12 Money Myths We Could Do Without

The rumor mill isn't just for celebrities.

It's also for money (seriously!). There's a lot of misinformation out there, and we hear it all.

ATMs are unsafe? Travel is only for rich people? No way. Our lives are stressful enough without letting unsubstantiated and untrue fears about money take over.

Take a peek at the top twelve most common money myths that cross our desks, so you don't have to be tripped up by these ever again.

Myth: Checking Your Credit Score Too Often Will Damage It

Truth: Although it will hurt your credit for too many outside agencies (like potential lenders or landlords) to get official copies of your credit report around the same time, checking your own credit score is free, simple and easy. Simply go to Credit Karma and do it in minutes.

For everything you need to know about your credit report and score, start with Credit Reports 101. Need more help? Our checklist "I Want to Get My Credit Report" is just the thing for you.

Myth: ATMs Are Dangerous Because Someone Could Be Trying to Steal Your Info

Truth: People have reported scams in which ATM card readers “skim” the info from your account to gain access to your finances, but that doesn’t mean you can’t use ATMs anymore.

Be alert by regularly checking your accounts for suspicious activity, and keeping your eyes out for anyone who tries to “help” you at an ATM, a machine that doesn’t look quite right or unusual signage that tells you to swipe in a different sort of way. (The New York Times has more tips on spotting an ATM skimmer.) If your card isn’t returned immediately after your transaction or after you’ve pressed cancel, tell your bank right away.

If you do find yourself a victim, your bank should reimburse the money that was lost. If you're unsure of your bank's policy on fraud, we recommend calling to make sure you're covered before something goes wrong.

Myth: Using Cash Is Better Than Using Credit Cards to Track Your Spending

Truth: Although keeping and spending only finite amounts of cash works for some people, we recommend making your purchases on debit and credit cards in order to track them more efficiently in The Money Center. Once you link your accounts to our free tool, it will keep track of and even categorize every purchase you make.

Plus, credit cards offer protections like insurance for purchases, travel insurance and the ability to dispute charges. We only recommend going cash-only if you have trouble controlling your spending. If you're at that point, consider taking our Take Control Bootcamp, a free email program that will put you firmly back in charge of your finances. (And if you do find yourself on a cash-only program, you can enter those expenses manually into The Money Center.)

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