6 Bad Attitudes about Money & How to Fix Them - Genisys® Credit Union

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6 Bad Attitudes about Money & How to Fix Them

on 9/5/2018

Frustrated man holding a stack of money

Do you ever find yourself having a bad attitude when it comes to the topic of money?  Many people do.

Check out these common negative thoughts about money and consider how you can give your money attitude a shakeup!  


1. I don’t have enough money to buy these shoes in all three colors, so I’ll swipe my credit card.

It’s so easy to feel like that credit card is free money when it’s smiling up at you from your wallet.  If you keep finding yourself thinking in this way, that debt can pile up quick.  Use your credit card wisely. Before you swipe, you should already know your plan for paying off the amount you charged.  

A good budget can help!


2. I hate budgets. They are so restrictive!

If you think about a budget this way, you’re reading it all wrong friend!  A budget is nothing but a plan for how you will spend and save your money. By planning for the things you want as well as the payment obligations that you have, you will have the freedom to know that you’re using your money wisely.  

Be sure to include savings in your plan.

3. There’s no point saving money when I can only afford to save a little out of each paycheck.

Fight the urge to surrender to small numbers.  Saving is as much about establishing a good habit as it is about accumulating large sums fast.  Once you get started saving, even if it’s just a few bucks each pay period, it’s even easier to start saving more substantial amounts when your income begins to grow.  

When you can save more, you’ll start to see real gains in your balances.

4. My income should be higher in the future, so it’s OK to borrow or charge more than I can afford to repay now.

Oops!  That won’t work.  There’s never a guarantee you’ll have higher earnings in the future.  Second, you’ll be making the mistake of paying for things in the future that you may no longer want.  Always try to live within your means. Use credit for essentials you need now, not to jump-start a future lifestyle that doesn’t fit your current income.  

Waiting for sales and discounts is an excellent strategy for getting non-essential things you want now.  


5. I just saved $50 on that jacket normally priced at $100 by buying it on sale.  Let’s see, what can I buy with those savings?

Let’s get this straight.  You didn’t just save $50.  You just spent $50.  Feel good that you got something you wanted and that it fits within your current spending plan.  But don’t blow up your budget by buying something you weren’t even planning to get.

If there is room in your budget, use those extra dollars to build up your emergency savings fund.


6. Why should I put away money for a rainy day when I can enjoy it now?

Saving for a rainy day is important.  Things will happen that you don’t expect.  That’s life. But savings aren’t just a type of insurance policy.  Savings provide security and funds for other things you want to do in the future.  The more savings you build up, the freer you begin to feel about treating yourself with a portion of your wealth.

Don’t let a lousy money attitude take control of you.  Turn those thoughts around and learn how satisfying being in control of your money can be.

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