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5 money myths you probably believe

This article was reprinted by permission from NerdWallet.

Managing money can be complicated, and myths are often born from people’s struggles to make it simpler. But simplistic solutions can cost you instead of saving you money.

If you believe any of these five money myths, it’s time to take a closer look at the financial realities.

1. Myth: Everyone needs a fat emergency fund

Certified financial planners typically recommend clients have enough savings to cover expenses for three to six months. If you’re living paycheck to paycheck, though, it can take you years to amass that much.

Say you spend $5,000 each month and somehow manage to trim your expenses by 10%.

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