Bangalore: Most often it is seen that people believe in notions about personal finances which later turn out to be completely false. But these false myths can lead you to a minor or sometimes a major loss of money. To avoid such situations it is necessary to come out of these myths and know the real truth. Read on to know ten such myths that may have fooled you, as listed by Business Insider.

1. To save more money start budgeting

Making a budget plan or maintaining a budget is said to be a good habit, but the question is how much money do you save? A study conducted by a group of researchers from Brigham Young University and Emory University showed that people who stick to a budget apparently spend 50 percent more on the single item than people who do not follow any budget. 

It is true that you can save money if you stick to your budget but not much. The reason behind this is, people who stick to a budget would not go for the cheaper items when they find the similar item at lesser price. As Jeff Larson, co-author of the study and assistant professor of marketing at Brigham Young said that people who tend to stick to budget generally don’t look for same category items available at lower price and usually end up spending more.

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