Whether it’s how to invest or the smartest ways to spend, there’s a lot to consider when it comes to money. The last thing you need is a money myth getting in the way. Here are three common ones to avoid – and some myth-busting tips to help.

People like me don't invest

You don’t need to be in a position to build a property portfolio or be a stock market expert to invest. If your short term financial needs are covered it could be time to consider your options – and there is information and support available to help you get started.

  • Explore your options. There are lots of ways to invest, from stocks and shares ISAs and pensions, to investment funds and bonds. You could invest a lump sum, or monthly.
  • Take a balanced view. It’s essential to understand the risks as well as the potential rewards.
  • Take it step by step. It can seem daunting to get started. Our 5 step guide could be helpful. You might also find professional advice useful.
  • The low risk option. Not all investments are purely financial. You could invest in yourself – there’s little risk involved with a night class, for example, but if it boosts your skills or gives you a new creative outlet it could be time and money well spent.

I’ll never get on the property ladder

It can seem out of reach, but there were 365,000 first time buyers in 2017 – the highest number since 20061. Here’s how you could join them:

  • Step by step. Buying a home is an investment in your future and there’s a lot to think about. If you break it down into smaller steps it becomes more manageable. You might find our guide helpful.
  • Assess your situation. Sit down with a mortgage calculator. It will help give you an idea of the costs involved – and give you a motivating target to save for a deposit.
  • Look for support. Government-led initiatives like Help to Buy can be great for first-time buyers – it’s worth doing a bit of research to see what support you might be eligible for.
  • Don’t be afraid to ask questions. You’re not alone in having questions. You might find our FAQs helpful.

I can’t save money

Small amounts add up and it does get easier once it’s a habit. Here’s how to get started:

  • Save at the start of the month. Make it one of the first things on your budget, not the last.
  • Set a goal. Motivate yourself with a target – anything from a holiday to a mortgage deposit. Track progress online, or by keeping a saving diary or bullet journal.
  • Every penny counts. Save your loose change at the end of each day – or try the ‘penny challenge’. Put aside 1p on day one, 2p on day two, 3p on day three and so on. By day 365 you’re putting aside £3.65 so it gets trickier, but stay on track and you’ll save £667.95 in a year.

1. Source: UK Finance.