Busting 10 Common Money Myths

Building financial security can feel like a superhero journey. You'll face challenges like rising costs and economic uncertainty. But with the right knowledge, you can conquer these obstacles and achieve your financial goals!

Let's tackle some common Irish money myths that might be holding you back.

Myth 1: Saving Small Amounts Makes a Huge Difference.

Truth:

Saving small amounts is important, but focusing only on minor expenses can sometimes distract you from the bigger picture. Yes, cutting back on that daily latte might save you a few euro, but increasing your income will have a far greater impact on your financial future. In Ireland, many people are finding ways to increase their earnings, whether through side businesses, online work, or upskilling to secure a raise at work. It’s about making smart choices with both your spending and earning.

Myth 2: The Stock Market is a Gamble. Investing is Only for the Wealthy.

Truth:

Many people believe that only those with large amounts of money and time can participate in the stock market. But this isn't the case. In Ireland, investing is more accessible than ever. Platforms like Revolut and Davy Select allow everyday people to invest small amounts and start building wealth. You don’t need to be rolling in cash to invest – start with what you have, even if it's just €10. Building your investment portfolio gradually can help you tap into the stock market's long-term benefits.

To start your investment plan why not book your Free no obligation chat with our financial planning partners Irish Life here:  https://synergycu.ie/services/financial-planning

Myth 3: Money Conversations Are Impolite.

Truth:

Talking about money openly can help you make better financial decisions. Don't be afraid to discuss your financial goals, concerns, and challenges with friends, family, or a financial advisor. At Synergy Credit Union, we believe in the power of financial education and open communication. The more we talk about money, the more we can help each other succeed.

Check out our blog here on the 50/30/20 Rule:  https://synergycu.ie/news-events/the-50-30-20-rule-for-budgeting-well-worth-reading-and-trying

Myth 4: Pensions Are Only for the Old.

Truth:

It's never too early to start saving for retirement. The earlier you contribute to a pension, the more time your money has to grow. Pension contributions come with tax relief, making it even more beneficial. The earlier you start, the more you will have at retirement.

Check out our brief guide to pensions here: https://synergycu.ie/news-events/a-basic-guide-to-pensions

Myth 5: Cash is always king.

Truth: While cash can help with budgeting by giving a clear sense of spending, it lacks the rewards, protections, and tracking features of credit and debit cards. With the advent of open banking and digital financial tools, you can now use apps to monitor expenses, analyse spending patterns, and find better financial products. At Synergy Credit Union, we recommend using our Current Account (with low monthly fees) that offer you a more complete approach to personal finance.

See Synergy Credit Unions' Current account here:  https://synergycu.ie/current-accounts

Myth 6: All Borrowing is Harmful.

Truth:

Not all debt is bad. Some types of debt, like mortgages or business loans, can help you build wealth.  A Car Loan may be vital to get you to work to earn money to save.  However, it's crucial to manage debt responsibly and avoid high-interest rates. At Synergy Credit Union, we offer responsible lending practices and can help you choose the right type of loan for your needs.

See our full range of loans here:  https://synergycu.ie/loans

Myth 7: Savings Accounts Are the Safest Option.

Truth:

While savings accounts offer security, they may not provide the best returns. Consider diversifying your savings into investments like stocks, bonds, or property. At Synergy Credit Union, we offer a variety of savings and investment options to suit your needs.

Why not book a Free chat with our financial planning partner Irish Life here: https://synergycu.ie/services/financial-planning

Myth 8: Financial Advisors Are Only for the Wealthy.

Truth:

Financial advisors can provide valuable guidance for people at all stages of life. They can help you create a budget, manage debt, plan for retirement, and make informed financial decisions. At Synergy Credit Union, we offer access to financial advice for members at all income levels.

Why not use our Free no obligation Financial Planning with Irish Life here: https://synergycu.ie/services/financial-planning b

Myth 9: You Need a Large Income to Save.

Truth:

Saving is achievable regardless of your income level. It's about smart spending habits and budgeting. Set clear financial goals and create a budget that aligns with your income. Even small, consistent contributions can accumulate over time, thanks to the power of compound interest.

Check out our previous blog here on tips to cut your expenses and save :  https://synergycu.ie/news-events/tips-to-help-against-rising-consumer-inflation

Myth 10: You Don't Need an Emergency Fund.

Truth:

An emergency fund is crucial for financial stability. It provides a buffer to protect you from unexpected expenses like medical emergencies, car repairs, or job loss. At Synergy Credit Union, we emphasise the importance of building an emergency fund to avoid relying on credit cards or loans.

CHeck out our blog here on how to create a budget and an emergency fund: https://synergycu.ie/news-events/financial-planning-tips

By busting these common money myths, you're well on your way to financial success!

Synergy Credit Union is here to support you every step of the way. We offer a variety of financial resources, including savings accounts, investment options, and personalised financial advice.

Create a plan that works for you by talking to our Financial Partners Irish Life : Book your Free no obligation Financial Planning Review Here: 

https://synergycu.ie/services/financial-planning 

Disclaimer:

The content provided in this blog is for informational purposes only and does not constitute financial advice, including but not limited to investment, tax, or retirement planning advice. While we strive to offer accurate and up-to-date information, Synergy Credit Union and the author are not financial advisors, and the insights shared here should not be construed as professional advice. The information provided is general in nature and may not be suitable for your specific financial circumstances. We strongly recommend consulting with a qualified financial advisor or pension specialist before making any financial decisions or changes to your pension plan. Synergy Credit Union assumes no responsibility for actions taken based on the information provided in this blog.

Our Financial Planning Partners: 

Irish Life Financial Services is an insurance intermediary that can review your protection, retirement, savings and investment needs, and they offer a full financial review with one of their Qualified Financial Advisers. This can be done online or over the phone at a time and place that suits you, taking just 45-60 minutes of your time. There is no obligation to purchase and all information you provide is private and confidential.

Irish Life Financial Services is tied to Irish Life Assurance for life and pensions, so any products recommended by Irish Life Financial Services will be from Irish Life Assurance, one of Ireland’s leading life and pension providers.

Irish Life Financial Services Limited is regulated by the Central Bank of Ireland. Irish Life Assurance plc is regulated by the Central Bank of Ireland