Are you unknowingly sabotaging your financial future?
Don’t you know that managing your money starts with honesty—and that includes being honest with yourself?
In her latest Washington Post column, personal finance expert Michelle Singletary breaks down the top five financial lies people tell themselves that can quietly wreck their budgets and long-term goals.
If you’re serious about building wealth, it’s time to stop falling for these financial lies.
1. “I Deserve This, Even If I Can’t Afford It”
Emotional spending is one of the most common financial lies.
Whether it’s a luxury item or a spontaneous vacation, telling yourself you “deserve” it doesn’t change your bank balance.
Fortunately you can reward yourself within your budget—not beyond it.
2. “I’ll Start Saving Later”
Procrastination is the enemy of compound interest.
Waiting until you “make more money” or “pay off debt” often leads to saving nothing at all.
However, you can start small.
Even $25 a week can grow significantly over time.
3. “I’m Too Young (or Too Old) to Worry About Retirement”
Whether you’re 25 or 55, retirement planning is essential.
The earlier you start, the more time your money has to grow.
Solve this and open a retirement account now—even if it’s just a small monthly contribution.
4. “I Don’t Make Enough to Budget”
Budgeting isn’t just for the wealthy.
In fact, the less you earn, the more important it is to track every dollar.
To manage your budget, use free tools or apps to create a simple budget and identify spending leaks.
5. “I’ll Just Put It on My Credit Card and Pay It Off Later”
This mindset leads to mounting interest and long-term debt.
If you can’t pay it off in full, you can’t afford it.
Try to build an emergency fund so you don’t rely on credit for unexpected expenses.
Final Thoughts: Financial Freedom Starts With Truth
Facing your financial reality can be uncomfortable—but it’s also empowering.
By ditching these common financial lies, you’ll be better equipped to make smart, sustainable money decisions that support your goals.
