Many of us have struggled with financial issues. It’s not like we don’t know what to do; it’s just hard to do it.Welcome to Part 4, and the final blog in my series on self-discipline.We know we need to save at least 10% of our earnings and we know we need to invest, yet we don’t do it. We also know we shouldn’t spend what we don’t have, and yet, we do it anyway.As we get closer to December, it means the majority of us will go into debt by purchasing things we don’t need.Will Rogers, American humorist, actor, and writer put it this way:

“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.”

How many of us can relate to this quote?I assume a lot of us, but we can change our behaviors.Most of us have not mastered the spending game yet; however think about the following statement.It’s impossible to be earning $19,000 a year and drive a $50,000 car without getting yourself into some serious financial trouble.

Needs vs. Wants

It’s also extremely important that we know our needs vs. our wants. Some of us have high goals, but bad financial habits can destroy them. With bad credit, it doesn’t matter if you graduated magna cum laude from an ivy league institution; some employers won’t hire you. Also, you can’t make important purchases, such as buying a home if your credit is not good.I remember when I applied to enter the U.S. Navy, they had to check my financial history. If my credit had been bad, my dream of joining the Navy would have vanished.My advice to for how to apply self-discipline in financial situations comes from the Will Roger’s quote above.

Specific Examples

1. Don’t spend it if you haven’t earned.If you don’t have the money to pay for a $50,000 car, don’t try to finance it. Instead, take care that you don’t sign up for several credit cards and max out the balances on each. It’s not that you can’t have what you want; it’s that you have to be smart about how to get it.

2. Don’t buy it if you don’t need.

Do you really need three different kinds of Crockpots? Twelve different designer purses? A $90,000 car? Consider the things you want to have and why you want them, and ask yourself these questions: will they improve your life? Are they necessary? Do you already have items that cover what you need? (Most likely they will, they are, and you do). However, remember always to consider whether or not you can afford them. Of the things you do need, prioritize a list or create a savings account specifically for those items.

3. Stop trying to impress others.

Believe it or not, people are not always impressed with your things. Some may think you lack self-discipline if you have too much. Others may even question whether or not you can afford your things and wonder about your common sense. Or—they might think you’re a show-off. If you need to impress others, show them a high level of self-discipline instead.

4. Save at least 10% of your earnings.

Saving 10% of your earnings is not easy, and it may not always be possible, but if you set your goal to try to get there, you just might make it. Situations happen, life happens, and you will encounter times when you cannot set aside that much. However, you can divide this 10% into 12-month increments and save as much as is financially possible each month.

5. Give to the causes you are passionate about.

It is always good to be grateful for what you have, and one way to do it is to donate funds to your favorite cause. Add each donation as a monthly payment and discipline yourself to be consistent. Perhaps your organization takes quarterly contributions. That’s fine. Just be sure to schedule it.Understanding self-discipline comes down to knowing that your actions have consequences. Once you realize the outcomes you don’t want, let them guide your financial decisions and every other aspect of your life.As this series comes to a close, I hope the tips you’ve received on how to develop a self-disciplined lifestyle have helped.Next week, join me for a new blog series where I will discuss how to believe in yourself and build self-confidence. See you then.