Money and Discipline
We may hate that word discipline when it’s applied to ourselves, but it is the single most important factor in deciding whether we are rich or poor. Without self discipline, we will spend lavishly on the whims of the moment and end up with a mountain of trash and no money.
So how to become disciplined where money is concerned? Gary Simpson of Personal Finance Budgeting suggests taking out a large denomination bill from your bank account, say $100, putting it in your wallet and then never spending it! To know that it’s there gives one a good feeling – and having the determination never to use it for purchases builds self discipline.
It’s a good system and I can see that it would work. That is, if you actually have $100 in your account, of course…
Everyone starts somewhere, I guess. Have a read of the article – it’s full of good sense.
It’s a good idea.
Just be sure not to take it out if you could be mugged, avoid them late night park strolls….then it is best to put it in a bank account and not add it to your checking ledger so you always have more in there than you will spend, and the bank can guard it.
By Janus on November 19th, 2006 at 4:19 pm