5. Relying on Self Discipline Sucks
Budgets that basically require you to ‘be good’ all the time and continually require you to make the right choices based on the use of self discipline are totally and absolutely dead in the water.
This is the ‘no chance’ budget!
It is usually the budget that is a knee jerk reaction to a recent financial crisis. You say something like, “That’s it! I’m never going to spend money again!” but of course that is a ridiculous statement because money was made to be spent (it’s just the ‘timing’ and the ‘on what’ that are the critical factors).
Self discipline is never going to work. You need a system that allows you to know how to make choices. Relying on self discipline is no good if you don’t know when is the right and the wrong time to go shopping.
I’ll give you an example; If you were trying to give up smoking and were having difficulty, then that is a self discipline problem. You know you shouldn’t be smoking but you are having trouble doing what you committed to. You just can’t stop yourself.
If you are trying to be responsible with money and you decide to try self-discipline then there is a problem. Sometimes it is right to spend money so sitting in the corner and using self discipline to stop yourself is totally wrong.
If you have to rely on feelings or the fact that you have no money in the bank to decide when you do or don’t spend money then you are basically guessing your way to financial stress and ruin.
And the word ‘guessing’ is a big clue as to why the use of self discipline is a lost cause.
The real problem is not self discipline, but rather a problem of not knowing if now is a good time or a bad time to be spending money.
Nobody deliberately makes stupid financial decisions. They are all caused by the lack of a plan to follow and having no ability to see what will happen in the future as a result of making the current financial decision no matter what you end up deciding!
If you feel like you are tired of trying to use self discipline with money have a look at the info at http://simplybudgets.com.au/simplybudgets/
If you already have this covered give yourself a big tick for number 5!