No, it’s not clipping coupons all day.
The secret ingredient to saving money is: Self Control.
Self-control is one of the many qualities that can be useful by each and every person. And by learning it, people’s financial lives will improve especially in the area of saving money. Having a sense of self-control helps people to put aside money instead of spending it. It helps people resist the urge to spend money the moment they get hold of it.
This is a very common pitfall for most people. Society has spending lots of money on things we don't really need. Often times, when people come into a certain sum of money, they have this inclination to rush out and immediately satisfy the urge to splurge on the new cool gadget or knickknack.
This is a very severe financial mistake.
Often, people neglect to realize the idea that the future has to be looked at too. The materials people buy now will soon fade as a trend and rust away later.
Now of course, it's okay to spend money on fun things but it all boils down to one question: Are you saving enough money? Self-control causes people to realize and think of the many other more important things specifically money-wise.
An individual's financial success begins with a conscious effort to master one's habits through self- control and save money up for the future.
Recognizing that self-control and saving money go hand in hand, the next question is, how do we start learning and adopt this quality of self-control, which seems so easy to understand but hard to actually do? Apply these 3 simplified steps in your daily life and watch how you can gain control of yourself:
1. Do not buy items on impulse. Debate whether or not you really need the item, or maybe you can still put it off for later when you really have the need for it.
2. Key out the needs from wants. Is the new cell phone a want or a need? If there is nothing wrong with your current phone, why do you need new one? Do you really need a new car or do you just want to look cool in a new one? You would not want to spend money on something that you may regret later.
3. Search for a role model. It is in your best interest to find someone who is getting the financial results in life that you want. Find that person who saves a lot of money. Ask them how they do it. . In this way, self-control will be very easy when you see that others doing it.