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In the financial industry, we often hear people say they’ve received advice that might sound wise on the surface, but when you take a deeper look, it isn’t. It’s not to say some of these suggestions were never true, but as the world and society change, so do financial best practices.

Let’s debunk some common financial myths that we hear most often:

Myth: There’s no difference between credit unions and banks.

While credit unions and banks are both financial institutions that offer similar products and services, that’s about where the similarities end.

There’s one key difference that separates credit unions and banks: our ownership structure. Banks have corporate shareholders and make decisions to best benefit them. Credit unions, however, are not-for-profit financial institutions owned by their members. That means we are committed to helping our members succeed financially and make every decision with their best interests as our driving factor.

Myth: Always avoid using credit cards.

This myth has been growing in popularity in recent years. While it’s true that using a credit card improperly can lead to rising debt and negatively impact your credit score, there are real advantages to responsibly paying with them.

Credit cards, when used correctly, are a great way to build your credit score. Many also offer rewards programs for everyday purchases. If you use your credit card frequently and responsibly, it can lead to a higher score and can help you get approved for loans, mortgages, or other lines of credit with better interest rates.

Of course, responsible credit card use means only buying what you can afford and paying off the balance on time every month. Debt is expensive and can mount quickly. Your financial institution should have helpful tools like autopay and credit monitoring so you can keep track and pay off your balances easily.

Myth: Buying a house is always better than renting.

This is one myth that has changed over time because of rising housing market costs. While renting doesn’t build equity or offer tax benefits like owning does, it may be the smarter financial decision depending on where you live, your flexibility needs, and how much you can afford to pay upfront.

While your home might not be truly yours, renting does provide more flexibility. For example, if you change jobs or have to move for other reasons, it’s much easier and less costly to relocate if you rent. We like to tell members that buying makes most sense if you plan to stay in your home for a few years, and you need to do the math beforehand to make sure you can afford the upfront costs of homeownership.

Myth: If you make enough money, you don’t need a budget.

Everyone, no matter how much you make, needs to create a budget and follow it. We are all on a different financial journey, and budgeting is the best way to know if you’re on the right track.

Your financial institution should provide resources if you need help crafting a budget or just want an expert’s opinion. For example, at Ascend, we offer our members complimentary financial health checkup appointments with a certified financial counselor who can analyze your budget, debt, and goals and give you tailored advice to fit your needs.

Myth: It doesn’t matter where I put my savings.

If your savings are kept in a traditional account with a low annual percentage yield, you’re missing out on significant dividend opportunities. Move your savings into a high-yield checking or savings account and consider investing in a certificate or money market account. These are guaranteed ways to earn more on your savings without much legwork, and certificates offer a variety of terms.

There are plenty more common financial myths that we often hear. Remember that your financial institution is the best source of truth for your individual financial needs. If you have questions about anything along your journey, call them or stop by for an in-person appointment.

Matt Jernigan is the President & CEO of Ascend Federal Credit Union. Ascend is federally insured by NCUA.