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Cultivating Financial Discipline

By – Andrew MejireEtoh

savings

Hello! It gives me great pleasure to welcome you all into a new year. I cant begin to count my blessings, Im so thankful to be alive and despite the harsh fuel scarcity, the festivities was fun. Now for many families, January is a tough month, thats because after spending for the festivities, theres probably childrens school fees to pay, groceries to buy, rent to and utility bills to settle. I noticed how many families went out of their way to borrow in other to meet up with the end of the years festivities, which brings me to todays discussion cultivating financial discipline.

Why Should We Cultivate Financial Discipline?

Its a new year, a time where everyone hopes for a better future. Now if you hope to achieve life goals; probably planning your wedding, want to own your dream home, retire early, acquire a property, cater for the family, starting a business, then theres no two way about it, you need to be financially disciplined.

Learning financial discipline is no doodle but its extremely necessary. Without financial discipline it wont matter if you make a six, seven or eight figure income; you will always struggle with money and enslave yourself in debt.

The good news is, anyone can learn financial discipline, that includes you. It takes a willingness to change and develop new habits. The sooner you do, your finances will change for the better. You can have more, save more, and build financial security for you and your family. Another thing about building financial discipline is that it spills over into other areas of your life. Anytime you work on being disciplined in one area, such as money, you tend to apply those principles to other areas as well, creating a more disciplined life overall.

Financial discipline brings stability, less stress and better health. In a survey by the psychological association, most people listed money as the number one factor affecting their stress level. This is a problem because persistent stress isnt just unpleasantits deadly. Stress is a significant contributor to a host of serious physical ailments like heart disease, stroke, depression, and even obesity. By doing the work necessary to get your financial house in order, you might also add some years, and greater quality, to your life.

How Do You Become Financially Disciplined?

Ill break this down to some simple steps. I think the first most important step is to emancipate yourself from debt; we belong to a society where there so much pressure that forces you to live above your means- a typical spend as you go habit; the need to impress, the need to belong, and of course theres the pressure from the economy. If you desire peace, pay your debt and stay away from credit and unhealthy spending habits.

Cultivate the habit of saving- there are many ways you can go about this. You can adopt the envelop system and allocate your money to only high priority needs and then keep a little portion in a piggy bank, an actual bank account or a thrift cooperative society.

Make a plan for spending money, by this I mean a written budget; do not spend more than you earn and try to avoid making plans based on expectation-many individuals fall for this; assuming you are expecting returns from an investment, a ponzi scheme, a lottery you hope to win or sales you expect to make: please try you best to avoid making plans for money thats yet to b in your possession.

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