It can – and does – happen to the best of us. We make those financial decisions that seem great in the moment but often end up leaving us with regret and in debt.

Unless we’ve been taught how to effectively manage our money, we’ll keep cycling through the same patterns until we end up either financially bankrupt or emotionally, spiritually or mentally bankrupt as well.

As Maya Angelou says, “When you know better, you do better,” so here are three financial myths busted to teach you how to do better and stop the cycle of regret and debt once and for all.

1. Tracking what you’ve spent is an effective money management tool. Busted! Budgeting is the only way to effectively track where your money GOES as opposed to where it WENT. When you know ahead of time how much money you have, where it needs to be applied and how much you can save, you’re planning for your financial success rather than backtracking to recover. (Check out this article for tips on budgeting: https://jmvfinancialservices.com//budgets-friends-not-foes/)

2. Student Loans are a part of life. Busted! While it may not be easy, being free of the bondage of a student loan for the next 50 years is entirely possible and well worth the effort. Besides setting up a college fund, there are loans, grants and scholarships available for those who are willing to put in the time to look and ask for these alternatives to loans.

3. Car payments are “The American Way.” Well, actually that’s true: they have become the American Way, but they don’t have to be. To bust this myth, let’s look at car payments in a different light. The average car payment these days is anywhere from $300-$500 including interest. That’s an investment into something that depreciates in value rather than appreciates, and it’s also barely paying for the car itself. The majority of that payment goes to the interest on the loan itself. Why not put aside a couple of hundred dollars each month to pay cash for a nice used car for around $6,000 ($500 x 12 = $6,000) and be free on that monthly dread once and for all?

If you’re ready to put these money myth-busters into practice but could use a little more “know better,” click here to speak with your financial support team today.