Basics of Effective Money Management (Self-Control)

The I want it now mentality comes up alot in my discussions and for good reason.  We live in a very "plastic" society where most people are living way above their means by using Credit Cards to supplement their income.  Now, granted there are people who just don't make enough to live on but studies show, they are the minority.  The vast majority of people using up their credit cards are of the "I want it now" mentality.  They see the big screen tv or the fancy car and they think the worst words I think can ever be thought when it comes to finances "I think I can afford it" and/or "I wonder if I have enough room on my credit card".  These two thoughts are the downfall of most people when it comes to financial intelligence. 

Paycheck Distribution Coaching has been created to help stop this vicious cycle.  If you ever say or even think these words while your shopping, then your not managing your money correctly.  You should KNOW you can afford something and you should KNOW the balances on your credit cards.  And to take this one step further, you should KNOW how much that item will really cost you in the long run after interest is calculated on the money your borrowing to purchase it.

This is where Self-Control comes into play.  Too many people use shopping as a way to make up for other deficiencies or short falls in their lives.  The "I deserve it" attitude plays a huge role in this common problem.  When you take a good close look at your financial situation as a whole, I'm fairly certain that you have thought these thoughts at one time or another.  And as it has been said before "your past decisions are a direct result to your future problems".  This is where the cycle needs to be stopped. 

Most people would be surprised how easy it is to manager your income correctly.  But self-control is key.  If you continue to make the bad financial decisions based on the these three key thoughts then your future will continue on just as you past did.  To make a change you must change the way you think and how you manage your finances.  If your thinking to yourself "I have it all under control" just look at your net worth....or if you don't know that....look at the amount of debt you have and honestly tell yourself what you have to show for it.

Financial Self-Control-  Practice it, Love it and it will reap great rewards, ignore it and you will continue on the path you  already created.  More debt, more insecurity and continued servitude.

Thoughts to avoid following:
1.  "I think i can afford it"
2.  "I deserve it"
3.  "I think I have room on my credit card"

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