Self-control Is a Key to a Thrifty Lifestyle

It is generally agreed that if you want to live longer you have to exercise your body. Likewise, if you want to have financial security during that life you have to exercise your self-control. Having the ability to walk away from a purchase, being able to wait until you have the cash before you buy, or simply having the boldness to just say no are all key elements to living a thrifty life.

One of the best ways to develop a thrifty lifestyle is to quit carrying around all those cards. Leave your debit cards at home. Cut up your credit cards. Start paying cash for your purchases. This one step that requires you to physically pass your money to another party is likely to have you rethinking purchases from the onset.

Set aside your money for specific purposes and only use if for those purposes. Some people go so far as to put it in separate envelopes (each one labeled for a different use like groceries, gas, rent, utilities, medical, etc). If you don’t have money set aside for something you want to buy, then it is a good idea to wait until you do have money in that envelope.

Another way to develop your self-control is to set up a waiting period for purchases. Three days would be ideal but you should wait 24 hours (at least) before following up on a purchase. If you still want it and just can’t live without it after the waiting period (and you have the money already set aside), then it is probably a good purchase for you to make.

Find an accountability partner. For many people this is their spouse, although sometimes spouses will go out of the beaten path to avoid talking about finances. Be open and honest with someone about your financial situation and make sure it’s okay to call them when you are feeling tempted or weak. Support is one of the most important elements to developing any positive character trait.

Self-control in a frugal lifestyle is all about restraining your impulses so that you can make wise decisions. It will help lead you to a place where you can develop a plan for your future and begin the process of implementing that plan. Self-control teaches you to walk away from anything not in line with your goals. Saying no will become part of your regular vocabulary. And with the right support you will be able to develop this amazing characteristic in no time flat.