5 money lies we tell ourselves

Take a look at five common money mistruths we often tell ourselves - with ideas to get back on track with guilt-free money management.

1. I deserve a treat. You only live once, right?

Research by ME shows almost half of us make impulse buys because... well, you only live once (YOLO!) It's fine to treat yourself occasionally, but be sure to budget for the cost.

2. I'll pay off my credit card in full...next month

Having an outstanding card balance means accumulating interest charges that make it harder to clear the slate next month. Knuckle down and pay as much as you can off the card each month, and skip the urge to reload the card with fresh purchases until you have a zero balance.

3. I can't follow a budget - it's too hard!

The budget's not working? Time for a different strategy. Try the 'pay yourself first' technique. Decide how much of your income you can save and set up an online transfer to shift this amount out of your everyday account and into a separate savings account. It's an easy way to grow your savings.

4. Things would be better if I earned a bit more

It's not how much you earn, but what you do with your money that shapes financial well-being. A useful first step in taking control of your money is to know where it goes. There are plenty of apps available that make it easy to see just how much you spend each day.

5. I'll never be rich

Sadly, most of us will never be billionaires but that doesn't mean you can't be financially secure. Straightforward strategies like spending less than you earn, making a commitment to growing savings, and aiming to minimise debt are the cornerstones of achieving financial security.

This article appears courtesy of ME Bank. The trustee does not recommend, endorse or accept any responsibility for the products and serves offered by ME Bank.