This is a common pitfall for most people. Often, when people come into a certain amount of money, they have this tendency to rush out and instantly satisfy the irresistible urge to splurge on anything they lay their eyes on. This is a very dangerous mistake. Sometimes people fail to recognize the idea that the future has to be considered, too, whenever spending and savings enter the picture. The cliché “nothing is constant” still rings true today. The stuff people see now as shiny and new will fade and rust away later.
And patience and self-control make people realize and think about the many other more important things that require more of people’s concern, specifically money-wise. A person’s financial success starts with a conscious effort to control one’s expenditures and save up for the future. Realizing the high correlation of self-control and saving money, the next question is, how do we start learning and acquire this virtue of self-control, which seems so elusive? Well, there are many ways which people often take for granted.
Here are some of the less complicated ones that are easier to follow. Learn them, and hope they grow on you. Try to apply these easy steps in your daily living and surely they will bear you wonderful fruits on your way to financial stability and security.
1. Do not purchase items on impulse. Consider thinking if you really need the item, or maybe you can still put it off for later when you really have the need for it.
2. Identify your needs from wants. You wouldn’t want to spend so much on something that you may regret doing so in the future.
3. Look for a person who can serve as a role model for you and adapt a financial life similar to what he does. In this way, self-control will seem very easy when you see that others are actually doing it.