What separates the financially successful from the financially doomed? Two words: self-discipline.
Self-discipline is “the ability to
control one’s feelings and overcome one’s weaknesses; the ability to
pursue what one thinks is right despite temptations to abandon it.” And
when it comes to personal finance, self-discipline is what you can thank
for your success — or your failure.
If self-discipline is one of the areas
in which you’re lacking, it’s time to regain control. Here are four
steps to help you develop financial self-discipline.
•Stop making excuses
How many times have you set a big
audacious goal only to find every reason in the world not to follow
through? We’ve all been there.
Making excuses is easy. Blaming circumstances is easy. Following through is not.
Before becoming interested in personal
finance, I thought credit cards were fun. After all, how nice is it to
walk into a store and buy a flat screen TV? My nineteen-year-old self
definitely thought it was pretty cool.
It was only after I maxed out my credit
cards that I realized I was the one paying for the TV, and then some. I
would tell myself “I’ll pay extra next month.” Next month always came
around, and I always had the same excuse. Two years and many excuses
later, I finally paid off a measly credit card debt.
Fortunately, I chalk this up as an
experience that has encouraged me to make wiser financial decisions.
Make sacrifices now; get rewarded later.
It’s time to stop making excuses. You’re the one in the driver’s seat, so take control.
•Make a plan
No matter what your financial situation
is, you need a goal and a plan. If you want to pay off debt, set
yourself a debt-free target date and calculate how much money you need
to be paying each month.
If you’re trying to save money, tie an
amount and a date to it. Giving your goals deadlines make them feel more
real. You need concrete numbers to work towards. Break your big goals
into monthly, weekly, and if applicable, daily goals. This is your plan.
•Follow the plan
Once you have the plan, it’s time to execute.
If you’ve made your goals a bit of a
challenge, you’re going to have to make some sacrifices in order to
reach them. You’ll have to scale your budget down, work extra hours, or
both. This will require self-discipline and follow through.
Use your mini goals as motivation. No
excuses. No giving up. Self-discipline breeds self-discipline. Stay
strong for the first few weeks, and you’ll find that following the plan
gets easier.
•Pick yourself back up
You are human. You will mess up. You will fall down. That’s okay: just remember to pick yourself back up.
We all come with our own set of flaws.
If you really want to succeed financially, you’ll need to realize that
success starts with you. You’re in control of your future. The power’s
in your hands, so use it wisely.
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