What do you think and say to yourself when the topic of money comes up? Everyone has ingrained beliefs about money and most people aren’t even aware of them. However, when you pay attention to the thoughts and words you use, you can discover what your money beliefs are. Then, you can change those negative beliefs into positive, supportive beliefs.

Here are 9 limiting money beliefs that you need to stop believing – and what to do instead!

Belief #1: There’s Something Wrong with Me

This belief has a lot of shame tied to it. It’s so easy to look at others and think they have everything all figured out. But if you have a lot of debt, you might feel like there’s something wrong with you. The result – you’ll hide your debt by living beyond your means. You’re just avoiding the problem and probably causing it to get worse.

Repeat after me: My finances do not define me. My finances do not define my value as a person.

Money Belief #2: I Should Have More by Now

Comparing yourself to everyone else and then feeling like crap because you don’t have what they have. All you see are the highlight reels on social media, but you don’t see their struggles. So, you overspend to keep up appearances. Stop comparing because you don’t know the full picture. How many of them are living beyond their means and are living paycheque to paycheque? Or maybe they had parents pay for their university education? Or had parents who taught them how to manage their money?

Appreciate where you are now and work to improve your situation. Those are the only things that you can control – so focus on that!

Money Belief #3: It Takes Money to Make Money

While it is true that already having money can help you make more money, it’s not the only way. You can also make more money in life with a side hustle, asking for a raise or a promotion or even lowering your expenses. Another alternative is to look for a partnership – someone who will share the risks and rewards with you.

In all aspects of life, learn to be resourceful and look for opportunities. Whether it’s through learning new skills or looking for a partnership, if you are open to different ways of thinking, you’ll always be better in the long run.

Belief #4: It Doesn’t Matter Because I Only Have a Small Amount

Every little bit counts. Even if it’s only twenty dollars or one hundred dollars, get started. It will get you in the habit of saving or paying off debt. Trying to pay off debt? Every little bit extra means you’ll pay much less in interest charges. Trying to save? Even when you invest in small amounts, it can increase over time. A small amount is still better than none.

Challenge yourself to find some “extra” money each month. One way is to go through your expenses to see which ones you can cut out – especially for services that you’re not using anymore. Another way is to make more money – ask for a raise, a promotion or find a second job.

Money Belief #5: It’s Bad to be Rich

There are many sayings that capture this feeling, like “Rich people are greedy”, “Rich people are evil”, “I’ll never be rich” or “Money changes people”. Or perhaps you feel guilty about having money when other people are poor. There’s an underlying feeling that having money is bad somehow. When you have this subconscious mindset, you might even do things to undermine yourself, so that you never become rich.

Counter act this mindset by educating yourself. Read different books about money, listen to different podcasts – especially ones related to mindset. You’ll soon find out that when you have money you can help others and you can live the life you want.

Money Belief #6: It’s too Late to Start

So, you didn’t start investing when you were 20. Yes, we’ve all heard the commercials (aimed at 20-year-olds, by the way) that tell you how much more or how much longer you will have to invest if you start when you are 30 or 40. But late is always, always much better than never!

Focus on what you can do now. Reduce your expenses, pay off debt, start saving or earn more money – the same financial advice that’s given to everyone, no matter what their age!

Belief #7: I’m Not Good with Money

Why does it matter how you talk to yourself? Well, telling yourself “I’m not good with money” creates a self-fulfilling prophecy. If you tell yourself that you are bad with money, it comes true.

Don’t use “I’m not good with money” as an excuse to make bad financial decisions. Instead, tell yourself, “I’m not good with money yet, but I’m going to learn”. By flipping the negative script that is playing in your head to a positive script, it will empower you to start making better decisions when it comes to your money.

Money Belief #8: Understanding Money is Too Complicated

It’s easy to become overwhelmed and unsure of where to start. The problem then becomes that you ignore your finances. Yes, there is lots to learn and lots of different approaches you can take, but the basics are the same for everyone. Do some research and find a simple framework or some simple money management tips that you can follow.

To overcome this belief, pick a place to start and then take action. It doesn’t matter where you start, just start because the momentum of each step will keep you going.

Money Belief #9: Someone Will Come Rescue Me

This belief is centered around the thought that your finances will somehow magically improve in the future because you married someone who was rich, or you’ll be making more money, or you’ll inherit money when a rich relative passes away. It’s common to fantasize about what your life could be like. Unfortunately, life isn’t a fairy tale and you have to be willing to rescue yourself.

The problem with that thinking is that you will carry bad money habits with you. So, even if you do have more money in the future, you won’t know how to properly manage it. Take action by developing good money habits now.

Which of the above limiting money beliefs do you have? Once you become more aware of your beliefs, you’ll be able to take action. While your money belief will probably never go away completely, you can take steps to counter act it and not let these limiting beliefs control you.

Until my next blog post, here’s wishing you lots of joy and happiness!

With love,


Hi! I'm Joanne. I’m a Canadian Chartered Professional Accountant (CPA, CMA). Money management is a life skill that I passionately believe all people need to learn. As an accountant, I love helping people understand numbers and money. At BuildingJoyAndHappiness, I share my tips to money management and make understanding finances simple.

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