Women tell all sorts of lies to fool themselves into feeling better. Many tend to do this when it comes to financial matters because it’s easier that way – to keep financial issues and problems out of your mind, hoping that if you stop thinking about it, things will eventually turn out fine.

However, ignorance is bliss for only a limited time. As much as it hurts, we have to admit that turning a blind eye or lying to ourselves can only work for a short while. Your financial crisis will remain unfixed, the problems will continue to build up as time goes by, and you will eventually have to deal with them all at one overwhelming go.

So it’s always better to just confront even the tiniest issues you encounter – from that 20 bucks you owe your friend to that student loan debt – before it’s too late.

Financial Lies Women Tell Themselves

Meanwhile, here are the 8 biggest financial lies women tell themselves as well as the reasons why they tell these lies and why, if you are one of these women, you should stop now.

The 1st Lie: “Only the rich and the privileged can make it on their own.”

Why the lie: Fresh graduates tend to pressure themselves over the fact that it might take them years if not decades to have a substantial amount of savings, so this is a convenient excuse. Some who have been stuck in a job for a long time might start thinking the same, too.

Why you should stop: The first thing wrong with this is that implies that you are already admitting hopelessness and defeat before you even tried. Second, while one’s social status and privileges indeed affect one’s future, to say that all those who have nothing or have hit the rock bottom can get nowhere is entirely false; the rags-to-riches stories of people like JK Rowling and Oprah Winfrey are enough proof for this.

10 Steps to Develop a Healthy Relationship with Money

The 2nd Lie: “I’m still young and have a lot of time to save.”

Why the lie: Two main reasons: you actually are young and want to enjoy your money while your still young, or you are in denial of the progression of time and your current financial state.

Why you should stop: It’s basic Math – starting to save earlier garners you more funds for the future and your retirement than when you start later. Other than that, no matter how stable your current career and financial state are, you will never be truly certain of the future; so it is better to be prepared and save in case something unexpected happens.

The 3rd Lie: “Keeping all my savings in my bank account is good enough.”

Why the lie: Aside from the fear of investing, it’s called a “savings account” for a reason.

Why you should stop now: They are savings account alright, but they are mostly “low-interest savings account”. In addition to that, you should consider inflation which results to the decreasing of the value of your cash as time goes by.

The 4th lie: “I’m definitely secured for when I get older because I have my social security and health insurance.”

Why the lie: Your Medicare and retirement savings definitely took some chunks off your paycheck. Surely it will pay off in the future… right?

Why you should stop now:  Sadly, the government does not provide its retirees sufficient funds to answer for all their needs as these insurances are only meant to assist. In the end, you will still need to rely on your own pocket, and your lifelong retirement plan and how you followed it, especially in the case of events like inflation, higher taxes, financial troubles of your children, or other unexpected events.

The 5th lie: “Investing is just too risky and complicated for me to try.”

Why the lie: Different investments have their own risks as well as their own jargon that might scare off those who plan on trying them out.

Why you should stop now: Take it from Stephen King– “the scariest moment is just before you start”. It is true that there are risks, but if you train yourself to be patient enough in researching and studying the movement in the stock market, it can pay off significantly in the end. You can also consider starting your own business. The point is, do not let your fears stop you.

You can also consider starting your own business. The point is, do not let your fears stop you.

The 6th lie: “I can just borrow from my savings and take a greater chunk from my next earnings to pay for it.”

Why the lie: If you can lend other people money and trust them they will return it, why not lend money to yourself, too?

Why you should stop now: Well, that’s not exactly a great idea as trying to make up for the borrowed money and catch up with your goal might require sacrifices like changes in lifestyle. If not, the chances are you will be left behind. So you are thinking of spending on something that will require you to take a portion of your savings, you probably cannot afford it.

So you are thinking of spending on something that will require you to take a portion of your savings, you probably cannot afford it.

5 Smart Steps to Achieve Your Savings Goals Today

The 7th lie: “I’ll pay my debts when I’m earning more money.”

Why the lie: Surely, there’s something greater in store for your career in the future, right?

Why you should stop: The possibility of getting a raise, promoted, or a job that pays better is there, but it’s not for certain. Don’t rely on a mere possibility; if you really want to ensure for the future, take actions that can help lessen your future financial problems – pay your debts on time and while you are earning. Those debt collectors won’t just go away if you ignore them.

The 8th lie: “I deserve these expensive stuff for all my hard work. My credit card is there for me anyway.”

Why the lie: You worked so hard; surely, it’s justifiable to reward yourself, right? Besides, you have your credit card; you can just pay for it once you get paid.

Why you should stop: While you do deserve to enjoy your hard-earned wealth, it does not do well to spend them all extravagantly. Sure, you can buy that new phone you already need and have been waiting for, but allot a part of your monthly earnings to it for a year so you can pay for it in full without using your savings or credit cards.

You can’t rely on your credit card either; credit cards give many the illusion of having more money than they actually have or  can pay for. Some would even go as far as claiming that these are the Capitalists’ tool to make people spend way beyond their purchasing power.

True, these lies do make us feel better and lessen our anxiety for the future. However, time will come when you cannot run away from these problems anymore. So why not save your future self the trouble and the plan ahead, budget and spend wisely, and fix what you can early on?

Stop Overspending – Why “You Deserve It” Is Bad For You

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C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).