Budgeting Essentials

Helping you master the practical essentials of Budgeting, Cash Flow, Accounting and Debt Relief.
Font size: +
3 minutes reading time (544 words)

The Key to Getting and Staying Debt Free

 

 Discipline Key Pic 1 unsplash

 

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.

 

Consider 3 Pixabay free

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. 

Resource:

 https://www.cnbc.com/2017/08/25/heres-why-lottery-winners-go-broke.html

 

 

If money is not the answer to getting and staying debt free, what is?

Discipline.

 

 

Discipline will help you if:

Consider 4 Lots of money unsplash

You have a lot of money – wealth is not mutually exclusive of debt.

Consider 5 Little  money unsplash

You have a little money – you can learn to make more and/or spend less.

Consider 6 Between  money unsplash

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”

 

 

 

Consider 8 Research  unsplash

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).

 

 

 

Consider 8A Research  unsplash

You may do some research to see what your best choices are.

 

 

 

Consider 9D Space and Time  unsplash

 

 

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. 

 

 

 

 

Consider 10D Deep in debt unsplash

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. 

 

 

Dan the Budget Man website:

https://www.BudgetingEssentials.com  (click here)

 

Dan’s Money help on YouTube:

www.youtube.com/@DansMoneyHelp

 

 

We Offer:

A free workshop -> Getting out of debt = $0

Free Workshop -> Getting out of debt $0  (click here)

 

 

 

A deep dive program ->

Getting out of debt = $one-time low fee

 

Deep Dive Program -> How to manage your money

(one-time low fee)  (click here)

 

 

 

 

Copyright

© © https://BudgetingEssentials.com © Dan the Budget Man © Dan's Money Help

0
Keep the Clunker and Paydown Debt
5 Reasons: Only Use Credit Cards in Case of Emerge...
Comment for this post has been locked by admin.