for rainy days, but that doesn’t mean that saving money until you reach that point is a bad idea (for more tips on saving money, be sure to look into my 123 Commonly-Overlooked Ways to Save Money Online as Well as Offline article).

Myth#3: “I’m doing great financially, there’s no need to save money”

Your income level may be more than decent and as a result, you might be thinking that you are on top of everything, that nothing can go wrong. Is that actually the case?

Origin: When things are going great for you, it’s a natural human reaction to think that there is no need to set a little something aside for rainy days, since you can’t even picture the possibility at this point. But that doesn’t mean that it’s the right thing to do.

Reality check: Don’t let yourself become blinded by the fact that things seem to be heading towards the right direction financially, always think about your safety net. Of course, you should always strive to improve your financial situation and you should always try your best in order to make sure that things get better and better. But being optimistic doesn’t mean that you don’t have to take the fact that things might get rough into consideration as well.

Myth#4: “I just have to buy that item”

After seeing something which they think represents a great item, a must-have, a lot of people make the mistake of acting on impulse and purchasing it, only to realize at a certain point that the item is actually useless.

Origin: Companies always try their best in order to market a certain product, in order to make it seem like something you couldn’t imagine living without and in a lot of cases, their efforts pay off and some actually end up believing that.

Reality check: Is that item really something you just have to buy? After all, you’ve managed to do just fine before even knowing that something like that exists, haven’t you? It’s always important to understand that there are professionals out there who earn their living from making something as useless as it gets seem like a must-have. Don’t make the mistake of making it easy for them , avoid acting on impulse and always think twice before purchasing a certain item, no matter how tempting it may seem.

Myth#5: “You save money by always looking for discounts”

Are you the type of person who always gets excited when finding out about a discount, who thinks that buying items for less than the original price is the best way to save money?

Origin: A lot of people have made a habit out of constantly looking for discounts and buying something as soon as they see it listed for less than the original price, thinking that they will end up saving money as a result of such an attitude.

Reality check: Have you found an item which is listed for a far lover price compared to the original one? Do you think that you should take advantage of the opportunity right away? But wait a second, do you actually need that item, were you considering it before you’ve found out about the discount? Don’t make the mistake of buying something that you didn’t find interesting at first just because you are excited about the great discount you could take advantage of. You can actually end up wasting money by constantly purchasing items you weren’t really interested in just because you’ve found them at a price you have considered great. Wouldn’t saving money by not buying things which you didn’t even look into before finding out about the discount in the first place seem like a more reasonable approach?

Myth#6: “I’ll save money by spending far less on food, quality isn’t important”

More than a few people think that they should save money on just about anything, and that cheap food will be just fine.

Origin: The “food is food, anything will do” mentality and the fact that a lot of folks underestimate the importance of good eating habits as a result.

Reality check: So you think that you can eat just about anything as long as it tastes good and is cheap, you think that saving money this way is a smart attitude? Well how does the thought of spending everything you’ve saved and more on top of that on treating the results of bad eating habits sound? Never underestimate the importance of eating the right things, never end up neglecting your health just so you can save a buck. Sure, you can save money by not eating at restaurants that often, you can get rid of other similar expenses but spending money on healthy food, even if it is slightly more expensive, is always a great decision. No, buying a more expensive car just for the sake of it is not an investment in yourself, developing healthier eating habits however is.

Myth#7: “Investing in your lifestyle is more important than saving”

Sure, everyone loves to have a great lifestyle, but does that mean that you should let it get in the way of setting a little something aside every now and then?

Origin: People tend to believe that lifestyle is the most important thing and, as a result, don’t care if they never end up saving anything due to investing too much as far as lifestyle-related aspects are concerned.

Reality check: You can actually save a lot of money by giving up on useless expenses, which won’t dramatically affect your lifestyle. You may not realize it, but you are most likely spending a lot of money on things which don’t really make that much of a difference. Yes, you can save money by not giving up on the things you actually love doing, you simply have to identify what is truly important to you and let go of what’s not (the things you only think are important when, in fact they’re as useless as it gets).

