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Publishing dates:
'Pathway To Success' is published every other Sunday.
Next Issue is supposed on 11th July 2009.

Today's Feature Article

5 Tips to Self-Discipline And Saving Money
Irena Whitfield

Discipline and self-discipline are words not very popular in our lives. However, during tough times like these, it's more than convenient if we are able to employ discipline to help us cope.

No matter how much money one has, it is always important to be diciplined about money. It is not unusual that people lose money overnight, and that is why it is good to have some money saved.

And it is self-discipline, the conscious effort that helps us to control the expenditures and even save money for the rainy days that are definite to come one day.

Self-discipline will most definitely be the key approach if you also decide on reducing debts if you have any, and improve the standard of living in the long run.

So, if you realise one day that your money flows away somewhere, that you spend more than you earn, that in fact you do not know where your money goes at all, it is about time you did something, ie it is time you called your discipline to help you start to manage your money right.

Sounds complicated? Well, not really. The essential point is to know the facts about your money: your income, your income possibilities, your expenses, create your priorities and stick to it. It is also important to realise that most unwanted expenditures are caused by buying on impulse, so the main focus is needed to avoid purchases on emotion.

Of course, you will need motivation, the necessary drive to help you stick to the newly acquired money self-discpline. It is not very difficult either: just imagine the fantastic rewards disciplined money in your disciplined hands can bring you: the financial stability and real long-term wealth everyone dreams about.

Here are 5 basic tips to help you start:

1. Create a list of your priorities, include the date you need or want to gain an item, add the reason why you need it or want it and the importance grade.

2. Check your monthly expenses to find out where your money goes and why. Reduce or exclude all unnecessary costs.

3. Avoid buying on impulse. Take your time when buying items not included in your priiorities, especially the expensive items. Realise that if the item is not on your list, you do not need it so urgently and it should be avoided or postponed.

4. Credit card debts hold the number one slot as the cause for financial drains these days. Control your spending by using your credit cards less. Use your cards strictly within the interest- free periods and repay in time.

5. Even if your budget is tight, start saving money, so over some time you have a money reserve enabling you to survive at least 6 months without any income. This period should be sufficient to solve any money problem.

The above tips may seem difficult at first but sit somewhere quiet, have a pen and paper and start working. Use a little bit of creativity and a lot of self-discipline and before long you will be on a secure and reliable way to managing your hard-earned money professionally.

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