5 Financial Myths That Are Holding You Back
A new year is the perfect time for a fresh financial start—and January is officially Financial Fitness Month! Just like physical fitness, financial fitness is about building healthy habits that support your long-term goals.
But many people struggle not because they’re doing things “wrong,” but because they’ve been taught financial myths that quietly hold them back. Let’s clear up five of the most common ones—and set the record straight so you can move forward with confidence.
Myth #1: You Need a Lot of Money to Start Saving
Truth: Saving starts with consistency, not a big balance.
Many people think saving only matters once you have extra money left over. Even small amounts—$10 or $20 at a time—add up faster than you might expect. Starting small helps build the habit, and habits are what lead to long-term success.
At Peake Federal Credit Union, we believe saving should feel doable, not intimidating. The most important step is simply getting started.
Myth #2: Debt Is Always Bad
Truth: Not all debt is created equal.
While high-interest debt can slow progress, some types of debt—like auto loans or mortgages—can support important life goals when managed responsibly. The key is understanding your debt, having a plan, and keeping it aligned with your overall financial picture.
Debt doesn’t define your financial health—how you manage it does.
Myth #3: “I’ll Start When Things Settle Down”
Truth: There’s rarely a “perfect” time.
Life is busy, unpredictable, and always changing. Waiting for the perfect moment often means waiting forever. Starting now—even imperfectly—puts you ahead of where you’d be if you waited.
Small steps today can make future transitions feel less stressful and more manageable.
Myth #4: Budgeting Means Giving Everything Up
Truth: A budget gives you freedom, not restrictions.
Budgeting isn’t about saying “no” to everything—it’s about saying yes to what matters most. A good budget helps you enjoy life while still staying on track with your goals.
When you know where your money is going, you gain control—and that’s empowering.
Myth #5: Financial Help Is Only for People in Trouble
Truth: Financial guidance is for everyone.
You don’t have to face a crisis to ask questions or seek advice. In fact, getting guidance early can help you avoid problems down the road and make smarter decisions today.
At Peake Federal Credit Union, we’re here to support you at every stage—whether you’re just starting out, planning, or fine-tuning your financial strategy.
Make This Your Financially Fit Year
Financial fitness is about progress, not perfection. By letting go of these common myths, you can build healthier money habits, reduce stress, and feel more confident about your financial future.
This January, take one small step toward your goals. Your future self will thank you! Contact us at 410-828-4730, 800-234-4730 or memberservices@peakefederal.com to talk with a member of our team to find out how we can help you be more financially fit in the new year!
