5 Myths About Saving Money That Are Hurting Your Finances

Pink Floyd told us there's a dark side of the moon, and according to historical anecdotes, Napoleon was short. These fun "facts" aren't actually true, but believing them shouldn't affect your bank account. Sadly, you can't say the same for myths about saving money.

Penny pinching is big business for American consumers. Research from loyalty marketing company Hawk Incentives indicates that 92% of shoppers are always on the lookout for a deal. Nearly 90% of survey respondents also said price was a top factor that influenced their purchase decisions.

Yes, a discount mindset is good for your finances, right up until you follow shortsighted advice that ultimately costs you more. You can increase your budget-shopping savvy by learning the truth about these common money-saving myths.

Source Fool.com