Think you need a huge paycheck to be financially secure? Or that saving $10 a week isn’t worth the effort? Personal finance expert Jonathan Kim wants you to think again.
In a recent chat with FOX Business, Kim — head of finance at online savings platform Raisin — tackled some of the most common (and risky) money myths floating around social media. One big misconception: that saving only makes sense if you can stash away a large chunk at once. Kim says that’s simply not true. “Consistency is key,” he explains. Even putting aside a few dollars each week can build resilience, start good habits, and grow your financial confidence over time.
Kim also warns against another trap: believing a high salary alone guarantees financial success. “Lifestyle creep is real,” he says. If you don’t manage your money wisely, bigger paychecks can just mean bigger bills. That’s where budgeting comes in — not to deprive you of everything fun, but to help you spend intentionally and spot wasteful habits before they snowball.
Another trending pitfall? Treating “buy now, pay later” as a savvy budget hack. If you don’t have the money upfront, Kim says, you probably can’t truly afford it. These services often tempt people to overspend, leading to debt and interest charges that undo all your good intentions.
Finally, Kim says you shouldn’t wait to pay off every last debt before building savings. Having a rainy day fund protects you from emergencies, so you don’t end up piling new debt onto old. And don’t let your cash sit idle in checking accounts. A separate, high-yield savings account creates a clear mental boundary, earns interest, and shows your progress in a visible way.
Bottom line? Start small, spend wisely, and keep saving — no matter what social media says.
