5 Money Myths That Keep Women Broke

Your thoughts become beliefs that form into habits. Too often, some women wonder why they are stuck on a financial roller coaster without the ability to get off the ride.

As with anything in life, if you repeat a thought it becomes a part of your psyche. How many times have you had the same thought throughout the day? Whether the thought is true or not, it becomes your reality.

If you believe in money myths, it can become risky and dictate how you make financial decisions.

Don’t be misinformed about your money; it’s time to learn the truth. Let’s look into the myths that are keeping women broke.

Myth 1: I don’t have any money.

Truth:When you budget your paycheck to include savings/retirement, charity, bills, and discretionary income, you have more money than you realize. The key is not to spend your check before you cash it.

Myth 2: More money, better lifestyle.

Truth:It’s not how much money you earn, it’s how much you spend that will allow you to get out of debt and live a manageable lifestyle.

Myth 3: It cost the same amount to eat at a restaurant as it does to eat at home.

Truth:The cost to grocery shop each month is one-third the fraction to eat at a restaurant each day. With proper planning [creating a weekly menu that includes breakfast, lunch and dinner] and budgeting, you’re able to control how much you will spend on groceries.

Myth 4: Renting is the same as buying a home.

Truth:Renters are making their landlords rich. The major difference between a renter and homeowner is how the monthly payments are applied. Homeowners have the benefit of knowing their home is an investment that includes equity and tax benefits. Home ownership is included in your assets. To pay rent you are giving money to someone else; to own a home you are contributing to yourself.

Myth 5: It’s too late to start saving.

Truth:It’s never too late to secure your financial future. Saving begin with goals, which are from short to long. The best way to begin saving is to create a goal that is obtainable. Decide how much you are willing to save and indicate a deadline. The moment you convince yourself that you are worth it, is when you realize that it’s possible to save toward your future, one dollar at a time.

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