5 Money Saving Myths

5 Money Saving Myths

In today’s post recession world, being financially savvy is trendy. Today, Sofia is delighted to clear up 5 money saving myths that many people wrongly believe hold the key to frugality.

0% commission on currency exchange. BUSTED!

We’ve all seen those enticing slogans of 0% commission on your currency exchange. However, research conducted by comparison site MyCurrencyTransfer shows that you’re just as likely to get a worse currency deal with this marketing gimmick.  Quite simply, ignore it. Foreign exchange suppliers & banks all make money in the same way. They add a ‘markup’ or ‘margin’ to the real exchange rate. The tighter the margin, the better the deal. Exchange rate alone is the true indicator between a good or bad money transfer or travel money deal.

More earnings mean more wealth. BUSTED!

The belief that earning or possessing more money is a warped idea many of us tend to believe and be convinced by. The more money we come by or earn, the more we want to spend it. Instead of considering what you actually need, we will often be too quick to make purchases on things we have always wanted, often also increasing the probability of impulse buying. Instead, being considerate of your spending in relation to frequent income will make your money go further.

Bulk buying on offers at the supermarkets. BUSTED!

We’ve all fallen for those BOGOF signs in the supermarkets, thinking that they are saving us heaps of money on our weekly grocery shops. Unfortunately, this isn’t always the case as we are lead by an impulse to succumb to these offers, duped by the ‘free’ and ‘bargain’ signs. Of course it makes sense to buy in volume when you can, but it is imperative to consider if the purchase is reasonable and necessary and always be sure to work out the difference in purchasing individual products vs. those on offer to avoid overspending.

Air conditioning in the car wastes fuel. BUSTED!

One of the most common myths regarding car fuel consumption; you’ll be pleased to know this is a myth! Although using the air conditioning can put a bit more strain on the engine, it does not actually increase the consumption of the fuel. In fact, driving with the air conditioning switched on will ensure that the driver is always alert and on top form, which results in a safe journey without the need to worry about misconceived fuel consumption.

Shopping at the sales will always save you money. BUSTED!

Again, sales are a weakness for those that act on impulse and purchase unnecessarily. Of course, a substantial discount on a dress or a gadget is a great saving, and if you had been waiting for the item to go in to the sale, by all means make the purchase. But how many times have you bought something in the sale just because it has a discount tag on it? Those are the exact purchases that only lead to an unnecessary accumulation of goods and an empty back pocket! Instead, make sure can justify each purchase no matter how good the bargain!

Sofia Kluge is the Editor for MyCurrencyTransfer – an award winning foreign exchange comparison site helping customers find a fairer, cheaper and more transparent currency deal. The site recently won an OPP award for Best Online Service.

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