“Are You Breaking the Money Rules? Discover the 19 Lies That Could Be Costing You a Fortune!”
14. Always Keep a Balance in Your Savings Account
While it’s important to keep some money in a savings account for emergencies, and it can also reduce the temptation to use it- holding it in a low-interest savings account is not a good option. The national average yield for savings accounts is 0.58 percent APY. This rate should be kept as a benchmark while finding the banks offering an APY multiple times higher than the national average. Most online banks offer better APY with zero monthly fees and low minimum balances.
15. There’s No Need for Student Loans
Education is the best investment, but college tuition fees have increased from $4,160 to $10,740 at private nonprofit institutions in just 4 years, making it unaffordable for many students. Thinking that student loans are a waste of money is a misfortune for those who feel like this.
Student loans provide a way to invest in yourself and your future- as long as you choose a degree with a clear career path in mind.
16. Cut Out Everyday Luxuries Completely
Knowing the difference between your “needs” and “wants” is crucial, but cutting back on everything that brings you joy and fulfillment will only lead you to unhappiness and deprivation. Learn to balance enjoying your life and saving for the future.
17. Always Follow the Rules
Money rules should be used as guidelines, not strict orders, because they are based on general principles. Not everyone shares the same financial situation; therefore, not everyone can follow all the rules. Instead, you should make rules that align with your goals and needs so you can easily adapt if the circumstances change.
