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Home Finance Personal Finance Self-control Is a Key to a Thrifty Lifestyle
Self-control Is a Key to a Thrifty Lifestyle PDF Print E-mail
Written by William Blake   
Thursday, 20 November 2008 11:11
Just as physical exercise is essential in order to live a long, healthy life, exercising financial restraint will do wonders for your economic situation. While not easy, avoiding impulse buying, saving up your money until you are able to purchase something that you would like to buy instead of buying it on credit, or simply being content without something are all key steps to financial security.
by WilliamBlake


Just as physical exercise is essential in order to live a long, healthy life, exercising financial restraint will do wonders for your economic situation. While not easy, avoiding impulse buying, saving up your money until you are able to purchase something that you would like to buy instead of buying it on credit, or simply being content without something are all key steps to financial security.

Do you want to learn how to control your spending? Learn not to rely on your "plastic". Don't carry your debit cards and destroy your credit cards. Choose to pay for items with cash instead.

When you have to hand over cold hard cash for something, you will most likely to take your time before deciding if you are really willing to go ahead with the purchase.

Learn to budget you money well. You may find it helpful to label different envelopes with what the money placed there will be used for. Some of the categories could be food, gasoline, the house payment, etc. You may also have an envelope for things you would like to buy. Exercise self control and don't buy the item until you have saved up enough money in the envelope.

Another way to develop your self-control is to set up a waiting period for purchases. Three days would be ideal but you should wait 24 hours (at least) before following up on a purchase. If you still want it and just can't live without it after the waiting period (and you have the money already set aside), then it is probably a good purchase for you to make.

Find an accountability partner. For many people this is their spouse, although sometimes spouses will go out of the beaten path to avoid talking about finances. Be open and honest with someone about your financial situation and make sure it's okay to call them when you are feeling tempted or weak. Support is one of the most important elements to developing any positive character trait.

Self-control in a frugal lifestyle is all about restraining your impulses so that you can make wise decisions. It will help lead you to a place where you can develop a plan for your future and begin the process of implementing that plan. Self-control teaches you to walk away from anything not in line with your goals.

While is isn't always easy to say no to things, by learning to exercise financial restraint and by getting the needed help from your accountability partner, it will quickly become second nature.

About the Author:

Thinking of trying to lower your payments or the balance owing by negotiating credit card debt? Make sure you visit the Debtopedia website at http://www.debtopedia.com to get some helpful tips first.

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