“We must all suffer from one of two pains: the pain of discipline or the pain of regret. The difference is discipline weighs ounces while regret weighs tons.” - Jim Rohn
Money is something that everybody loves, but many don’t know how to control.
All too many homes are filled with the stress of working and trying to make ends meet. It’s robotic…the money comes in and the money goes out, spending for the needs and wants of today.
There are three types of people that exist:
1. The Prepared – Somewhere along the way they learned how to manage their money, perhaps a trait taught to them by their parents. They are savers, givers, and investors. Their bills are always paid on time. They always have what they need and make sacrifices for their wants. They use little to no credit.
2. The Deceived – They think they know how to manage money. They pay their bills on time. They manage to save some money each month, give and do some investing. They always have money for what they need AND for what they want. They tend to overspend, but their success at managing money is camouflaged by the amount of money they make. They use credit, but are only able to manage it by paying the minimum amount monthly. The truth is revealed soon after disaster strikes (job loss, illness, injury, etc).
3. The Drifter – They don’t know how to manage money at all. Paying partial amounts and/or late payments on bills are a way of life. Something always seems to “show up”. There is never enough to make it until the next pay day. Small to no savings. Not able to adequately prepare for the future. Overuse credit.
Which characterization do you feel applies more closely to your life? If you fit in category 2 or 3, would you like to view life through a different set of glasses?
What I believe is the key to changing they way your life unfolds is to…Create New Disciplines. Discipline is a basic fundamental that often goes overlooked when we take on new tasks that are unfamiliar. New habits must be created on purpose.
Let’s say that you want to lose about 40 pounds. You have to create new eating habits along with exercise to start the process. The weight loss does not happen overnight. It is a gradual change of mindset first, and then the weight loss follows. You create new disciplines to reach your goal.
The same is true for managing money. It is a process of creating new habits that will first change the way you think about money and second the way you manage it. Many of us want to be prosperous, comfortable and/or wealthy, but continue to walk slowly towards financial disaster.
So, how do you create new financial disciplines?
1. Readjust your priorities.
2. Create monthly budgets.
3. Take the time to review your spending daily (5-10min).
4. Start where you are.
Success at money management is not going to happen overnight, but a decision can be made to create new financial disciplines today.
Will you suffer from the pain of discipline or the pain of regret?
