3 Money Lies To Stop Telling Yourself This Year

January 13, 2016
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Maybe you lie to yourself. Or perhaps, you’ve heard these lies told to other people one too many times. We all have our reasons.  We can justify most purchases and our financial situations without even blinking. However, if we think long and hard enough, we’ll often find that many of those justifications are just silly excuses that keep us from achieving our financial goals.

So you want to be rich, have a fully funded emergency account, and be able to go on a two-week long vacation. Oh and let’s not forget the house.  All of this stuff comes with a price tag attached and if you’re telling yourself some of these money lies, you’ll find yourself waiting longer than necessary to achieve these and many other life goals.


The first money lie you need to lay back on this year is none other than…

“I’ll pay myself back when I get paid.”

First of all,  why are you borrowing from yourself in the first place?  Let’s think about this for a second.  Are your savings priorities messed up (saving for a new pair of shoes when you need to be saving for your insurance premium)?  Do you lack self-control and go straight for Michael Kors as soon as you enter a department store?  Are your bills higher than your income?  (Please note: I’m talking to my old self, more so than anyone else.)

It’s essential to get to the root of the reason you’re borrowing money from yourself.  You shouldn’t have to rob your car maintenance fund to make home repairs.  Your clothing fund shouldn’t be raided for groceries.  See what I’m saying?  If your plan for your money is going to work, you need to figure out exactly how much you spend on things, cut back on stuff you don’t need, and cover your needs effortlessly. If you want something, plan accordingly — just don’t rob Peter to pay Paul. Or rob yourself, for that matter.


The second money lie you need to deal with is…

“I’ll save more when I get paid more.”

Let’s address this common misconception. You know how most lottery winners are broke within a few years of collecting their winnings?  Well, they are broke because they didn’t know how to manage money in the first place. Receiving lottery winnings is just like putting a band-aid over an open fracture without performing surgery to repair the break. You haven’t done anything to correct the behavior and the extra commas in your bank account is not going to fix all of your woes.

If you didn’t save before you cashed out, chances are slim you’ll plan to save when you get paid more. Not only is this true for those lottery winners, it’s true for us regular folks grinding the 9 to 5 too.  In the bible, Luke 16:10 says, “Whoever can be trusted with very little can also be trusted with much, and whoever is dishonest with very little will also be dishonest with much. 11 So if you have not been trustworthy in handling worldly wealth, who will trust you with true riches? 12 And if you have not been trustworthy with someone else’s property, who will give you property of your own?” Basically, the Word is saying, “if it ain’t working with a little, don’t expect much more with a lot.”


Moving along to the third money lie to stop telling yourself…

“I’m broke.”

No you’re not broke, but your spending priorities are broken. Mr. Biden said, “Don’t tell me what you value, show me your budget, and I’ll tell you what you value.” What he said couldn’t be more true. Do you prioritize catching a good sale to “save money” over your actual savings goals?  Let me break it down a little more. Do you care more about saving $248.39 off of your Kohl’s or Target purchase more than you care about putting that $248.39 into a savings account?

It’s easy to get caught up in the thrill of saving almost $250 on an item you may only sort of need.  I mean everyone needs a winter coat if they live in cold temperatures, but if you already have a good coat in the coat closet — you aren’t actually saving a thing if you’re purchasing a new one on sale.  You are spending! The spending priority is broken, not you.  Fortunately, your spending priorities can be fixed.

“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver. –Ayn Rand


Once you’ve stopped telling yourself those money lies, try telling yourself these things instead:

  1. I choose financial freedom
  2. I choose to become debt free
  3. I choose to end generational poverty in my family
  4. I choose to be less of a consumer and more of a saver
  5. I choose to think of myself as a whole (not broken) individual, capable of making smart money decisions.


I’ve left these lies behind and I encourage you to do the same. Are there any other money lies folks should stop telling themselves?  Are you guilty of telling yourself any of these lies?  Don’t be afraid to share, it’s a no judgment zone here!


*Part of Financially Savvy Saturdays on brokeGIRLrich, A Disease Called Debt and Racing Towards Retirement*

Latoya Scott
CFEI/Social Entrepreneur
Latoya Scott is a Certified Financial Education Instructor and personal finance writer with a mission to help millennials learn how to stop living paycheck to paycheck so they can become financially carefree.

