*This post is sponsored by Serve®. All opinions are 100% my own.
Has the thought “I will never be able to pay off debt, so why bother trying” ever entered your
mind? If so, you’re not alone. This is a common money belief that many people have. However, this money belief, like others, can ultimately keep you from making progress with your finances.
A money belief is simply that – a belief you have about money and what it means to you. Our money beliefs are formed over time and are greatly impacted by our personal experiences. Many times, our money beliefs stem all the way back to our childhood experiences with money.
Your experiences can ultimately lead to beliefs that are not true, also known as money lies. When you stop believing these money thoughts and call them out for what they are, lies, managing your money becomes a lot easier. Between positive money beliefs and the convenience of accounts such as the Serve® Pay As You Go Visa® Prepaid Card, managing your money becomes simple!
Below are 7 money lies you need to stop believing so you can make more progress toward your financial goals. I’m also sharing a money truth to combat each money lie.
Money Lie #1: Budgeting will limit my fun.
It’s easy to believe that writing a budget will limit any fun you can have with your money. However, it’s important to remember that you are the person in control of your budget. This means that you can (and should!) set aside spending money to enjoy your life.
If you want to take a vacation each summer, add it to your monthly budget. If you love going to happy hour each Friday, add it as a line item in your budget. Instead of seeing your budget as a limit on your life, view it as a tool that helps you live the life you want with the control over your money that you desire. The moment I stopped seeing my budget as a limit, I started to see it for what it truly is: my path toward reaching my money goals while spending on what I love!
Truth #1: Budgeting allows me to enjoy my life within my means. Every time the money lie “budgets will limit my fun” enters your mind, combat it with the truth that you can live and enjoy your life on a budget. You are ultimately in control of your budget which means you have the final say in how that money is spent!
Money Lie # 2: Managing money is complicated.
If you watched your parents struggle with money, you might believe that managing money is complicated. Actually, managing money for your parents was, in fact, complicated. Think about it…years ago, learning about money was a privilege. Your parents either needed to have access to a person that would help them learn how to manage money properly, or they needed to know what books to read so they could teach themselves.
Access to the internet coupled with advancements in technology have made it easier than ever to manage your money. There are an unlimited number of apps that will help you budget better as well as bank accounts that have your best interest in mind (no matter your financial past or present).
Managing your money becomes easy when you find the right guidance as well as the best tools for you! Serve’s Pay As You Go Visa prepaid card offers its users an account that is easy and hassle-free. It offers a mobile app where you can transfer money on the go and gives you protection against unauthorized charges on your card.
Truth # 2: Managing money can be easy! You have an unlimited number of resources available that help make managing your money simpler than ever.
Money Lie #3: Pay your bills first and yourself last.
Money is math, right? It’s easy to think of your budget as a math equation. Many people see budgeting like this:
Income – Expenses = Savings
Basically, they focus on paying their bills and expenses before they send money to savings. This common practice leaves you, and your future, as the very last priority when it comes to your money.
Instead, start thinking about your budget like this:
Income – SAVINGS = Expenses
This type of thinking allows you to prioritize yourself and your money goals once and for all! When you focus on paying yourself first (such as sending money to savings), you are essentially saying YES to yourself and your future. You are finally prioritizing your dreams!
Once you’re ready to pay yourself first, you need to have an account that allows you to easily save and reach your money goals. Serve’s Pay As You Go Visa prepaid card even offers goal accounts. This way, you can allocate the money you’ve saved toward specific goals. Serve’s goal accounts are perfect for anyone who wants to save for several things at once, like an upcoming vacation and future car repairs.
Truth #3: Saving money should always come first. It’s time for you, and your future, to be the priority again! Serve’s Pay As You Go Visa prepaid card can help make saving your money straightforward.
Money Lie #4: A low credit score means I won’t be approved for a bank account.
Credit scores have a determining factor on many areas of your life. From your ability to qualify for a mortgage to the interest rates on your credit cards, your credit score matters. Hard inquiries, or hard credit checks, can have a negative impact on your credit score.
No matter if you’re working to raise your credit score over time or if you’re perfectly content with your current score, you’ll want to avoid any unnecessary credit checks. That’s why it’s important to have access to an account that won’t check your credit. Serve’s Pay As You Go Visa prepaid card has no credit score check EVER and is a great option for managing your money with ease!
