Myth 1: Keeping All Money in a Current Account is the Best Option
According to Brian Byrnes, head of personal finance at the savings app Moneybox, keeping all your cash in a current account may not be the smartest move. With interest rates at their highest in 15 years, it's worth exploring other options to get a better rate on your savings.
Myth 2: Black Friday Deals Are Always the Best
While many people rush to grab Christmas gifts on Black Friday, finance expert Michelle Delker suggests that there might be a better time to make your purchases. Instead of shopping on specific dates, track the prices of the items you want and use price-tracking tools or apps to find the lowest prices.
Myth 3: Using a Shopping List Is the Best Way to Save
Contrary to popular belief, sticking strictly to a shopping list may not always result in the best savings. Sarah-Jane Outten, shopping expert at MyVoucherCodes, explains that by sticking to a list, you may miss out on potential bargains. Being open to switching brands or trying different meal ideas can lead to significant savings.
Myth 4: Saving by Ditching Daily Treats
While cutting out daily treats like expensive coffees may seem like a good way to save money, Sarah Coles, head of personal finance at savings platform Hargreaves Lansdown, suggests starting with changes that only need to be made once, such as shopping around for insurance. Making small adjustments that are easier to stick to in the long term can have a greater impact on your finances.
All prices on page correct at time of going to press. Deals and offers subject to availability.
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