Whatever your earnings, you can set aside a portion for saving. Simple budgeting, translated as spending lesser than you earn can pave the way to start saving. If you do not think about saving as early as possible you will lose out on significant sums of money at a later stage in life. Needs are different from wants, the more you earn, the more you will spend on your wants. Hence, its best to define your spending patterns early, so that you make a habit of saving.

Popular belief is that you pay more for the quality - False.

You believe the more expensive the price tag, the better the quality, which is a connect that is not always there. You perhaps pay for easy availability or the ambience for the place you shop at, for instance, the same apparel that is available in the nooks and corners of T.nagar, in chennai maybe showcased at triple the price at a branded store. Most commodities in your local kirana store will be way cheaper as opposed to the ones you buy at a supermarket. So always shop around for the better deal on price, atleast for the products you buy often.

Life insurance doubles up as good investment and everyone needs it - True

Life insurance is just that. It is for the sake of insuring your life and even that only when there are people who are dependent on you. This should ideally go towards maintaining the same standard of lifestyle that you are providing them, when living.

If you visit a credit counseling centre then you are marked for a bad credit score. - False

Absolutely False! A credit score is awarded to you depending on how you have maintained your repayment track record and has nothing to do with a counseling session on how to prevent yourself from bloopers on management of funds or generating liquid cash from investments that will help you repay your loans!

If stock prices are crashing, it is a great opportunity to invest - Depends.

Given the volatility of the market what there is no guarantee either way or that. What is true however is the fact that as far as stocks are concerned benefits are best reaped long term.

You need to earn a handsome sum of money to start thinking about saving! - False.

Whatever your earnings, you can set aside a portion for saving. Simple budgeting, translated as spending lesser than you earn can pave the way to start saving. If you do not think about saving as early as possible you will lose out on significant sums of money at a later stage in life. Needs are different from wants, the more you earn, the more you will spend on your wants. Hence, its best to define your spending patterns early, so that you make a habit of saving.

All your debts perish with you - False

When a person passes away, their debts will ideally be cleared from the property or movable assets they left behind, the remainder of which would be handed over to the heirs. This includes any property or money the person has bequeathed in his will as well. In the case of joint bank accounts or co-owned properties that particular person with whom the account is jointly held or property is co-owned, will be held accountable for the payment of the debt.

Being a co-guarantor of a loan has an impact on my credit score - True.

Never readily accept becoming a co-guarantor for somebody else’s loan. You are putting yourself at a great credit risk if the person fails to repay the loan. It will go into your credit records and the bank or financial institution will hold you liable for the repayments the original loan consumer has to make. This could