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  • Shirria January 13, 2016 at 3:43 pm

    One money lie I’ve recently steered away from is “it’s okay it good debt.” I have to keep telling myself there is NOTHING good about people’s hands being in my paycheck before mine and as long as I owe anyone and HAVE to work any debt is bad!

    • Latoya S January 13, 2016 at 11:12 pm

      It sure is….that’s definitely not the business and not how I see myself living. We’ve got to get past the mindset that debt is normal. It should be out of the ordinary!

  • Cat@BudgetBlonde January 13, 2016 at 10:22 pm

    The last part is my favorite. By telling yourself positive financial things you can change your mindset and your attitude about money.

    • Latoya S January 13, 2016 at 11:13 pm

      And that shift will ultimately turn things around financially. Thanks for sharing that!

  • Amanda S @ Passionately Simple Life January 15, 2016 at 3:01 pm

    There are too many times at the store I notice people buy 6 or 7 of the same shirt of pants. And I wonder if they are really needed or because they are buy one get one free the deal gets to their heads. I’m so happy that my job is laid back with clothing because that would definitely sink my budget if I let it.

  • Liz January 16, 2016 at 2:23 pm

    I completely agree. There are so many times that I have wanted to believe these things, when I know that they are lies. Yes, I’m in a lot of debt, but I’m not broke. I have a stable income and can pay all our bills, while also paying extra on our debt and saving. You’re only broke if you let yourself believe it.

    These are great lines!

    • Latoya S January 20, 2016 at 11:48 pm

      Thanks, Liz:)

  • Gary @ Super Saving Tips January 16, 2016 at 7:57 pm

    The worst lies are the ones we tell ourselves! I love how you’ve flipped it around to some positive “truths” to replace the lies. Fixing your outlook and making a plan to do something different are key to turning things around.

    • Latoya S January 20, 2016 at 11:48 pm

      It definitely is:) Thanks for reading, Gary!

  • Mel @ brokeGIRLrich January 17, 2016 at 5:48 pm

    I’ve definitely been guilty of thinking “I’m broke,” but now I put that statement to work for me. I’ll think “I’m broke” when I look at my paycheck and see all my savings goals aren’t met yet. So when someone wants to meet up for dinner or a friend wants to catch a movie, I’m likely to say “I’m broke” when what I really mean is all my money is allocated to paying off my credit card bill and my savings goals right now.

    • Latoya S January 20, 2016 at 11:47 pm

      I definitely understand that logic, Mel. It’s such an easy phrase to utter; however, it’s our mindset behind it. By you meeting your savings goal, we both know you’re anything but “broke”:)

  • Mike @ Tip Yourself January 19, 2016 at 3:28 pm

    So true! Money is a mindset and relationship problem more than anything. Great post!

    • Latoya S January 20, 2016 at 11:46 pm

      Thank you, Mike:)

  • Michael Belk January 20, 2016 at 11:37 pm

    Latoya, I have told myself all three of those and I still do. I am getting better. This month I am paying off a credit card. I am pumped about that. I try to do better every month.

    • Latoya S January 20, 2016 at 11:46 pm

      That’s awesome, Michael! I definitely commend your efforts and we are all a work in progress. Keep showing up and making things happen!

  • Pamela June 16, 2016 at 2:43 pm

    The first point you mention is what really got me into financial trouble in the past. That one is to watch out for. I have come to the point where I don’t like consumer debt. I am OK with investment debt like when buying a house or buying investments with credit for the bank (if you know how to invest), but that was what really set me back financially when I was younger.
    One big things I am going now is always paying myself 15% of take home pay. No matter what. This money goes towards my long term retirement savings.
    Basically, at the age of 30, and starting with a net worth of $7,000 I can’t afford to not do it. Even if I have some consumer debt at t the end of the month, I get paid first. But I try to keep my debt in check and have no consumer debt at all. Good post

    • Latoya Scott June 18, 2016 at 11:25 pm

      Thanks, Pamela:) Paying yourself first is of the utmost importance. It doesn’t matter the amount, you just have to be paid before the other people get their money. I’m always perplexed how we can work and make others rich, but not pay ourselves first for our efforts. I’m glad I learned this, finally!