If you’ve ever asked yourself how to unlearn bad money habits, you’re already ahead of most people. Many of us inherited habits from our parents or culture that quietly shape how we earn, save, or spend — and not always in our favour. Figuring out how to unlearn bad money habits means unpacking the beliefs that no longer serve you and replacing them with ones that do. In this post, we’ll talk about the stories we grew up with, why they stick so stubbornly, and how to finally shift from survival mode to sustainable wealth.
1. The “Don’t Talk About Money” Rule
Many of us grew up in households where money was a taboo topic. Asking questions about salaries, investments, or even expenses was frowned upon.
Why it’s a problem:
Silence breeds uncertainty. If you never discuss money, you’re less likely to learn smart financial habits.
Fix: Start conversations. Share budgets, investing lessons, and savings strategies with trusted friends or mentors. Knowledge spreads wealth, not just money.
2. “Money Doesn’t Grow on Trees” Mentality
Classic. We heard it growing up, and maybe we still repeat it to ourselves today. While the intention is understandable (teach kids about value), the message can create fear around money and limit your financial confidence.
Fix: Shift from fear to curiosity. Ask: “How can I make my money grow?” instead of “I can’t afford it.” Turn scarcity thinking into strategy thinking.
3. “Save Every Penny, but Don’t Invest”
Many parents emphasized saving over investing. While savings are important, avoiding investment entirely can make wealth-building painfully slow.
Fix: Start small. Even a modest monthly investment compounds significantly over time. Clarity can help you see where to redirect some savings toward investing without disrupting your budget.
4. “Debt is Always Bad”
We were warned against borrowing money and yes, some debt is dangerous. But not all debt is created equal. A mortgage, student loan, or business loan can be a tool if used strategically.
Fix: Learn to differentiate “good debt” from “bad debt.” Use loans to grow assets, not liabilities.
5. “You Can’t Be Wealthy and Generous”
Sometimes we inherit the belief that wealth and generosity are mutually exclusive. You either save everything or give generously, but you can’t do both.
Fix: Reframe your mindset. Giving strategically can create long-term value, build relationships, and even open doors to opportunities. Your wealth doesn’t have to come at the expense of kindness.
6. How to Break the Cycle
- Identify inherited beliefs: Write down the money messages you grew up hearing.
- Question each one: Ask if it aligns with your goals.
- Replace the ones that don’t serve you: Use empowering alternatives.
- Test new habits: Save, invest, spend intentionally, and track results.
The goal is not to erase your upbringing; it’s to take what works and evolve what doesn’t.
Our inherited money habits shape our early financial instincts, but they don’t have to dictate our future. Recognising, questioning, and replacing unhelpful beliefs is a powerful way to start building wealth intentionally.
Are you ready to actively unlearn the habits holding you back?
- Join The Wealth Builder’s Network: get personalized accountability and coaching to help you break the cycle and start building wealth right. If you prefer not to register for a whole year of the Wealth Builder’s Network, you can start by booking the 5 hour Mentoring Bundle with Ronke Odewumi. The 5 hour mentoring bundle is an affordable and flexible way to get your mentoring journey started. You also get one hour free when you book the bundle! – Book Here
- Or, if you prefer a DIY start, watch my recorded Investing for Beginners masterclass, it gives you the tools to make your money work for you.