Myth#8: “Why save? I can just borrow money whenever necessary”

Does saving money seem like too much of an effort on your part? Isn’t it easier to simply borrow from others when you are in financial difficulties and take it from there?

Origin: Some see saving money as being useless, thinking that all they have to do when they are in need of some extra funds is borrow money and worry about what to do next later.

Reality check: Where do you expect to borrow money from? Family members or friends? Well guess what, they’re only human and might not be able to help you at a certain point, they have problems of their own they need to be on top of. Banks? You do know that most will not be exactly thrilled to help you when you’re in financial difficulties, don’t you? And even if they lend you the money, rest assured, your problems won’t go away. Wouldn’t be better if you don’t have to resort to borrowing money from family members, friends, or banks in the first place? Wouldn’t being prepared by saving money seem like the wise thing to do?

Myth#9: “You miss out on a lot by saving money”

Does the fact that you’re saving money actually mean that you will have to give up on everything you enjoy doing?

 Origin: A lot people don’t like the idea of saving money because they think that cutting down on expenses automatically means that they will stop enjoying life.

Reality check: Unless we’re talking about desperate situations, that are definitely not the case. Saving money always starts with getting rid of useless expenses, with giving up on things which you don’t actually need, on the things which don’t really make that much of a difference. Never be afraid of saving money as a result of such a way of thinking.

If you have any question or want to share some myths of your own, give us a shout back because we want to hear from you!

Saving money is trendy these days, but there's a lot of misinformation being spread around that is discouraging people from saving their money. So what are those myths people are spreading that are holding everyone from keeping that money in the bank? Well here are the top five reasons people don’t save and the debunking of them!

Saving money always takes a long time. Okay, so saving for a new house or an expensive piece of electronic equipment like a laptop can take months or years. However, there are probably numerous things you don't buy on a regular basis because they seem too "frivolous." Such as that Darth Vader phone you have on your nightstand. Okay, so that’s probably just me. How long would it take you to save up for a massage, a meal in a nicer restaurant, or a pair of shoes that cost double your usual? Saving money can take weeks or mere days, depending on the price tag and the time you're willing to invest.

Saving money only makes sense if you have something specific to buy with the savings. Can you predict when a friend will ask you to accompany them to a football or basketball game, your new romantic interest will ask you to sign up for skydiving lessons together, or your favorite band will play a pricey benefit concert? How about predicting when your car will break down, your aging parent will need a hospital visit, or your water pipes will burst? Saving money lets you take advantage of once-in-a-lifetime opportunities and take sudden hurdles in stride.

Saving money means you can only spend on the basics. Do you remember the food pyramid in health class, with the boring nutritious food groups at the base and the yummy no-no foods at the apex? News flash: there's no universal spending pyramid. Most people's spending goes towards basics like food, rent, and transportation, but that's an average, not a rule. If you want to rent a cheap room in a run-down neighborhood so you can afford designer clothing, go for it. Saving money means honoring your own priorities.

Saving money means learning about IRAs, 401Ks, CDs, and other boring abbreviations that make your head spin. Do you need to learn how to use an elliptical training machine before you can go for a jog around the block? Do you need to get a degree in graphic design before printing out garage sale flyers? Absolutely not! Likewise, you don't need to have an elaborate financial plan or spend hours researching complicated investing strategies. Saving money can be as simple as emptying your change purse into a Mason jar every evening.

Saving money means lowering your standard of living. If you punish yourself by lowering your standard of living every time you want to save money, you'll hardly feel motivated to save. Instead, get creative. Brainstorm ways to make more money on the side, preferably by setting up passive streams of income. Try affiliate marketing, eBay trading or freelance writing. Saving money means finding smart ways to maintain your standard of living while putting money aside at the same time.

