I'm a Financial Advisor: Telling These 3 Money Lies to Yourself Will Keep You Broke
Some lies are more consequential than others. There’s no harm in telling your friend that their new hat is awesome, when you’d personally rather wear a live Muppet on your head. Lying to the IRS is another matter. And some of the most significant — and damaging — lies you’ll tell yourself involve your personal finances.
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These aren’t little white lies. They can keep you in a mindset that leaves you broke and struggling with money. It’s time to be honest. Identifying those lies is the first step to reentering reality and healing your finances. MoneyLion enlisted Shavon Roman, founder of Heal Plan Invest, and Adam Olson, CFP, FSCP, RICP, LUTCF, a certified financial planner at Mutual of Omaha, to help name the patterns people fall into — and explain how to break them.
Lie No. 1: I Can Save More Later
One of the most common financial lies Olson has seen involves kicking the can of saving down the road. People insist they’ll save more when they make more. They’ll start next year, they promise. The lie begins with a common cultural myth that financial freedom comes from making more money.
Olson explained that, in reality, your spending typically rises alongside your income if you aren't mindful of your shifting habits.
“Lifestyle creep is real. People justify spending more today because they believe they’ll fix it later, but later rarely comes without intentional action,” Olson said. “I always tell people there are really only two ways to save more money: make more income or spend less money. Those are the options.”
He added that most long-term financial success comes from small, everyday decisions, not big, dramatic moments.
Lie No. 2: I Deserve It
For Roman, people are vulnerable to financial trouble when they lean into three little words far too often: “I deserve it.”
Of course, people shouldn’t deprive themselves to the point where they don’t enjoy life, but Roman warned against letting the pendulum swing too far into overspending.
“Telling yourself you deserve something when you know that you can't afford it absolutely impacts long-term stability, because you're taking money that you could be using for something else and using it to splurge,” Roman said.
Buying everything that catches your eye, from designer goods to expensive outings, because you “deserve it” can come with a big price tag. And if you don’t have the cash, you could end up in credit card debt.
Lie No. 3: It’s Just One Small Purchase
Let’s say you get takeout after a long day at work. No big deal, right? Well, it’s the third night you’ve done it this week, and you do have ingredients to whip up a meal at home. But it’s not a lot of money. Surely, it’s fine.
Unfortunately, seemingly small purchases can snowball into bad habits long term if you’re not careful. Olson explained it simply: Ordering takeout several times a week can feel convenient at the time, but before long, you’ve spent hundreds of dollars a month without meaning to.
“What was convenient is now a long-term financial burden, which is unfortunate because that money could have been better served going toward savings, debt payoff or other future financial goals,” Olson said. “Catching these patterns early can really help you identify the adjustments you need to make before they turn into big financial hurdles.”
Expert Tips for Getting Honest With Yourself
If you’ve caught yourself in any of these lies, or you’re worried that other financial lies could be setting you back, it’s not too late to get honest with yourself. Here’s what the experts suggest.
Start a Spending Journal
Roman said she can tell a lot about a person’s financial life just by reading their bank account and credit card statements. That’s because numbers don’t lie.
She advised people to write everything down, like a financial journal of what they’re bringing in and what they’re spending. People should also have a clear sense of their broader financial goals so they can see how their current behavior aligns with those goals.
“Writing down everything shows where you're spending money, what's coming in and what's going out,” Roman said. “If you notice trends and money going out on things that aren't priorities or goals, those could be the money lies you are telling yourself.”
Find an Advisor
Accountability and community can be powerful resources for staying truthful with yourself about anything, especially money. Olson recommended finding a financial advisor you trust to help you, even if it means having some hard conversations.
“A few things to keep in mind when finding the right advisor are how they’re compensated, how they communicate, and whether their approach aligns with your financial goals, risk tolerance and long-term needs,” Olson said.
Delay Nonessential Spending
Want to break out of the “I deserve it” mindset? Roman suggested delaying potential splurges by at least 24 hours, because you likely won’t feel like you need them as much as you initially thought.
“Interrupt the impulse pattern and say, ‘If I really feel like I need this in 24 hours, I’ll come back and revisit the decision,’” Roman said. “Usually, once you leave a store, if it’s not in front of you, you aren’t going to be thinking about it the next day.”
The Bottom Line
Honesty really is the best policy, especially when it comes to your finances. Understanding the lies you tell yourself is essential. Then, take one small step — tracking your spending, setting a realistic savings target or asking for help — to replace those stories with habits that build real long-term financial stability.
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