Thursday, 12 December, 2019

My name is Tina Haviland. I like writing about personal loans and mutual funds. Check out my latest posts to read more about my chosen niche.

Common Money Myths You Shouldn’t Believe


It is said that the right attitude is what it takes to gain confidence in your financial stability. And it is important for each and every one of us to appreciate, and above all, to understand what is true and what is not, because there are many myths about money nowadays, and unfortunately often people also tend to trust them blindly. But to keep you from having any financial biases, here are some common myths in the public that you shouldn’t believe.

Do not use ATMs as there are many malicious people who can read your bank card information and guess your PIN

Do not use ATMs as there are many malicious people who can read your bank card information and guess your PIN

There are fraudulent parades of this kind in the world, but fortunately no special cases have been reported here in Latvia. According to banking regulations, if I do something bad or fraudulent about your bank account number, there is an opportunity to instantly block your bank accounts, thus protecting your finances.

Similarly, if someone tries to guess the PIN code, it can be very quick and easy to lock the card to prevent the crooks from getting what they want. If you are still worried, remember that it is possible to find out your account balance whenever you want, so you will not have to be afraid to approach ATMs and be afraid of your finances. Likewise, you will have no worries and fears about ATMs as such.

We truly live in a relatively secure and good country, so we must admit that this is a myth that we should not believe.

If you want to go on a trip, don’t borrow money but save while you collect

If you want to go on a trip, don

This is one of the most common myths people often blindly believe. However, it has to be understood that we live once and often for the sake of traveling, and there are various unexpected offers that have suddenly come about. For example, travel agency campaigns and seasonal airline promotions that offer relatively reasonable prices for travel, but the dates are drastically different.

If you’re really ready to travel and buy your ticket right now, consider whether you have enough money to do it.

Of course, it would be better to save money for the trip. This can only take a couple of months. But there is another option – if you are planning, for example, to repair your car and travel with an apartment that you need to hurry to, but don’t want to miss out on a good trip, then cash loans and a credit line can help cover, so you can spend your money on the trip. Remember, however, that you must be responsible and always evaluate both the purpose for which the money is intended to be spent and the repayment.

Money should be collected in a sock

Money should be collected in a sock

It is no secret and there is a possibility that there is a specific section of society that is still doing it today and that this is the only way to save money. Even decades ago, it was believed that money should be collected under the bed in a shoe box or in the attic and basement. However, it must be acknowledged that anything can happen, and nowadays one has to be extra careful and think ahead about where and why to save money where to save money.

No one is immune from situations that are dangerous and inevitable. No need to save money in a sock, under the bed, or even in the basement, there are many different ways you can save your finances. The most common one is your bank account, where everyone can keep their money, because the banking systems still have some kind of security.

I don’t even earn enough to make a budget

I don

Everyone needs a specific budget, no matter how much you earn. Budgeting is especially important if you are living from salary to salary because this is the only way you can protect yourself from reckless spending and improve your financial situation.

It is the budget that determines exactly where and what your money goes. And in order to be able to control it more successfully than money to control you, everyone needs a budget.

Money can make you happy

Money can make you happy

This is a rather insidious statement, though there is one large section of the public who thinks exactly the opposite. However, you need to be aware of whether or not true money makes you happy, or whether money still covers your needs.

Of course, without money no one can pay their basic bills and buy food, but here it is about living as living and being happy as two different concepts. On the other hand, they are often seen as one and the same. A saying that refutes this myth. “Money won’t love you when you need it most!”