No matter what method you use to get and stay out of debt, there is one thing that you are going to need.
Consider this. Many people think that their biggest need is money. That is one of the reasons that so many people play the lottery.
But winning the lottery doesn’t really help most people who win the lottery. Studies show that people who win large amounts of money from the lottery are more likely to declare bankruptcy than other people. Most have used up their winnings within three to five years.
If money is not the answer to getting and staying debt free, what is?
Discipline will help you if:
You have a lot of money – wealth is not mutually exclusive of debt.
You have a little money – you can learn to make more and/or spend less.
You are somewhere in between.
What is it about discipline that makes it so important?
The dictionary says this about discipline:
It “is orderly”
It is a “prescribed conduct or pattern of behavior”
It is “self-control”
Traits like the above mentioned will help you make good decisions that will result in you making the most of the money that you have.
For example, instead of spending because you want to or because you “have” the money to spend, using discipline will motivate you to study the consequences of your choices.
You could take a class to learn about good spending habits (like a budgeting class).
You may do some research to see what your best choices are.
Giving yourself space and time before making purchases – especially large ones – can help you think through the advantages and disadvantages of making the purchase. In fact, you may learn that delaying the purchase is your best alternative.
Without discipline, you will likely find yourself right back in debt or deeper debt than where you were to begin with.
From a financial perspective, there are several areas to apply discipline:
Spending – not overspending
Saving – to have money set aside for future use
Generating extra income - to help you pay off current debt
Budgeting - to help with all the above
Prioritizing - so you know what is and what is not currently important
Paying down debt – in a systematic and efficient way so you can purchase what you want
Discipline requires repeated practice, but it will help you in every area of your life!
Make the choice to learn and use discipline today! You will be glad you did.
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