Truth #4: You can have access to a great account without having your credit score checked. Serve’s Pay As You Go Visa prepaid card offers just that: a solution for anyone who wants the freedom to spend money on their own terms without the fear of jeopardizing their credit score.
Money Lie #5: I will never have this money again, so I better spend it now.
After graduating college, I received my first ever tax refund. I’ll never forget the joy that $800 check brought me. I had $0 in savings and while I should have set that money aside for future emergencies, I did the exact opposite…I booked a cruise with my best friend.
Why? Because I didn’t know when, if ever, I’d have another $800 check with my name on it headed my way. I believed money was limited. This led me to spend any influx of money I received. I continued to make decisions based on this mindset which left me missing opportunities to save money and pay off debt.
The moment I started making financial decisions based on facts, not emotions, I made more progress with my money!
Truth #5: I make money decisions based on facts, not limiting beliefs. When a limited belief, or money lie, enters your mind, it’s important to remember the facts of your situation. Making decisions based on facts will help you reach your money goals faster!
Money Lie #6: I don’t make enough money to become debt free.
Years ago, I believed that my husband and I would never make enough money to become debt free. We were two teachers burdened with over $111,000 of student loans and car loans. Even the idea of paying off our debt felt impossible. However, I knew I wanted a different life for our children. I had to make a conscious decision to stop believing the lie that I wouldn’t be able to become debt free, even though we didn’t make a fortune.
Maybe you aren’t a doctor or a lawyer. Maybe you don’t make a fortune…but no matter your profession, you can become debt free. As long as you focus on living on less than you make, you’ll have leftover money to send to debt. Eventually, with consistent effort over time, you can pay off your debt…even if you don’t make a fortune.
Truth #6: I can become debt free as long as I live on less than I make. You have what it takes to become debt free! But it starts with awareness. You need to be aware of the money you’re making as well as the money you’re spending. Serve’s Pay As You Go Visa prepaid card allows you to track your spending so that you can focus on your debt free goals.
Money Lie #7: Investing is too complicated.
I don’t want to spend all my life working in a job just to cover my expenses…and I’m guessing you feel the same way! If you want to retire one day, then it’s time to start investing now. Compound interest works wonders for your money, and the sooner you get started, the more time your money has to grow.
However, many people believe investing is too complicated. I know this because I was one of them! After working to pay off debt, my husband and I handed over our investments to a financial advisor. We believed that because we didn’t have a degree in finance, we wouldn’t be able to fully understand how to invest our money.
What we didn’t know back then was that investing is actually pretty easy to understand! If you’re willing to take time to read a few books or browse articles, you’ll learn that investing doesn’t have to be complicated at all! Once we realized this, we decided that we could, in fact, handle our own investments for now on.
Truth #7: Investing can be easy to understand. Any new task takes time to understand, and investing is exactly the same. All it takes is focus, a little bit of energy, and an open mind to learn about investing for retirement.
Benefits of Serve’s Pay As You Go Visa Prepaid Card
As you work toward combating any negative money beliefs you’ve held for years, it’s important to find tools that will support you and your money goals. Serve’s Pay As You Go Visa prepaid card is a wonderful option for many reasons.
Below are just some of the benefits Serve’s Pay As You Go Visa prepaid card offers:
- No Credit Check – No matter where you stand with your credit score, Serve’s Pay As You Go Visa prepaid card will never check your credit. This means you won’t have any hard inquiries that could negatively impact your credit score!
- Only pay for the services you need – Serve’s Pay As You Go Visa prepaid card is just that: a card that you pay for as you use it. The only fees you’ll pay for are for the services you use, such as cash reloads, ATM withdrawals, and in-store transactions.
- No minimum balance required – Many banks require a minimum balance, and if you dip below that minimum balance you’re hit with yet another fee. Serve’s Pay As You Go Visa prepaid card will never charge you a fee based on how much money you have in your account.
- Free early direct deposit – You work hard for your money, so why not enjoy it sooner? Serve’s Pay As You Go Visa prepaid card offers free early direct deposit so you can have access to your electronic deposit as soon as possible.
The Bottom Line
Managing your money doesn’t have to be difficult, especially when you stop believing these 7 money lies. Likewise, finding the right financial product can help make managing your money simple and stress free.
Serve’s Pay As You Go Visa prepaid card gives you the freedom to spend money where you want and on your own terms. Click here to learn more about how Serve’s Pay As You Go Visa prepaid card can give you the flexibility you’ve always wanted with your money!