Hi guys, it has been a while since I let my pen to dance on a piece of paper and pour its black ink on it. As reluctant as I was, I felt compelled to pronounce myself on “Financial discipline,” a subject which concerns almost every one of us. Don’t get it twisted though, I am just a brother sharing an opinion, not a financial counselor.
The country’s limping economy, exacerbated by the recent economic downgrade to “junk status” by Moody’s (American credit rating agency) is really, more than ever calling for financial discipline on all levels. The economy predicament is so critical that if you are a “shop-until-you-drop” spender now have to think twice before you go for a shopping spree.
The observation is lately clear that even big institutions with sound financial positions are tightening their spending and employing necessary measures to cut on unnecessary costs. And we should follow suit as individuals by reflecting on our financial behaviors and identify where to adjust accordingly. I mean one does not need to be an economist to realize that the current economic state really calls for a smart intervention plan and adjustments to allow us to safely navigate through the lethal jaws and talons of the current economic state.
Lack of the ability to say no to impulse purchases is a prime force which gets us off track from our budgets and hit the bottom. I once read a line which says “…. make a budgetary amount to account for impulse purchases and make sure you do not go over that amount on a monthly basis.” Controlling how we spend is probably most challenging. But yet if we don’t own up and accurately steer our spending drive, we will never win, regardless how much we earn.
The term “Financial discipline” rang so loud that I was tempted to Google the subject matter up. I then learnt that being discipline financially actually refers to how well one is able to conform to his/her set spending and saving plans to achieve one’s monetary goals.
Financial discipline is arguably one crucial factor which if ignored can negatively impact the social welfare of an individual, family, and country. And on a personal level, realizing that we have to get ourselves well versed and apprised of how to make sound financial decisions whilst concurrently developing positive relationship with our money is key to safely flex our financial muscles. So yeah, checking up some tips on how to go about it might actually be worth it. And to start off, click here for some financial discipline tips.
Disclaimer: I am not a financial counselor.