Four junk financial beliefs I struggle with on the regular

I got my first job as a cashier at a grocery store when I was 15 years old.

I started at $6.50 an hour, with the idea I would work 12-15 hours a week.

It didn’t work out that way.

In reality, I worked closer to 20-25 hours a week. Thanks to my tendency to always say yes, I became the go-to person supervisors called when they needed a shift filled. I spent a lot of time at the store after school and on the weekend — and that was reflected on my biweekly pay cheque.

Back then, a $350 pay cheque was a lot of money. Oh, to be young again!

More than a decade later, I look at money very differently. This is not a bad thing; it’s just the result of getting older.

But while my thoughts on money have changed, I still hold onto some junk financial beliefs. Inspired entirely by Stephany’s excellent post (you should check it out), here are some of the garbage beliefs about money I still struggle with on the regular.

My Junk Financial Beliefs

Although I’m sure these aren’t the only trash financial beliefs I struggle with, these certainly constitute my top four.

The only way to change our financial situation is to make more money

If I have learned anything on the debt repayment journey, it’s this: the amount of money you have is less important than how you use it.

Lifestyle inflation is a real thing. If your spending goes up when your income goes up, you’re won’t get very far.

Still, sometimes I wonder if more money would be the answer.

Thankfully, the better I get at managing the money we have, the better I get at recognizing this thought and calling it out. It’s a work in progress.

Money saved should never be spent

To date, we have used our emergency fund for two car repairs this year — a new alternator and two new tires. Neither repairs were particularly expensive, but I won’t lie: it was difficult to take money from this account.

I can’t say for certain, but I believe this feeling is the result of growing up poor. I feel secure with a fully-funded emergency fund; spending from that account chips away at that security.

This, of course, is not a good mindset to have.

Saving money is a good thing — but that doesn’t make spending money bad. The important thing is to make sure your spending aligns with your goals.

A good deal is always worth it 

One example that comes to mind right away is free shipping with online shopping.

For a long time, I operated under the assumption this was the best deal; as a result, I bought things I didn’t need to meet that minimum — spending more than I would have if I had just paid the shipping.

A good deal is only a good deal if you’re getting something you need.  Sometimes, the best deal is paying for the shipping.

I am entitled to a certain lifestyle

In September 2018, I will turn 29 years old.

I graduated from university seven years ago and work in a degree-related field. My earnings are above minimum wage, I have a pension and an emergency fund.

Yet I still live pay cheque to pay cheque. That annoys me sometimes.

Somewhere along the line I got this idea that there is a point in your life where you are entitled to a certain lifestyle. This thought creeps in occasionally, even though I know it is categorically untrue.

No one is entitled to a certain lifestyle. You can set goals and work toward them, but at the end of the day, life doesn’t owe you anything. The sooner you shed that mindset, the better off you’ll be.

Final Thoughts

It is not easy to let go of junk financial beliefs. Old habits die hard and time ingrains and reinforces these beliefs.

But one of the interesting byproducts of the debt-free journey is the way it forces you to think about what you believe — and why.

For me, acknowledging the trash beliefs about money that I hang onto is the first step to making a change. It’s not an easy process, but it’s certainly an essential one.

What junk financial beliefs are you holding on to?