Steven B. Smith, president of Finicity, a company offering online money-management tools, debunks four financial myths:

¢ It’s always best to open a savings account at a brick-and-mortar bank. Many online savings/money accounts offer annual percentage yields of around 5 percent compared with 0.2 percent at some traditional banks, Smith says.

¢ Saving for your child’s education is more important than saving for retirement. “The working man has far fewer options to fund retirement,” Smith warns. With this in mind, make sure to put a healthy percentage of the money available for saving toward your own future as well as your child’s.

¢ You need to make more money before you can start saving. The truth is that you have no way of knowing when or if your income will increase. Focus on minimizing debt.

¢ You don’t need to track your spending if you have overdraft protection. Unless you have another mechanism in place, banks will allow you to continue spending, all the while hitting you with multiple overdraft fees.