As the old saying goes, “A fool and his money are soon parted.” Make a resolution to stop acting foolishly with your finances and let go of old misconceptions.

Ginita Wall, adviser to the GE Center for Financial Learning, has compiled this list of some foolish financial notions that can be dispelled through financial education.

- I don’t need to pay attention to my 401(k), because someone else is managing it:

As the debacles at several high-profile companies show, you can’t leave your 401(k) on automatic pilot. You need to look at your own financial goals and risk tolerance and develop your own savings plan. Based on your individual strategy, your contributions should be spread among large cap stock funds, small cap funds, international stock funds and bonds, and you should evaluate those proportions annually.

- My spouse or kids will provide for my long-term care needs:

Depending on a spouse for long-term needs is dangerous, particularly for women. The fact is, according to recent research conducted by the GE Center for Financial Learning, 59 percent of women older than 65 won’t have a spouse to take care of them because of divorce, widowhood and increased longevity. Waiting until you are faced with a long-term care crisis can leave you emotionally and financially unable to make the kinds of decisions you would like. And most people don’t want to be a burden on their kids, even if their kids are successful.

- I can’t afford to save enough money to buy a house or buy a car or save for retirement:

Most people waste between 10 percent and 35 percent of their income on unnecessary discretionary spending. Keep track of where your money goes for one pay period, and see where the holes in your budget are. Pick the drains that give you the least pleasure (fast food, candy bars, etc.), cut them out and plunk the excess into savings for that special purpose. For example, walk to work instead of hailing a cab, and your new walking regime will let you cancel the health club membership, saving money both on transportation and club dues.

- I can carry debt as long as I make the minimum payment each mont

If you love being in debt, this plan is for you. At the minimum payment, you’ll stay broke. To better manage credit card debt, pay the new charges and the finance fees each month, plus $25 to $150 extra. That way, your debt will shrink month after month, and soon you’ll be out of the hole and onto solid financial ground.

- I don’t have to start saving for retirement until I’m at least 40:

That’s what the baby boomers thought, and now they are scrambling to set aside enough for old age. The reality is, the sooner you start saving and the more you save, the more options you have later on. If you save diligently from age 20 to 40, you’ll be able to retire early, or at least take time off from work (and saving) and enjoy yourself.

- My kids are too young to understand money issues or have money concerns:

The formative years are when good habits are formed, and good financial habits are golden. Teach your kids the value of their money, and how to save, spend wisely and give money to those less fortunate. Even small children can begin to learn concepts that will serve them all their lives.

- My spouse is on top of things with the bills and taxes so I don’t need to bother with educating myself:

The ability to look after your own finances is important, even if you don’t take care of daily financial issues. What if someday your spouse isn’t there to take care of things? What if your spouse isn’t as savvy as you’d like to believe? And what if your spouse could use some help from you on occasion to pay bills or as a sounding board for investment ideas? The more you know, the better a mate you’ll be and the better you’ll be able to care for yourself and your family. Joining an investment club for couples is a great way to start working together as a team.

Web sites, such as www.financiallearning.com, can help you and your family let go of these financial misconceptions through a variety of tools and educational resources. But however you do it, make a point to begin educating yourself and your family about good financial habits - it’s never too early or too late to let go of foolish habits and get started on the road to financial fitness.