Lie Deceptive: Your Money Woes Might Just Be You Misleading Yourself

Do you tell lies? OK, let’s rephrase that. Do you tell lies about money? More importantly, you might be the type of person who convinces yourself that there’s nothing at all wrong with your money management; and, how you save or spend it. Furthermore, you might consider your budget ironclad and the money that you make as being hit or miss as far as how you pay your bills on time and if you let a few of them lapse if you have a weekend getaway planned or want to spend that bill money on gifts, for instance. Easily the biggest issue is one where you pretend, as though money is replaceable when you spend it. And by that, consider this: have you ever spent money from your savings account and then on your next check put the money back in? What typically happens when you justify that move with yourself, as though you’re “borrowing” from yourself? The result is you’re tapping into your paycheck, and you’ll repay yourself, but you’ll end up “borrowing” again since you’ll be short on that paycheck. This vicious cycle is pretty common and is a red flag that if you’re doing it, you can’t afford what you’re trying to buy. Of course, if you have an emergency and you have to use savings account money, then so be it. But if that money is being used for recreational reasons such as clothing, travel or an expensive service you don’t need (Swedish massage, anyone), you should forgo using your savings account on something that you clearly can’t afford at that very moment. Another lie also centers on money false hopes and relying on them. Remember that credit card you opened at that department store to save a few percentages on that sweater, pants or anything else you bought at a discount since you opened a store credit card. You always convince yourself that you’re going to be able to open or use a credit card and then pay it off the next month when the bill comes. What tends to happen is you charge $200 for instance and then next month when you have to pay it off, you end up lingering on for months paying the minimum that is bare and that $200 charge ends up costing you nearly a thousand after interest left to accumulate or, worse yet, when you have deferred interest you can’t cover. You can always argue, when it comes to money, in your favor. But doing so is fooling yourself into believing that you’re ready to save when you’re still in need of training yourself to just budget what you have effectively.

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