Financial success can have a different meaning to all of us. For some of us it means being debt-free with enough money saved for retirement. For others is the epitome of the American dream, owing a house and being able to take care of the family financial needs.
One skill that is of utmost importance to achieve this success is self-control. This ability to keep temptation away (i.e. impulse buys, instant gratification) is key to maintaining strong financial habits. How is self-control tied to financial success? Here are four ways:
Spend less than you earn. Being able to distinguish between wants or needs definitely is a self-control characteristic. Having the discipline to not rely on credit cards and loans to reach your financial short-term goals matters.
Be disciplined with your savings. My personal belief is that Social Security may not be around by the time I retire. Therefore, since my teen years I've been saving a percentage of my paycheck into a retirement account. There might have been times when I wanted to contribute less money but having self-control helped me do the right thing.
Stick to your budget. It's not just about sitting down to set a budget. It's all about having the self-control to stick to your budget. You don't want to be swayed away by impulse buys that you might regret in the future.
Hang out with like-minded people. People around us can be of help… or not. It was well-known businessman Jim Rohn who once said, "You're the average of the five people you spend most of your time with." Choose wisely and it will be so much easier to maintain your self-control and your finances happy.
Yoly Mason*, a blogger living in Orlando, Florida, wants to live in a world where Latinas can enjoy an abundant life with a small budget, and being in debt is as out of style as the rotary phone.
Image via iStock*
