Episode No. 042

How To Develop Self Discipline With Money

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Do you find it hard to stick to your budget and actually follow through with your financial goals?

You may have the BEST intentions at the beginning of the month. You may even be EXCITED and ready to start taking control and crushing those money goals! 

But then life happens. And it becomes easier and easier to return to those same old money habits that keep you feeling trapped and out of control. 

In this episode, I’m letting you in on an exclusive in-depth coaching session I gave to my Inner Circle members to help them develop the self-discipline they need to break this cycle for good.

What is self-discipline with money?

Self-discipline means you are creating money boundaries that are based on your values. It also means that you agree to respect those boundaries each and every day.

Life happens. Distractions happen. Unexpected expenses happen. There will always be temptations that aim to pull us off track from our financial goals. Self-discipline is put into practice when we decide to keep going in the midst of all these distractions. Self-discipline allows us to create positive money habits that we’re actually able to stick to.

Why am I struggling with self-discipline when it comes to money?

Often times we are not even aware as to why it’s so easy to blow our budget despite our best efforts and best intentions to stay on track. This is why it’s so easy to feel frustrated and even guilty when we do. If you’re struggling with self-discipline, there may be more than one reason.

Self-discipline with money was never modeled for you

Self-discipline is a learned behavior and if you have never seen it in action, how do you expect to apply it to your present life now?

We live in a surplus world

Unlimited options, choices, and opportunities make it hard to develop the self-discipline we need to say “no” when it comes to our spending habits.

We want what we didn’t have growing up

If your parents were never able to afford a family vacation growing up, you may find it easier to justify spending money you don’t have in order to provide a better experience for your own family. We can easily find ourselves in crippling credit card debt if we’re making money choices based on our past experiences surrounding lack of money.

So how do we break free from this cycle? How do we develop the self-discipline we need to stay motivated and make smart money choices that help us reach our financial goals?

5 steps to Creating Discipline with Your Money

Educate yourself

Think of self-discipline as a foreign language. Would you ever move to a different country and all of the sudden find yourself speaking in a foreign language you never knew before? No way! Instead, you would spend months maybe even years preparing, learning the language through consistent practice and education. The same is true when it comes to developing self-discipline with your money.

Reading books, listening to podcasts, searching the web — do whatever it takes for you to learn and increase your knowledge when it comes to your money.

Find inspiration

Actively seek out content or people that inspire you to stay on track with your financial goals.

I personally LOVE quotes that inspire and motivate me to keep going especially when it gets hard. When you are inspired by someone or something, it can feed into our own desire to develop self-discipline with money. There are so many others out there who have walked the road before you or are walking the road alongside you. Let them motivate you as you continue your journey to financial freedom!

Create boundaries that feel good to you

Discipline comes from boundaries! Boundaries are essentially a set of rules and expectations you follow when it comes to your money that help guide your decision-making. When we stick to our money boundaries, we make forward financial progress which FEELS GOOD!

One of my personal money boundaries is that I refuse to spend money going out to eat during the week. All meals are eaten at home, cooked with the groceries I bought for the week. Why? Personally I would rather cook dinner at home five nights a week so that I can spend my money on things I value more, like a travel fund or investments.

What are the boundaries you want to set for yourself when it comes to your money?

Be realistic

You WILL feel trapped if you set yourself up for failure by setting unrealistic goals. Instead, create goals you KNOW you can win. Start by setting smaller goals and watch yourself achieve them!

Cheer yourself on

Celebrate yourself and your goals! Don’t get discouraged when setbacks happen. They are an inevitable part of this journey to taking control of your money and living the life you want to live. In order to practice the self-discipline we need to make our money dreams come true, we HAVE to be tested. Going through those ups and downs are what makes us stronger, proving what we truly value. Be your own cheerleader during that process!

A journal with savings priorities

Remember, creating self-discipline with money takes time, energy and practice. It’s imperative that you believe you DO have what it takes to be successful and to reach your money goals. Self-discipline grows with one decision, one choice at a time to stick to your budget and follow through with your goals.

Need extra help with creating your budget and sticking to it? Check out this FREE webinar where I’ll teach you how to stay on track with your financial goals without sacrificing the things you love! You can also snag my FREE Budgeting & Debt Payoff Cheat Sheet to help you create a budget geared toward paying off debt for good!

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    Meet Allison

    Allison Baggerly is a blogger, author, influencer, speaker, podcaster, and founder of Inspired Budget, which is proudly a Latinx and women-owned business. A former teacher, Allison blends her talents for teaching with her passion for personal finances to help others learn how to start budgeting and build a life they love.

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