Busting 6 common money saving myths

I am passionate about helping people save money. In fact I am so passionate I quit my job in corporate finance to start a business who’s sole purpose is to be an indispensable tool for saving money online (more on that later). So I am taking to Medium to share what I know and to bust some common money saving myths with all of you :)

Money-saving Myth to Bust: “You shouldn’t be saving for your pension in your twenties”

Why is it wrong: You may be earning less money in your twenties but you will also have fewer responsibilities, meaning you can save more easily. Most large firms will offer a pension scheme where they contribute to it by matching whatever money you put in. This is a simple way to create tax free savings early on in your life.

It is never to early to put away the pennies!

Money-saving Myth to Bust: “Travel insurance is so expensive for a two week trip”

Why is it wrong: With summer coming up a lot of people will be going to exotic destinations and most likely carrying expensive goods like smart phones (need it for the instagram), handbags and jewellery. You may be tempted to buy travel insurance to cover all these items, however before you spend a few £100's on insurance, check you home insurance policy or even cover offered by your credit card provider. They often cover items lost / broken abroad.

Money saving Myth to Bust: “Online voucher codes never seem to work”

Why is it wrong: The daily deal and voucher websites will often show old or expired voucher codes on their websites as this boosts the number of visits they get. Whilst these voucher codes probably won’t work there are a range of reliable trustworthy sources that will provide you with working voucher codes so you can save money when you shop online.

Pouch (the business I co-founded) is a new shopping tool that is free to download and automatically shows you working voucher codes at the check out page on 1000’s of websites, so you never need to used a voucher code site again. Check out this explainer video below to see how it works.

Money-saving Myth to Bust: “Airbnb is the only way I can make money from my home”

Why is it wrong: There are lots of other ways to make money from your home that don’t require you have to rent our a room. Companies such as Storemates, allow you to store other people’s goods in your home, charging them a fee per sq. ft. Meaning you can turn your spare space into a money making mini self storage business!

Money-saving Myth to Bust: “Going out for dinner with friends is so expensive”

Why is it wrong: Going for dinner with friends is something everyone loves, but it can hurt the wallet if you do it too much. However it is usually the drinks, not the food that rack up a large bill. Next time you are going for a group dinner, find a restaurant that offers Bring Your Own Booze (BYOB). You can find BYOB restaurants in every city in the UK and they are a great way to enjoy time with friends and not break the bank.

Make sure you BYOB! (note: this picture looks too sunny for the UK)

Money-saving Myth to Bust: “I can’t get a good deal if I buy off sale”

Why is it wrong: When buying goods such a beds or furniture, most people will only buy on sale, but the items you want may not be in stock. However if you look to buy these goods at the end of the month you will be able to negotiate a good deal as most sales reps have individual monthly targets to hit. So by going at the end of the month, these reps will be more willing to cut you a deal to hit their target, so you walk away with what you want at the price you want :)

I hope you enjoyed busting these myths with me and if you have any questions about Pouch contact me at jonny@joinpouch.com