7 Silly Things People Say about Their Finances ...

There are many things people say about their finances — some good and some bad. If you want to get your money on the right track, it's important that you adjust your thinking and adopt a mindset that's financially wise. Unfortunately, friends and relatives might influence your thinking for the worst. But if you learn how to recognize seven silly things people say about their finances, you can make decisions that benefit your pocket.

1. I’m Too Young to Worry about Retirement Planning

This is by far one of the silliest things people say about their finances. The truth is, you're never too young to start planning for retirement. If you start in your early 20s as opposed to your early 30s, you'll have more money in your retirement account when you're ready to leave the workforce. As a result, you might be able to maintain your standard of living after retiring, and you might retire without needing part-time work.

2. Credit Card Debt Isn't so Bad

Credit card debt in itself isn’t bad — as long as you use your card responsibly. As a general rule, pay off balances in full each month. And if you can't pay off your balance in 30 days, come up with a plan to pay it off within the next few months. Too much credit card debt can reduce your credit score, making it difficult to qualify for auto loans, mortgage loans and other types of credit.

3. I Don't Need a Savings Account

It doesn't matter how much equity you have in your house, or whether you have a 401(k) plan, you need a savings account. Liquid cash comes in handy when you need immediate cash for a home or car repair. This way, you don't have to rely on a credit card, or consider an expensive cash advance loan.

4. A Handshake is Just as Good as a Contract

Creating a contract for business purposes is tedious, and some people would rather conduct business with a handshake. To each his own. Just know that a handshake doesn’t guarantee that the other person will live up to his end of the deal. He may voice one thing, but do another. And unfortunately, without the agreement in writing, you can't prove that he’s in breach of contract.

5. I Don't Need to save for My Future

Not only do some people feel that they don't need a savings account, some feel that they don't need to save for retirement. Maybe they're expecting a large inheritance or benefits from a life insurance policy. Although these sources might provide enough income for future use, it's smart to have a backup plan. Speak to your employer about enrolling in the company 401(k) plan, or speak with a financial planner about starting an individual retirement account.

6. Shopping around is a Waste of Time

When you're ready to buy something, you might prefer not to check prices at different retail stores. But sometimes, comparison shopping can save a ton of money, allowing you to get more bang for your buck. And with the Internet, comparing prices among different retailers has never been easier.

7. I Need This

The truth is, you probably don't need the majority of the things you buy. To avoid frivolous spending, never purchase on a whim. Leave the store and sleep on it. Your desire for the item might lessen after a few hours.

Getting smart with your finances may not happen overnight. But with practice, you can start making wise decisions and improve your financial outlook. What are other silly things people say about their money?