You’ve all heard the classic financial advice: save everything, never touch credit, and avoid risks at all costs. But sticking to every rule doesn’t always help you get ahead. Sometimes, going against old-school advice can give you the freedom to improve your financial health in ways that really work for you.
Always Save 20% of Every Paycheck
Sure, saving is important, but clinging to this exact number can feel impossible at times. Rent, debt, and everyday expenses don’t always leave 20% to stash away. Instead, focus on saving whatever you can realistically manage, even if it’s just 5%. What matters most is creating the habit, not the exact percentage.
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Never Spend Money on Non-Essentials
Depriving yourself of all “fun” spending sounds great on paper but rarely works in real life. Cutting out small joys—like your favorite coffee or a weekend activity—often leads to burnout and overspending later. Build a budget that leaves room for non-essentials so you can enjoy life while staying on track.
Pay Off Your Mortgage as Quickly as Possible
The idea of being debt-free is attractive, but rushing to pay off your mortgage isn’t always smart. Those extra payments could be better used for investing, especially if your mortgage rate is low. Let your money work harder by focusing on higher-growth opportunities instead of tying it all up in your house.
Always Pay Cash for Big Purchases
Cash may seem like the “safe” option, but sometimes financing makes more sense. Spreading out payments on a 0% interest credit card keeps cash in your pocket for emergencies or investments. The key is using financing wisely and not letting balances spiral out of control.
Stick to a Super Strict Budget
Budgets are essential, but rigid ones can make money management feel impossible. Life happens—unexpected expenses or occasional indulgences don’t mean you’ve failed. A flexible budget lets you adjust without guilt and keeps you on track long-term.
Avoid All Credit Cards
Credit cards aren’t evil—they’re tools that can work in your favor if used responsibly. They help build your credit score, offer perks like cashback, and provide protection for purchases. Instead of avoiding them altogether, focus on paying off balances in full each month to avoid interest.
Rent is Always Throwing Money Away
Owning a home isn’t always better, despite what you’ve been told. Buying comes with hidden costs like taxes, maintenance, and interest that can outweigh the benefits. Renting gives you flexibility and frees up cash for goals like investing, travel, or building a business.
Save for Retirement Before Paying Down Debt
Common advice says to save for retirement first, but high-interest debt can cripple your finances faster. A 20% APR on a credit card can grow faster than your investments. Focus on clearing high-interest debts first, then channel those payments into retirement savings for better results.
Always Buy Name Brands
Brand loyalty doesn’t always equal quality. Generic or store-brand products often have the same ingredients or manufacturing standards as pricier name brands. Whether it’s groceries, medicine, or household supplies, switching saves money without sacrificing quality.
Never Touch Your Investments
Pulling money from investments isn’t always a “death sentence” for your finances. In emergencies or life-changing opportunities, using some of your long-term savings can be a smart move. Just ensure you’re doing it with a plan, not on impulse.
Do Everything Yourself to Save Money
DIY is great for some things, but it’s not always the cheapest or smartest option. If a task takes too much time, risks being done poorly, or requires expensive tools, hiring help can save money in the long run. Focus your energy on projects where you’ll truly save—like cooking at home or simple repairs—and leave the rest to pros.
Never Spend Money on Convenience
We’re often told to avoid paying for convenience, but sometimes it’s worth it. Services like grocery delivery or car maintenance save time and stress, letting you focus on higher priorities. Consider where convenience buys you peace of mind or efficiency and make room for it in your budget.
Avoid Risky Investments at All Costs
Sticking to “safe” investments like savings accounts or CDs limits your earning potential. While it’s smart to avoid reckless risks, diversifying with higher-yield options like stocks or index funds can help you grow wealth faster. The key is balancing risk with your goals and comfort level, not avoiding it entirely.
Make Your Own Rules To Get Ahead
Sometimes breaking the rules is the smartest thing you can do for your finances. What works for one person might not work for you, and that’s okay. Take control, prioritize what matters most, and stop following advice that holds you back. Financial freedom is about building a system that helps you thrive—not one that keeps you boxed in.
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