Financial Literacy Series: Three Quick Ways To Overturn Your Overspending Habits Into Financial Discipline

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Overspending 2

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In order to manage one’s finances properly, one has to be disciplined. It is almost certainly impossible to acquire, accumulate or accomplish anything substantial without discipline. If spending is not controlled, then no matter how much money a person makes, it will never be enough to cover his needs or wants.

It is true that financial discipline is easier said than done for some of us.

So here are some few tips to help get you on the path to financial freedom.

  1. To be financially disciplined, you must first of all know everything about your financial situation. This knowledge is important, and you must assess your condition honestly, before you can make any progress.
  2. Saving is very, very important. Anyone who wants to improve his financial condition should start by setting up a proper savings account and contributing to it regularly.
  3. Having a budget through which you, from the beginning, decide how you will spend what you have or earn is essential. Technology has made managing one’s finances easier today. Budgeting software is not expensive; in fact it is also available free of charge. It can have a big impact on how well you are able to stay on track in your mission to be financially disciplined.

Discipline is a skill that can be learned, just like other skills. Over-spending is a habit which can be broken like any other bad habit. To be financially disciplined and successful, you must break the habit of over-spending. Those who are not naturally disciplined must acquire the skill the hard way, by being determined and focused. Start by simply trying to follow your budget. Learn to say no to yourself when you have the urge to spend recklessly.

Staying in control of your finances may be hard at first, but it is worth the effort — and over time, financial discipline becomes easier.

This has been courtesy of Heritage Bank as part of The Bankers Committee Financial Literacy Public Enlightenment Programme brought to you by The Bankers Committee, comprising all the commercial Banks in Nigeria and the Central Bank of Nigeria, CBN.

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Read “Knowing The Difference Between Your Needs And Your Wants” Here

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