Now that you know these five common myths about saving money, it's time to take action. You can save money starting today, and you can do it in any way that makes sense for you and your lifestyle!
If you want to share some things you have heard about saving money and want to debunk them, give us a shout and put the record straight when it comes to saving!

Have you been trying to figure a way to save a little bit more money each month? Well, you have come to the right place! Check out some of the small ideas below and start implementing them to save some extra cash each month.

1. Brew your own coffee. Seriously, 3 bags of beans can get you through the month for a total of $20. Buying a cup every day would run about $4 for you, times 20 work days = $80 minimum per month
2. Put electronic equipment on power strips. You would be amazed at how much juice your unused equipment uses.
3. Use a movie service like Neflix for $8.99 per month where you get 1 rental and unlimited computer viewing or console to television streaming. considering that renting from the store is about $5.00 per movie, and the movie theater costs $10, this is quite a deal. Plus, you don't have to drive anywhere, which saves money on gas.
4. Buy fruit and vegetables at the local Farmer’s Market if you have one. It has been known to be  fresher and cheaper.
5. Pay more than the minimum on your credit cards, auto loans, mortgages, etc. Every little bit helps in the long term when you are paying interest.
6. Coupons for items that you do use regularly can be a blessing and save you lots of money. The lesson here is only getting things you need with coupons, it might take some searching but it can be beneficial.
7. Buy a BRITA or PUR water filter and attach it to your faucet. The onetime expense of $20 gives you about 3 months of free filtered water, that most of the time you find is just as good as the bottled stuff you pay a fortune for.
8. Go to the library to save money on buying literature to read, such as books and magazines. If you constantly are buying books and have nothing to do with them, you can always sell them to half priced book stores or donate them to libraries.
9.  Take your lunch to work or school, which does call for buying groceries or preparing it the night before. If you or your family constantly has leftovers from the night before, packing your lunch shouldn’t be a problem.
10. Buy generic medicines for Tylenol, ibuprofen, etc. The generic brands are just as good as the name brands and can be extremely less expensive.

Buying implementing some of these ideas, you will see the dollars literally fly back into your wallet or purse! If you have any other ideas or tips on how to save other money, give us a shout back because we want to hear from you!

Let’s create a scenario. You are at the store just looking around for deals on some clothes for the summer. The amount of money you brought with you is $100. Your eye catches a pair of jeans you really like for $60 and even better is they are 40% off. So what do you do? This blogger says buy the jeans at the discount price but what do you do with the 40% that you saved? Do you spend it or do you save it? Let’s take a look at both sides of the argument.

Decision 1: Spend the 40% you saved. The Brightside of this situation is that if you came with $100 then you have at least 38 to spend on other items. If the goal was to find an outfit that you NEED then having that extra money will help you out in the long run. The bad side to having the money you saved is the high likeliness of impulse spending. Establish a clear line of what you NEED and WHAT you want is important to do before going into a purchasing situation.

Decision 2: Save the 40%. By saving the money you didn’t spend that day you will begin to develop self control and have a better understanding of how to keep your spending habits in check. On the other hand, if you use that money to find other NEEDS, which possibly could also be at a discount, then spending it is the way to go. Getting more for your money can be smart decision.

Did you get the big secret? By establishing your NEEDS and WANTS before you go into a spending situation will help tremendously. The people that know what they need to buy before going into a mall or grocery store end up spending less because they do not indulge in frivolous spending. Whether you are buying food, clothes, or entertainment it is all about knowing what you want to buy and what you need to buy.

Tip for impulse buyers: If you know you only need 1 pair of jeans that will cost $60, than only take out $70 to include taxes. The reason for this is so you will not use your card for other items and go out of control on spending. Taking only the cash you’ll need will keep you from blowing through all of your money.

If you have any questions fell free to drop us a line!

The typical American family spends $1,600 per year on energy at home. Here are some "biggest-bang-for-your-buck" techniques for saving money on energy: