We all grow up hearing the same financial advice: Spend less, save more and invest early. While most of these words of wisdom ring true, there are lots of widespread money management tips that are actually false.
Read on for 7 money myths that might be causing you more financial stress than benefit.
Myth #1: Debit is always better than credit.
Do you automatically reach for your debit card when making a purchase? While it's true that paying for your expenses with money you already have in your account is often the best choice, there is a time and a place for credit cards as well.
The real deal: Credit cards get a bad rap for the debt trap they represent, but they should be your payment method of choice on occasion. Building and maintaining a strong credit history is crucial for your financial wellness; one way to achieve this is by using a credit card and paying the bill on time. Some credit cards offer purchase protection, which makes them the smarter payment method for big-ticket items.