Yahoo Finance 
How to stay disciplined with your finances
By James Yeo
Many people would agree that it isn’t easy to manage money, especially when there are many different aspects to it, such as savings, investing, insurance etc. It is also hard to heed any professional financial advice because different people have widely different circumstances.
However, you can always work toward being disciplined with your finances for a start. Here are five useful ways:
1) Face the music
The first thing you have to do in order to be financially disciplined is to take charge of your situation and face the music.
If you are heavily in debt, don’t wait anymore. Get started on doing something (anything!) to get yourself out of your current situation.
Even if there is an obstacle in your way, stay strong and carve out a realistic plan for the future.
The worst you can do is to pile your current debt with more debt to keep you alive. It is just like eating a bucket of ice cream every day before you hit the sack and wondering why you can’t fit in your clothes.
Bottom line: Embrace all your finances, big or small and don’t try to run away from them. If not, it will just snowball into something you cannot control going forward.
2) Limit the negative influences
It is not easy to get rid of negative influences.
And when it’s about disciplining your finances, negative influences get to us faster than the positive ones (E.g. #YOLO – why not travel now and think later). Do not pay heed to those who keep reminding you of how unsuccessful you are, in terms of managing your money.
Instead, start participating in online financial communities and forums where like-minded people keep sharing practical tips about saving money and making money grow. It can be any medium – a blog, a Facebook group on personal finance, or a small community in your area.
3) You are the average of 5 people you mix with
There is some truth in the above phrase.
When you are constantly engaged with people with shopaholic behaviour, it may seem impossible to derail yourself from the same spending habits.
Thus, try to gather in the company of people who have a winner’s attitude. Meet with people who are pursuing the same goals and working toward it. Observe how they achieve their milestones; how they spend their money; what matters the most to them; and on what basis do they define their goals.
4) Pay yourself first and spend wisely
It is not easy to save money when you have so many financial obligations. There are so many people who pay all of their bills before saving money.
On the other hand, you could try something different. Pay yourself first by setting aside a fixed percentage of your income. Keep that money in a savings account or invest it to earn compound interest. It will slowly but surely increase your wealth.
In the event that you do not have enough money left at the end of every month, aim to create a strict budget. Check your highest expenditure and limit the expenses category (i.e. dine-outs and shopping sprees with friends, etc)
Oftentimes, people tend to spend more than their capacity just to please society. Break out of this norm and draw a line. It will only do you good financially in the long run.
5) Track your progress
Once you start disciplining your money, keep track of your progress. Look at how far you have come.
Set short-term milestones and reward yourself every time you achieve them. It will motivate you to move further ahead and be dedicated toward achieving it.
Conclusion
This may sound cliché but stop waiting for the sky to fall or for a superhero to save you from your financial troubles. Instead, be your own superhero and take charge of your finances today.
It doesn’t matter where you are currently standing with your finances. What matters is where you choose to stand in the future. We wish you all the best and a Happy New Year in 2018!
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