Having a healthy mindset about money is important for financial stability. The importance of positive money psychology could never be undermined as they create the right framework to firmly support your journey towards success in terms of personal finance management.
However, there are negative money thoughts that keep some people poor and thus, need to be avoided in the soonest time possible. They are the following:
No. 1- Good Money Handling is Not One of My Best Qualities
While being realistic about your situation when it comes to finance is a good thing for you to properly assess your standing, keeping the negativity in mind and living with it can cause undesirable impact towards your life. So, instead of stopping dead on your tracks and planting to your head that you are never good in handling your money, you should say, “I may not have the knowledge yet on how to handle my money, but I can learn, and I will.”
No. 2- My Paycheck is Too Small to Save
Saving money is a financial responsibility of every one to themselves, not just those who earns big. It may be true that you will be left with very little after you pay off bills and buy your needs, but a small savings done consistently is far better than no savings at all.
The culture of consumerism that leads to people buried in debts is a phenomena widely known and accepted in the global market. But because most people you know have credit card debts, doesn’t necessarily mean it is also okay for you to have one. Don’t allow the culture of debt get into your head, and if you have debts, eliminate them as soon as you can. It is never healthy!
No. 4- Frugality is a Burden
The idea that “you only live once and you need to seize every moment” has been used by many as an excuse to exercising frugality towards a healthy financial life. However, the thinking that frugality is denying yourself of the pleasures you deserve can be wrong. Healthy frugality suggests that you need to cut off expenses in the areas of your life where you can, so you can afford other things pleasures without having to go into enormous debts.
No. 5- Money and Romance is Not on The Same Page
While this can be true, it is also true that many relationships ended because couples are so hesitant to talk about money and found themselves with money problems later on which led to conflict and eventually breakup. It may not be sexy and romantic, but in order for you and your partner to live harmoniously for a long time, you need to be able to sit down and talk about practical things like money.
Keep these money thoughts off your head and you will live a better financial life.