Five 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?

It’s fine to treat yourself occasionally to an impulse buy, but be sure to budget for the cost.

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

Knuckle down and pay as much as you can off the card each month. 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!

Try the ‘pay yourself first’ technique. Decide how much you can save and set up an online transfer to shift this amount out of your everyday account into a separate savings account.

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

A useful first step in taking control of your money is to know where it goes. Enlist an app to see how much you spend each day.

5. I’ll never be rich

While most of us will never be billionaires, spending less than you earn, growing savings, and minimising debt are the cornerstones of financial security.

        P.S. Don’t forget to check out ME’s exclusive offers for union members at mebank.com.au/benefitsACTU  

Members Equity Bank Limited ABN 56 070 887 679 Australian Credit Licence 229500.