Discipline is a requirement to almost all subjects including finance. It’s not an excuse that you lack in disciple so you haven’t save money throughout your career.
The darkest financial side of a worker is not seeing himself earning huge amount of money because of a lack of self-discipline. You can hire financial adviser or consultant just for you to know the basics of savings and/or budgeting that you can also work out by your own self. It can only cost you too much but not getting its real value, since you’re focused on some other things and not on your personal finance.
Everyone is messing up in their financial life only because they don’t know how to handle their finances or are still lack in discipline. As a matter of fact, even wealthy investors or businessmen don’t know the basics and still looking for ways on how to stay away from this financial trouble.
Discipline is what it takes you to get rich. No matter how much you earn in a month or save in a month, you can’t still continue doing these without a consistent discipline for yourself. Discipline doesn’t make you save money but it affects your actions and thinking which involve patience and motivation. These two words may secure your financial foot and walk through your financial journey.
The system or method on how to save money in the long run gets you to reach the success spot in terms of finances. A lot of business owners miss the system on how to handle/manage their income. The best thing to effectively save money is to organize everything from the time you received your salary until you spend them to pay your personal and/or family expense. A simple spreadsheet or notepad can remind you on your financial priorities.
Mastering the basics can get you rich. Basic of determining what percentage you will allot for your savings is a good way to achieve your financial goals.
Find tools that you can use to get out of debt. Debt management is not a magic tool but a system that must be practiced in a regular basis. It’s not the key to success but it can help you become a successful person.
If you’re digital, you can use Payoff for Ready for Zero or try debt snowball by Dave Ramsey. It’s an awesome tool to help you pay your top interest rate first. Look for a tool that you’re comfortable of using it.
Regularly check your spreadsheet or whatever kind of notes you have to keep track your financial budget. Don’t miss to put emergency expenses on it so you will get thorough results at the end of each month/week.
Automatic transfer to your savings account can be done by a bank system. So take advantage of it to remove your “I can’t save” syndrome and leave your cash alone in your savings account. This is the best tip to practice your financial discipline.
It’s easy to invest money if you know how to set up and monitor its success. Having a regular (weekly or monthly) investment monitoring can help you see whether that investment is a good choice to earn money or not. You can ask a financial adviser/coach to help you in the evaluation process and yield better results that what you expect to happen.
The discipline that I’m teaching to you is the discipline to follow your system. System like alerts, apps and meetings can help you get rid of your lack of discipline. Otherwise, you’re not getting the most out of your investments since you are focused on your problem and not on the end-results.
Discipline starts when you consistently do small tasks without noticing that you already doing it in a regular basis. Thus, it becomes your hobby. Things will always go wrong if you don’t have a system to follow. To-do lists on what you want to prioritize to pay in a certain time can discipline you in your financial life.
It’s time to follow your personal rules made and implemented by you rather than looking at others’ success and keeping on copying their techniques. This is a waste of time!
How do you practice discipline when handling your finances? I want to hear from you.