The 6 Biggest Financial Myths Holding Women Back (and How to Break Free!)
Have you ever stopped to wonder how much of your relationship with money is shaped by the stories you've been told? Whether whispered by society, echoed in our upbringing, or shouted through social media, many of these stories are simply not true. Worse, they hold you back.
This post is for you—whether you’re navigating finances as a single woman, juggling budgets as a stay-at-home mom, running a small business, or balancing a full-time job— or even if you are a man that wants to participate in empowering the women around you! I always say that sometimes, to truly learn, you first need to unlearn. So let’s unlearn the myths that have been holding you back from living your best financial life and replace them with truths that empower.
Myth 1: "Talking About Money is Tacky"
Many of us grew up hearing that money conversations are impolite or even taboo. This myth often leads to financial ignorance, especially for women who might not feel comfortable asking questions or seeking advice, and prevents us from learning from the financial mistakes or successes of our family and friends.
The Truth: Talking about money is empowering. Open discussions about salaries, budgeting, and investments create opportunities to learn and grow. Try this: start small by discussing savings goals with a friend or your partner. The more we normalize these conversations, the easier they become (but remember to approach them with no judgement or bragging, but as a beneficial knowledge exchange).
Myth 2: "You Need a Lot of Money to Invest"
How many times have you heard someone say they’ll start investing "when they have more money"? This myth keeps people stuck, waiting for a financial windfall that may never come. And let's be honest, how much is "more"? Sometimes the more we make, the more we spend, so if that's you, the moment will never arrive!
The Truth: Be concious and pay yourself first. Decide a % to put aside every month that will evolve with your earnings (set up automatic transfers to an investment account, even if it’s just a small amount each month), and then re-evaluate the % if you start making much more. But amounts wise, you can start investing with as little as $5. Platforms like Acorns or Robinhood make investing accessible to everyone. The earlier you start, the more time your money has to grow.
Myth 3: "Debt is Always Bad"
Debt often gets a bad rap. While excessive, unmanaged debt can indeed be harmful, not all debt is created equal.
The Truth: Strategic debt can be a powerful tool. For example, a mortgage helps you build equity, and a business loan can enable growth. The key is understanding the difference between good debt (investing in your future) and bad debt (unnecessary consumption). If you're unsure about a financial decision, consider consulting a financial advisor to weigh the pros and cons.
Myth 4: "Women Aren’t Good with Money"
This myth is perhaps the most damaging for women. It’s perpetuated by outdated stereotypes that make women feel less confident in managing finances. Think about how often we’ve been depicted in movies as shopaholics, or worse, excluded entirely from portrayals of expert investors. These images linger in the collective mind and shape our perceptions unfairly.
The Truth: Women are excellent financial managers! Studies show that women are more likely than men to save consistently and take a long-term approach to investing. Don’t let anyone’s assumptions define your financial capability. If you're feeling unsure, start with resources tailored for women, like books by Farnoosh Torabi, the @Dow.Janes in Youtube or Instagram, or podcasts like "HerMoney" by Jean Chatzky.
Myth 5: "Budgeting Means Sacrificing All the Fun"
Budgeting has a reputation for being restrictive and joyless. But the truth couldn’t be further from this.
The Truth: A budget is a tool for empowerment, not deprivation. It allows you to prioritize what matters most to you. Love traveling? Allocate a travel fund. Enjoy dining out? Build it into your plan. If you're not an Excel fan (not my case!) you can also use apps like Mint or YNAB (You Need a Budget) to make the process simpler and more fun. But a budget will make sure that you spend your money according to your priorities and not on forgotten subscriptions or unnecessary purchases.
Myth 6: "If You’re Not Earning, You Shouldn’t Have a Say in Family Finances"
For stay-at-home moms, this myth can feel especially isolating. It suggests that financial decision-making belongs solely to the person bringing in the income.
The Truth: Managing a household is just as critical as earning income. A family is a team, and if the team decides that one member will focus primarily on caregiving while the other focuses on income, that doesn’t mean responsibility or the right to make decisions is limited to only one area. Team decisions lead to better outcomes for everyone. Your input in financial decisions is invaluable because you have insights into spending patterns and priorities. Start by scheduling regular money check-ins with your partner where both of you can share thoughts and plans.
Breaking free from these myths starts with awareness. Now that you know the truth, you can challenge these beliefs and take charge of your financial journey. Remember, no matter your circumstances, you deserve to feel confident and capable with money.
What about you? Which of these myths have you heard before? Have they impacted the way you manage money? Follow me on Instagram as @martafores_coach and share your thoughts. Let’s keep this conversation going and create a community of empowered, informed women.
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If you have any questions or would like to share your thoughts on this post, feel free to contact me at coach@martafores.com.
