(BPT) - Financial Planning Month is a great time to clear up common misconceptions and misunderstandings about your money. These myths about banking and personal finance can set up unnecessary roadblocks that get in the way of you building wealth and creating a solid financial foundation for your life. Let's bust some common financial myths.

Myth: I can't buy a house because I'll never save enough for a down payment.

It's true that a healthy down payment will save you money in the long run on interest and mortgage insurance. But that 20% standard down payment is indeed very tough for most people. In today's real estate market, the median home price in the U.S. is $412,000. If you're putting 20% down, that's $82,400! For the average person, saving that kind of money can take years. But you have options. Talk with your bank about the best avenues to get into a home with a lower upfront investment. Several banks offer low down payment programs for first-time homebuyers, like Citi's HomeRun Mortgage, with down payments starting as low as 3% with no costly mortgage insurance required. This program is offered in select markets only and may have income limitations. Also, FHA loans or VA loans might be great options if you qualify.

Myth: I need to be wealthy to start investing.

No, you don't need a lot of money to start investing. In fact, if you have a work-sponsored 401(k), you're already investing. And you don't have to be wealthy to expand on that. Many platforms allow you to begin with small amounts, sometimes even as little as $5 or $10. Talk to your banker about the best options for you, start small and decide how much risk you're willing to take. Over time, you can gradually increase your contributions as you become more confident and knowledgeable about investing. Hint: consistency is often more important than where you start!

Myth: Checking and savings accounts are all the same.

This is where it pays to shop around. Many banks offer benefits you might not be considering, and some even help to ensure you're maximizing these benefits without lifting a finger. For instance, Citi's simplified banking offers everyday benefits like no overdraft or returned item fees and is designed to make it easy and automatic to unlock enhanced benefits and features as your sustained balance grows. The bottom line here is, your money can be working harder for you, depending on where it is.

Myth: Switching banks is a pain.

Switching your primary bank can offer several advantages, and today, the process is easier than ever. Start by exploring your options - think about what you want from a new bank, like lower fees, better interest rates, or access to a personal banker in a branch. You can open a new account online easily. Closing your old account is equally straightforward. Typically, it involves a few simple steps, starting with a call to your bank's customer service number. Just remember to update any automatic deposits, payments, and subscriptions to ensure they're linked to your new account.

By busting common money myths, you can take advantage of all the ways to grow wealth, become more financially secure and reap the rewards of your good habits. Visit Citi's simplified banking to learn more.

Mortgage lending products and depository products provided by Citibank, N.A. NMLS ID 412915. Equal Housing Lender and Member FDIC.