Hi! Sorry for the delay in response-- Gal Pal Games spent the last month moving ; )
This is correct! You can upgrade free of cost with as many convictions as are applicable (so for example, your personal goal and greatest fear can both be used to upgrade two times without cost), anything beyond this needs to be paid for with an Alchemy point (like using your age, or facts from you bio).
There are som exceptions that you don't need to pay for (like when you get a magical item), but those are noted in the Special Memories section!