Are common misconceptions putting a dent in your budget?

"There's no such thing as a free lunch."

"Money can't buy happiness."

"You can't take it with you when you go."

We love repeating these age-old expressions about money -- especially when they justify our spending habits.

Here are seven top money myths to avoid.

"It's too late (or too early) for a retirement plan"

When is the best time to start a retirement plan? Right now, say experts. Unfortunately, we often use age as an excuse to avoid this overwhelming and, at times, far-off financial goal. Some older adults feel it's already too late to start, while many younger adults miss out on accumulating growth because other goals like buying a home and raising kids trump retirement.

If you don't already have a plan -- or you haven't reviewed it recently -- it's time to confront the issue. Even if you can't afford to set much aside, the consensus among experts is that something is better than nothing and every dollar makes a difference for meeting your goals. Besides, you might have longer than you think: an investment made at age 55 may not necessarily be needed at age 65 -- it could grow for another decade or two.

Need a little help? There are many resources available for people looking to catch up -- like Gail Vaz-Oxlade's latest book, It's Never Too Late .

Click through for more common misconceptions about money.

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Elizabeth Rogers