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You may have grown up in an environment that openly discussed how to manage money or maybe you learned about it as an adult, through trial and error. Regardless of how you learned about money, you\u2019ve likely developed a perception about your relationship with it.<\/p>\n
You may have been telling yourself the same scripts about your capabilities when it comes to your finances. The thing is \u2014 these beliefs may not be reality. Here are a few common money myths people tell themselves.<\/p>\n
If you started your professional career in your late teens or early-20s, retirement age at 67 can feel like a lifetime. Even in your 30s, the pressure of retirement might not weigh so heavily on you.\u00a0<\/p>\n
Although you technically have years ahead before your retirement party, from a numbers perspective, you\u2019ll need all of the time you can get. When you put your savings into a retirement fund<\/span><\/a>, like a 401(k) or Individual Retirement Fund (IRA), you\u2019re growing your money and it\u2019s compounding over time. The more time you allow your account to compound, the larger it gets.<\/p>\n On top of this long-term advantage, a traditional 401(k) and traditional IRA are pre-tax savings vehicles that lower your taxable income now. Instead, you\u2019ll pay taxes on your contributions in retirement upon withdrawal.<\/p>\n How to get past this myth: <\/strong>The simplest step to overcome the mindset that you have time to save for retirement later, is by opening an account today. If your employer offers a 401(k), reach out to your Human Resources department to get on a retirement plan. If your employer doesn\u2019t offer this benefit or you\u2019re self-employed, compare IRAs online.<\/p>\n Your memory isn\u2019t as trustworthy as you might think. Research by Boston College<\/span><\/a> suggests that your memory recall becomes less detailed in just a few minutes. Three coffee runs and a team happy hour during the week may leave you unclear about how much you\u2019ve actually spent on your dining-out budget.<\/p>\n Keeping a digital or physical record of your budget can help you keep the details straight and hold you accountable for the budgeting goals you\u2019ve set for yourself.<\/p>\n How to get past this myth: <\/strong>Choose how you prefer to track your budget. You can use an online tool like Rocket Money or You Need a Budget (YNAB) or stick to a physical pen and paper ledger.\u00a0<\/p>\n The key to getting past your reliance on your memory to balance your budget is scheduling time in your calendar for it each week. This can be a short, 15-minute check-in that you block time for through your phone\u2019s calendar.<\/p>\n We\u2019ve all been there \u2014 a high salary is a crutch we use to justify an overly demanding company culture, a dead-end job, or a verbally abusive boss. You might tell yourself that you should \u201cbe grateful for what you\u2019re earning,\u201d or \u201cno other company will pay you what you\u2019re making now.\u201d\u00a0<\/p>\n Sometimes, it makes sense to temporarily stay in a high-paying but unrewarding job, if you have a game plan to move past it soon. A big paycheck, however, shouldn’t come at the expense of your emotional and mental health.<\/p>\n How to get past this myth:<\/strong> Talk to your manager or Human Resources department to learn if adjustments can be made to address your concern.\u00a0<\/p>\n If communicating internally isn\u2019t successful, write out your list of skills and work accomplishments you\u2019ve had to date. This helps you visually see what you\u2019re capable of achieving all in one place. Search for job postings in the same (or lateral) role to compare your earnings.\u00a0<\/p>\n As you explore, consider what your ideal job looks like \u2014 including the job\u2019s purpose, work culture, company mission, hours, pay and benefits, etc. Chances are, you will find that other companies are willing to invest in good talent.\u00a0<\/p>\n The thrill of a bargain can be hard to pass up. The idea of saving money can coax you into spending more than you expected. A survey by BlackFriday.com<\/span><\/a> found that 22% of Millennials, ages 25- to 34-years-old, said they\u2019d be stressed about missing a lucrative deal this coming Black Friday and Cyber Monday.\u00a0\u00a0<\/p>\n Although it\u2019s wise to bide your time and hold off on an impulse purchase by waiting for it to go on sale, it\u2019s important to set guidelines around shopping sprees.<\/p>\n How to get past this myth: <\/strong>A helpful way to shop during sales is to first decide on one or two sales you\u2019d like to shop during the year. For example, you might choose to shop exclusively on Cyber Monday and Labor Day. Planning this in advance can help you save money toward your shopping day, instead of risking credit card debt.\u00a0<\/p>\n In addition to committing to how often you shop sales during the year, calculate a realistic budget for each shopping trip. To avoid overspending in the moment, it\u2019s helpful to withdraw your shopping money in cash \u2014 once you\u2019ve used up all of your cash funds, it\u2019s time to hit the brakes.<\/p>\n Confronting these money myths takes a long-term vision, motivation, and a lot of courage. If you need support reframing your relationship with money, <\/em>reach out to a financial coach today<\/em><\/span><\/a>.<\/em><\/p>\n<\/div>\n2. \u201cI can keep my budget in my head.\u201d<\/h2>\n
3. \u201cMy job pays me well so I shouldn\u2019t leave it.\u201d<\/h2>\n
4. \u201cI save money by always hunting for sales.\u201d<\/h2>\n