The Hidden Link Between Self-Worth and Saving (and How To Break Free)
Read time: 4 minutes
Welcome to Mind Over Money, a weekly newsletter where I provide actionable ideas to help you transform your relationship with money to build financial confidence and independence.
Today's topic: How to unlock your financial confidence
Years ago, I worked with a talented young FP&A analyst. Despite almost a decade in finance, stellar performance reviews, and a recent promotion, she always felt like an elaborate fraud about to be exposed.
Her imposter syndrome wasn't just about competence at work; it manifested in her personal financial decisions too.
She had told me once that she would often stare at her modest bank account—unwilling to invest in the stock market or negotiate her worth because she didn't feel that she was qualified enough.
Like many high-achieving women, this young analyst's relationship with money wasn't simply about financial literacy—it reflected a deeper struggle with self-worth shaped by social expectations and workplace dynamics that persisted despite objective evidence of her success.
Why Imposter Syndrome Is A Silent Saboteur
Impostor syndrome doesn’t show up despite your success—it shows up because of it.
The more professionally accomplished a woman becomes, the higher the expectations, the louder the internal pressure, and the sharper the fear of being “found out.”
The irony? Success doesn’t soothe self-doubt—it often amplifies it. You achieve more, but the gap between how others see you and how you see yourself widens.
And this gap is exactly where financial insecurity sneaks in.
When you feel like you’ve somehow tricked the system—or that your success is a fluke—you begin to subconsciously prepare for it all to fall apart. Saving money, then, doesn’t feel like building a future. It feels like hedging against exposure. Like a parachute, not a plan.
This mindset leads to two core beliefs:
- “I don’t really know what I’m doing.”
- “Eventually, someone’s going to find out.”
And those beliefs quietly distort your financial behavior—even when your resume screams competence.
Here’s how that distortion happens:
- You second-guess every financial decision, no matter how small.
- You hesitate to invest, thinking you’ll get it wrong.
- You avoid negotiating higher pay because you don’t want to be “greedy” or reveal your supposed incompetence.
- You over-rely on others’ advice—even when your gut is spot-on.
In other words, impostor syndrome doesn’t just mess with your head. It rewires how you show up to your money. It makes you believe you’re not “ready,” not “knowledgeable enough,” or not “the kind of person” who gets to feel financially secure.
And because these thoughts are so internalized, you might not even recognize them as impostor syndrome. They just feel like facts. But they’re not facts. They’re symptoms of a deeper disconnect between your external accomplishments and your internal sense of worth.
Until that gap is closed, even the most strategic financial plans will feel fragile.
But the moment you see impostor syndrome for what it is—a fear-driven distortion, not a reflection of your actual ability—you can start making decisions from strength instead of self-doubt.
How to Build Financial Confidence From Inside Out
Here are five ways to start turning the tide:
1. Rewrite the Story
Impostor syndrome thrives in silence and secrecy. Call it out. Name the thought: “I feel like a fraud.” Then counter it with truth. You didn’t “just get lucky.” You studied. You prepared. You showed up.
Practice this affirmation daily:
“I am capable of building wealth, even if I’ve made mistakes before.”
Your past doesn’t dictate your financial future—your next decision does.
2. Audit Your Financial Strengths
Think about the skills that make you successful in your career: project management, problem-solving, communication.
Now reframe them:
- Managing a budget? That’s project management.
- Choosing between investments? That’s decision-making under uncertainty.
- Negotiating? That’s a communication superpower.
You already have what it takes. Let’s call it what it is.
3. Start Small, But Start Now
Waiting to feel “ready” is the ultimate financial stall tactic. Confidence comes from action, not perfection.
Open that high-yield savings account. Automate a $50/month transfer into an investment fund. Review your credit report.
Momentum builds belief.
4. Create a “Financial Truth Circle”
Surround yourself with women who are also rewriting their money narratives. Talk openly about your wins and your fears.
When you hear another accomplished woman say, “I’ve felt like an impostor too,” something powerful happens: shame loses its grip.
5. Celebrate Progress Like a Paycheck
We reward external accomplishments all the time—a promotion, a new client, a finished project.
So why not celebrate internal wins too?
- Did you increase your 401(k) contribution?
- Finally asked about equity compensation?
- Said no to financial advice that didn’t sit right?
That’s progress worth recognizing. Confidence is built one aligned decision at a time.
Final Thoughts
You don’t have to be “perfect with money” to be powerful with it. You already are smart, capable, and deserving. The real shift is believing that you can be as intentional with your finances as you are with your career.
Let that belief be the foundation for how you save, invest, and build your future—on your terms.
Whenever you are ready to unlock your financial confidence, check out my free email course on how to build financial confidence in 6 days.
Reader's Question
Every week, I answer a reader's questions about personal finance on LinkedIn. This week's question: “How should I prioritize among 401(k), student loans, and credit card debt?”
My answer: There is no lack of opinions when it comes to how to tackle financial obligations. But here is what I would do: First, contribute enough to get your 401(k) employer match (if available).... read more >
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