Have you ever heard a money myth?

Chances are you've heard some financial advice on social media or from a friend that may make sense in theory, but doesn't work in the real world.

Here are several money myths we've heard recently that might be causing you financial stress.

Myth #1: Debit is always better than credit.

Do you automatically reach for your debit card when making a purchase? While it’s true that paying for expenses with money you already have in your account is often the best choice, there is a time and a place for credit cards as well.

The real deal: Credit cards get a bad rap for the debt trap they represent for people who use them to spend beyond their means. However, many credit cards offer rewards in the form of travel miles, cash-back systems and other bonuses. In addition, building and maintaining a strong credit history is crucial for your financial wellness. The primary way to do this is by using your credit cards and paying your bills on time. Finally, most credit cards offer purchase protection, which makes them a smart payment method for big-ticket items.

Myth #2: More income equals more wealth.

People with big salaries are living on easy street and have investments, retirement savings and a very secure financial picture, long term.

The real deal: Too often, people with high salaries upgrade their lifestyle to match. They spend most of their money on bigger homes, fancier cars, Instagram-worthy vacations and that fancy Prada bag. But if you had the chance to look at their long-term financial picture, it's not so rosy. Even people who are bringing in the big bucks need to live the way the rest of us should live — by spending less, saving more and investing early.

Myth #3: Investing is only for rich people.

Investing is for people who drive luxury vehicles and have homes in three different states. After all, they have extra money to invest!

The real deal: Anyone with even a very small pile of money squirreled away can get a foothold in the stock market. A smart investment strategy can be the best way to let your money grow and put you on the track to financial independence. If you’re a beginning investor, look into passively managed index funds for an easy way to start building your wealth.

Myth #4: My partner manages our finances, so I don’t need to think about money at all.

Are you living in blissful financial oblivion, confident that your partner is managing your money?

The real deal: Every adult should have a handle on the family’s finances, regardless of their partner’s involvement. While it is fine for one partner to actively manage the family’s money, it is crucial for both partners to be aware of the state of the family finances and to be capable of managing household expenses and investments if something happens to a partner. Be sure you're both aware of all credit cards, bank accounts and investments, and share passwords and access to those accounts.

Myth #5: Credit cards will get me through any financial crisis.

Why would I need an emergency fund? I have credit cards!

The real deal: Depending on credit cards to get you through a financial emergency is the perfect way to dig yourself into a deep hole of debt. Thanks to interest, you’ll be paying back a lot more than you spend. You’re also more likely to overspend when you pay with plastic.

Credit cards should not be relied upon for a real financial emergency, such as a job loss, divorce or illness. It’s best to build an emergency fund consisting of three to six months’ worth of living expenses so you’re completely covered for the unexpected.

Myth #6: I’m so young; I don’t need to think about retirement.

Who can think about retirement when it’s so far down the road because they’re just starting a career? Besides, who can afford to save for retirement when they’re bogged down with more pressing expenses, like saving for a house and putting kids through college?

The real deal: There’s no better time to start planning and saving for your retirement than right now. The younger you start building your retirement fund, the less you’ll have to put away each month, and the more you’ll save by the time you’re ready to retire. Gift yourself with a comfortable, stress-free retirement by maxing out your 401(k) contributions, and/or opening an IRA or another retirement fund. Start today and let compound interest work its magic!

Myth #7: I have enough in my account to cover my expenses so I don’t need to budget.

Budgeting is for people who are barely squeaking through the month. I have enough money; so why worry about it?

The real deal: Budgeting is for everyone. Without a realistic budget in place, those pulling in a salary in the high six digits can easily spend their way into debt. A budget will force you to make responsible money choices and to be fully aware of the state of your finances at all times.

Myth #8: Credit unions are a great place to stash cash.

It's actually true that a credit union is a really good place for your savings account, but that doesn't tell you the whole story and you could be missing out on a lot of things!

The real deal: Yes, it’s true that CommonWealth One is a great place to stash cash, since we offer high-yielding savings and certificates like our club accounts to save for holiday expenses or vacations and our Special 18-Month Certificate at 4.20% APY.

But did you know that we're also a really great place to do ALL of your banking? From online bill pay and the convenience of mobile check deposit to super low rates on auto loans, mortgages and personal loans, using your credit union is a smart financial move. In addition, we offer a variety of free services, including financial counseling, webinars, complimentary consultations on investment advice and more to keep you and your family financially healthy.