5 Lies That Keep You In Debt & Broke

5 lies that keep you in debt and broke (1)

Once upon a time, I thought I really deserved to have luxury items and expensive things. I felt like I was doing myself a disservice by not “having the best” because I worked hard and I felt entitled to it.

Besides, everyone else around me seemed to be living a luxurious life on the surface level, why didn’t I deserve the same lifestyle.

I wasted a lot of money by treating myself to things I thought I deserved and cheated myself out of being able to reach financial freedom earlier. The thought that “I deserve it” was one of a few lies I told myself that kept me from progressing on my path to financial freedom.

Are you currently lying to yourself too? Not sure? Here are 5 lies you may be currently telling yourself that keep you in debt & broke:

1.You Deserve Luxury- Advertisers have done a great job in making you feel like you deserve their products. Do you think it’s by accident that after you see a BMW commercial or Chanel advertisement, you feel a sense of yearning that you deserve to have those products? Companies spend millions of dollars figuring out the best way to market to you and how to make you feel like you can’t live without their stuff.

Ask yourself these two questions when looking at a luxury purchase; Why do you like that product? and Do you like the product or the status symbol of owning the product?

Also, remind yourself, if you can’t pay it off in full at the time of purchase, you don’t deserve it. You really don’t deserve it if you still have debt to pay off.

2.You Can Afford It- Just because you have the money in your bank account, doesn’t mean you can really afford it. Every dollar should already be earmarked for something and have a job. So while you tell yourself that buying a new pair of shoes or going out to eat is ok, since you have money in your account, in actuality, that money is supposed to be paying a bill or paying off debt. This is why having a budget is key.

3. It’s Not That Much Money- Spending money on the smaller less expensive items over time like buying lunch every day, eventually add up. It doesn’t seem like you’re spending much money at the moment but when done over a period of time, that seemingly small habit can add up to a $1500 annual expense.

Beware of little expenses. A small leak will sink a big ship.

4. You Only Live Once (YOLO)- You only live once is probably another lie you tell yourself in order to justify your spending. Except, YOLO only works if you really die because otherwise, you still wake up the next day and have debt or are not where you financially want to be.

Yes, you only do live once (Buddha would disagree) but that doesn’t mean you should spend without care for the future. The future will happen whether you ignore it or not, so you might as well prepare for it and get your finances together now.

5. You’ll Never Get Out Of Debt Anyway- This is one of the most dangerous money lies of all.  If you have a lot of debt, you may choose to just continue spending and piling on more debt since you feel your situation is too far gone to correct.

This negative thinking will keep you forever stuck and put you on a never ending debt accumulation cycle. You have to believe that you can do it. The changes won’t happen overnight and you have to celebrate your small wins so that you feel encouraged to continue on the journey.

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So now that we have identified some of the lies that keep you broke and in debt, here are some actionable steps you can take to stop believing them:

Learn To Challenge Yourself

If you catch yourself about to believe one of these lies, go through your thought process. Challenge yourself without getting negative. For example, if you see something you really want to buy but deep down know you shouldn’t and want to justify the purchase using one of these lies, stop and ask yourself, Why?

Don’t Buy In The Moment

Ok, so you’ve decided that you really do “deserve it” and want to reward yourself, that’s fine but take it a step further and don’t buy it in the heat of the moment. Keep the item in your online cart for a couple hours (better yet, a couple days) or put it back on the rack and come back to it. Giving yourself space from the moment allows you to not act on impulse.

You’d be surprised what a little space and time can do to influence your actions.

Put Your Goals In A Visible Place

It’s hard to deny yourself something you really want if you don’t have a clear reason for the benefit of NOT having it. This is why your goals should be written down and visible. It’s hard to turn down buying a pair of fabulous shoes if you don’t remember your even more fabulous goals.

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You don’t have to continue telling yourself these lies that hold you back from reaching your goals. You can hop off the constant merry go round of spending and living above your means and get on a new ride, one that takes you to the path of financial freedom.

 

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2 thoughts on “5 Lies That Keep You In Debt & Broke”

    1. JourneyToLaunch

      Thank you! Yes staying accountable is key. It is easy to slack and fall off without the accountability factor.

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Hey! I'm Jamila!

I want to teach you what I’ve learned through a little trial and error and a lot of discipline over the years. My goal is to help you eliminate debt, save more money and increase your net worth.

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