If you’d asked me in my early 20s what I knew about money, I would’ve given you a mix of half-remembered advice, inherited beliefs, and anxious guesses.
Like many millennials in the UK, I came into adulthood during a recession, with rising rents, low starting salaries, and an internet full of contradictory financial advice. And so I carried myths — little rules I thought were true — that shaped how I earned, saved, borrowed, and judged myself.
Some of them helped. Most didn’t.
This isn’t a lecture. It’s a reflection. Here are the money myths I believed — and how I’m slowly, messily, unlearning them.
Myth 1: “Renting Is Throwing Money Away”
I used to believe that renting meant failure. I felt like every direct debit to my landlord was proof that I was “behind” — that I wasn’t building anything, just giving money away.
How it impacted me:
This mindset made me feel ashamed of my housing choices. It made me rush into saving for a deposit I couldn’t realistically afford. It made me compare myself to friends who’d bought homes (often with family help) and feel like I was doing life wrong.
What I’ve unlearned:
Renting isn’t throwing money away. It’s paying for a roof over your head, stability, flexibility, and sometimes — freedom.
Owning property can be great. But so can having fewer responsibilities, more mobility, and time to figure out what you actually want from life before committing to a mortgage.
📊 According to the ONS, nearly 40% of millennials in the UK are still renting by age 35 — not because they’ve failed, but because the landscape has changed.
Myth 2: “Credit Cards Are Evil”
I grew up thinking credit cards were a trap — dangerous, slippery things that would ruin your life. If you needed one, it meant you were living beyond your means.
How it impacted me:
I avoided credit cards entirely in my 20s, thinking I was being “good.” But that meant I didn’t build any credit history — which made renting, applying for a loan, or getting a decent rate later on more difficult.
What I’ve unlearned:
Credit cards aren’t evil. They’re tools. Like fire — they can warm your home or burn it down.
Used intentionally (and paid off in full), credit cards can help build credit, access rewards, and create breathing room. But like everything else in money, it’s not black and white.
💡 Tip: If you’re trying to build credit, using a low-limit card for small regular purchases (like groceries or subscriptions) and paying it off monthly can help.
Myth 3: “You Need a High Income to Build Wealth”
This one ran deep. I thought that unless you were on a six-figure salary or running a start-up, wealth wasn’t really available to you. So I focused all my energy on trying to earn more — and blamed myself when that didn’t happen.
How it impacted me:
I overlooked the power of small habits, good systems, and long-term thinking. I kept waiting until I was earning “enough” before I felt allowed to start investing or saving properly.
What I’ve unlearned:
Yes, income matters. But wealth isn’t just about what you earn — it’s about what you keep, how you manage it, and how you relate to it.
Micro-saving, side hustles, low-cost investing — they all count. And they’re all accessible even on a modest income.
📊 According to the FCA’s Financial Lives Survey, many UK adults on average salaries successfully build savings and pensions through consistent, small actions — not windfalls.
Myth 4: “If You’re Not Financially Stable by 30, You’ve Failed”
Ah yes — the invisible milestone. Somewhere along the line, I absorbed the idea that 30 was a deadline for having your life together. Financially stable. Debts paid. House bought. Career sorted.
How it impacted me:
I hit 30 and felt like I’d failed. I was still figuring things out, still changing jobs, still wobbling through budgeting. I thought something was wrong with me — when actually, I was just human.
What I’ve unlearned:
There is no “money deadline.” Financial stability isn’t a fixed point — it’s a spectrum.
And life doesn’t move in straight lines. Careers pivot. Rents rise. Mental health dips. Partners leave. Kids arrive. Stuff happens.
You are allowed to start (or re-start) your money journey at 30, 40, 55 or 63. There is no too-late.
Myth 5: “Budgeting Is Restrictive and Boring”
I thought budgets were punishment. Something you used when you were broke or bad with money. A dull spreadsheet of limits.
How it impacted me:
I resisted budgeting for years. Which meant I had no clear idea of what I was spending, where my money was going, or how to shift anything.
What I’ve unlearned:
A budget is not a punishment — it’s a permission slip.
It’s a way of saying: This is what matters. This is what I choose.
Budgeting doesn’t have to mean cutting everything out. It can mean adding things in — stability, autonomy, confidence. And yes, even fun.
💡 Try this: Rename your budget categories. Instead of “Miscellaneous,” try “Spontaneity.” Instead of “Utilities,” try “Safe Home.” Give your budget language that reflects your life.
What I’m Still Figuring Out
This list isn’t complete. I’m still unlearning things — like the belief that money is only valuable if it’s growing, or that I need to be self-sufficient at all times.
I’m learning to ask for help. To sit with discomfort. To define success on my own terms.
Because the truth is, our money stories didn’t start with us. They started with what we were told, shown, praised for, and punished for.
Unlearning is the work of a lifetime. But you don’t have to do it all at once.
Try This: Journal Prompts for Your Own Money Myths
- What money rules did I learn in childhood or my early 20s?
- Where did those beliefs come from? Who taught them to me — directly or indirectly?
- Are they still serving me?
- What do I want to believe instead?
Final Thoughts
If you’ve believed any of these money myths, you’re not alone. They’re everywhere — in media, in families, in the quiet comparisons we make with friends.
But you’re allowed to question them. To outgrow them. To choose something better.
Money isn’t just numbers — it’s a story we tell ourselves. And you get to rewrite yours.
