Growing your wealth isn't just about how much you earn – how you think about money plays a major role too. If your mindset is off, your money management will be too.

Here are 6 money mindsets that might be quietly holding you back:

1. I'll start saving when I earn more

You might tell yourself this with the best intentions, but most people who don't save when they earn less don't start saving when they earn more, either. Expenses have a sneaky way of rising to match your income – often, more money just means more takeaways, a nicer car, or a fancier phone, not more savings.

Start saving whatever you can every month, right now, no matter how little. Even if you can only put aside small amounts, over time you can build up a lump sum to put into long-term investments that grow your money faster. You're not just increasing your balance – you're building a savings habit, which is the real secret to long-term wealth.

2. If I want it, I deserve it

You do deserve nice things – but not at the expense of your peace of mind. Instant gratification is powerful. It's the little voice that says, 'You've had a tough week, you deserve new shoes.'

But the quick dopamine hit you get from an impulse buy can cost you real joy in the long run. Think of saving as doing something kind for your future self. You're not saying 'no' forever – you're just creating the kind of life where the nice things don't come with stress.

3. Debt is always bad

Debt should be a helping hand, not a burden. Taking on too much short-term debt with high interest rates can indeed wreck your finances, but there's a difference between bad debt and smart borrowing.

A well-structured personal loan or responsible use of a credit card can help you consolidate debt at a lower interest rate. A home loan helps you own an asset with long-term value. Some debt helps you move forward – the key is knowing when and how to use it.

4. Investing is for rich people

This is one of the biggest myths that hold people back. You don't need a fortune to start investing. In fact, the earlier you start, the less you need to contribute, because your money has more time to grow.

The Nedbank Money app is one of several platforms that let you start small and build your investment portfolio over time, without needing to be a market expert. And don't let the number of financial products overwhelm you – even contributing to a tax-free savings account every month can be a smart step forward.

5. Needs can wait – this want has an expiry date

We've all been there: choosing the upgrade, the impulse buy, the holiday, the lifestyle, over essentials like fixed monthly expenses. Especially when it's a limited-time offer – better to grab the special while you can, then somehow find a way to catch up on your other expenses, right?

But choosing wants over needs too often leaves you stuck in a cycle of catch-up. You don't have to sacrifice all spending on fun – just make sure your basic financial building blocks are solid. Cover important payments like insurance, monthly bills, retirement contributions, and your emergency fund first. Once those are sorted, the fun spending feels even better – because you know it's not coming at a hidden cost.

6. I'm just not good with money

You don't have to be a financial genius to build wealth. You don't even have to love spreadsheets. You just need to stay consistent with the basics: spend less than you earn, save regularly, be intentional with debt, and avoid lifestyle creep. You'll get smarter with money as you go – the important part is to start.

What can you do instead?

Start by shifting your mindset from 'I'll do it later' to 'I'll start small now.' You don't have to overhaul your whole life – just pick 1 or 2 changes and commit to them. That could mean opening an emergency savings account, consolidating your debt into 1 manageable payment, or exploring investment options that don't require large lump sums.

If you're a Nedbank client, you're already making smarter money choices. Our digital tools like the Money app and Online Banking give you access to a full ecosystem designed to help you manage your finances – from flexible savings and investment options to smarter borrowing solutions that align with your goals.

Wealth doesn't grow from 1 big decision – it's built through many small, consistent ones. The sooner you start thinking differently about money, the sooner your money will start working for you.