When it comes to money, persistent myths can hold you back, making it harder to achieve financial freedom. These myths don’t just shape your beliefs—they impact your behaviour, leaving you stuck in patterns that limit your potential.

But here’s the good news: Myths can be unlearned. By challenging these misconceptions and replacing them with empowering truths, you can rewrite your financial story and take control of your money with confidence and clarity.

Myth 1: “I’m Just Not Good with Money”

This is one of the most pervasive myths women believe, often stemming from societal messages that paint finances as a “man’s domain.” Many women internalise this belief, feeling intimidated by investing, budgeting, or managing debt.

The Truth:

You are absolutely capable of managing your finances. You don’t need a degree in economics or a high-level corporate position to be financially savvy. Like any skill, financial literacy can be learned, one step at a time.

How to Break Free:

• Start small: Read personal finance books, attend workshops, or follow reputable financial educators online.
• Ask questions: Speak to a financial advisor or coach who can simplify concepts and help you build confidence.
• Celebrate progress: Each time you make a smart financial decision, acknowledge your growth.

Myth 2: “Money Is the Root of All Evil”

This myth often creates a subconscious conflict: if you view money as inherently bad or corrupting, you might sabotage your ability to earn, save, or grow wealth.

The Truth:

Money itself is neutral—it’s a tool. How you use it determines whether it creates positive or negative outcomes in your life. It can fund your dreams, support your family, and make a meaningful impact in your community.

How to Break Free:

• Redefine wealth: See money as a resource that empowers you to live in alignment with your values.
• Practise mindful spending: Use your money to create joy, security, and opportunities for growth.
• Reframe your relationship: Instead of fearing money, view it as a partner in building the life you want.

Myth 3: “Saving Is Impossible on My Salary”

With rising costs and economic uncertainty in South Africa, it’s easy to feel like saving is out of reach. Many women think they need to earn more before they can even begin.

The Truth:

You don’t need a high income to start saving—you just need a plan. Even small amounts add up over time, and consistency is more important than the amount you start with.

How to Break Free:

• Automate savings: Set up a debit order to transfer a fixed percentage of your income to a savings or investment account.
• Prioritise essentials: Cut back on unnecessary expenses and redirect that money toward your goals.
• Start small: Even R100 a month can grow significantly with time and compound interest.

Myth 4: “Investing Is Too Risky for Me”

Many women shy away from investing because it feels complicated or risky. Fear of losing money keeps them stuck in low-interest savings accounts that don’t keep up with inflation.

The Truth:

While all investments carry some risk, avoiding investing entirely is often riskier because it limits your financial growth. The key is to educate yourself and start with options that match your risk tolerance.

How to Break Free:

• Learn the basics: Understand terms like diversification, risk, and compound interest.
• Start small: Explore low-risk options like exchange-traded funds (ETFs) or unit trusts.
• Seek guidance: Work with a financial advisor or join an investment group to gain confidence.

Myth 5: “It’s Too Late for Me to Start”

This myth often traps women who feel they’ve missed their chance to build wealth due to past mistakes or starting late in their careers.

The Truth:

It’s never too late to take control of your finances. Every step you take today brings you closer to financial stability and freedom, no matter your age or circumstances.

How to Break Free:

• Forgive yourself: Let go of guilt over past financial missteps and focus on the present.
• Set realistic goals: Create a plan that aligns with where you are now, whether it’s paying off debt, saving for retirement, or building an emergency fund.
• Stay consistent: Small, consistent actions can lead to big results over time.

Myth 6: “Women Should Prioritise Others Over Themselves”

In many cultures, including South Africa’s, women are often seen as caregivers who put everyone else’s needs before their own. This can lead to neglecting personal financial goals in favour of supporting family members or partners.

The Truth:

Prioritising your financial health isn’t selfish—it’s essential. When you’re financially secure, you’re better equipped to support others and build a life that reflects your dreams.

How to Break Free:

• Set boundaries: Learn to say no to requests that jeopardise your financial goals.
• Focus on self-care: Invest in your future through education, savings, and personal growth.
• Lead by example: Show others, especially younger women, that financial independence is achievable and empowering.

The Power of Breaking Free

Breaking free from money myths is about reclaiming your financial power. It’s about recognising the limiting beliefs that have kept you stuck and replacing them with truths that empower you to build a life of abundance, security, and purpose.

You don’t need to have everything figured out overnight. Change happens one step at a time. Start by challenging just one myth today and taking an action—no matter how small—that moves you closer to financial freedom.

Because the truth is, you’re not just a woman managing money. You’re a woman rewriting the rules, breaking barriers, and building wealth on your own terms.

Which myth resonates with you the most? How will you break free? The journey starts now.