Your Economic Discipline

Your Economic Discipline – 30 days to financial success

Discipline is just not a very popular word these days. Whenever it is mentioned, many people think back to elementary school when the teachers could paddle at the slightest hint of misbehavior.  When teachers figured out that putting holes in it made it travel faster, making a run for the hallway sounded like pretty good advice.

Discipline is actually nothing more than an activity, exercise or regimen that develops or improves a skill. Personal financial management is a skill. Creating discipline means developing habits that produce the type of results that demonstrate good stewardship in our lives.

Dr. Andrew Weil states that “anything you do with repetition and emotion will become your reality. If you’re not satisfied with your current experience, examine your habits.”

Most experts agree that it takes about three weeks to form or break a habit. While this depends on the person and the issue, I have personally seen about a 30 day time period work time and time again with those I have financially coached.

Here’s an example- Sam has accumulated large amounts of debt and is tired of the endless cycle of borrowing from one credit card to pay the other. Sam has never used a spending plan and has no idea where he money is going. He signs up for online banking and completes his first spending plan at the beginning of March. And, here’s the repetition part…he takes just 5-10 minutes EVERY other day ensuring that he is staying on track by comparing his online banking account to his plan. Sam is forming a habit as he is acting with repetition and a desire to change his finances for the better. 

QUESTION- What financial habit do you complete that has had the most success with your finances?