The effort required to obtain certain rewards may influence the level of satisfaction with the following reward. Since people differ in beliefs about the availability of willpower resources required to pursue effortful actions, we investigated how willpower beliefs affect the perception of effort and satisfaction with reward. We hypothesized that people with limited willpower beliefs (i.e., believing that exerting effort leads to depletion of their inner resources) will perceive cognitive tasks as more effortful and will be less satisfied with the subsequent reward than those with non-limited beliefs (i.e., believing that exerting effort is invigorating rather than depleting). We tested this hypothesis by manipulating effort with different difficulty levels of the N-back task and measuring participants’ perception of effort expenditure and subjective satisfaction with a reward depending on their willpower beliefs. In accordance with the predictions, we found that those with limited willpower beliefs perceived the task as more effortful than those with non-limited willpower beliefs. Furthermore, when asked to subjectively rate their satisfaction with the reward gained for the task, limited believers rated their satisfaction lower than non-limited believers. These findings suggest that people take their willpower capacities into effort-satisfaction calculations. Results are discussed within the context of other models of effort, and practical implications of the findings are suggested.