Can having weak or strong will power affect your finances? I believe it can and if you struggle to maintain the will power to say no, then you can ruin yourself. Just like the person struggling with over-eating, they know they must eat better to stay healthy but they have low will power to change. Finances are the same because people with weak will power for the most part cannot say no to adding new debt, living above means, splurging on wants. Yes I might be striking a nerve with some readers because they are full of excuses behind the ability to modify behaviors. But I am doing it, to show you how money can be broken down to simple choices like facing your inner willpower.
I speak with purpose because I see it everyday many people not facing their ability to say no or adjust lifestyle to current life situations. Somebody wants to lose 40 pounds but then they continue to eat the daily bagel with cream cheese. They want results but then do not hold their actions accountable. (It boggles my mind the lack of focus for will power) For example somebody who wants to be debt free, but continues to live life adding new debt. Having willpower is so transparent to me, but not so easily understood by others. I am always eager to share my thoughts with all of you, and I want you to have strong will power. How can you begin to have better will power?
How Can Will Power Affect your Finances?
First realize that you stink at maintaining a high level of will power, and then make it a priority to tackle it head on.
Second you must write down what you need and or want to accomplish financially or any other goal. By placing it on paper it will help you stop the bad cycle and most likely will not break a good routine going forward. That easy trigger will do wonders for many people. Do you want to buy a home, then write down somewhere visible, save for a house 1. on the fridge door, 2. on your home screen, 3. on your bathroom mirror. Doing this will constantly remind you to save for the house and you will most likely not waste opportunities to save money for that purpose.
Third wake up every morning and tell yourself that you will not do anything that goes against attaining important goals. If you have a goal to eat better, say out loud I will not eat doughnuts or bagels for breakfast. If it is based around finances, say to yourself I will not spend more than I need today. Doing this will save you dollars more than before on a monthly basis. Making the person in the mirror accountable to stick to goals will improve your will power over time. On the flip side of the coin when your will power is off the charts, your finances should improve in conjunction with it.
I cannot tell you enough what positive affects having a high level of will power has done for me. I am able to walk by temptations I couldn’t pass up in the past. Like my love for sneakers and watches I possessed in my early 20s. I look back on that time now and I say to myself what was I thinking. Given the fact that I bought more than enough of those things, I still managed to save on the side and I still invested in retirement accounts.
I will admit that I could have done better in my twenties, but we live and learn. One thing that I hold above all else is retirement savings, because I eventually want financial freedom. I truly feel that if you have stronger than average will power, you will achieve financial freedom sooner rather than later. In the end how can will power affect your finances, very much so I believe. Its up to you to want an improved life, and enforcing a strategic will power can help exceed your expectations.
Additional Resources:
Huffington Post – Here
Willpower: Rediscovering the Greatest Human Strength
Comment if you have strong will power and how do you use it to achieve goals for get ahead financially.
Rich Uncle EL
We had to change our bad habits to get out of $109k worth of debt. We kept the end goal of being debt free and having a surplus of $2k per month to build wealth to continue to motivate us each day.
My recent post Net Worth Update: November
That was a good thing you guys accomplished, and the results of freedom will last forever. Good luck and thanks for the comment.
I've also heard of people making a collage to keep them motivated with their goals. As in, cutting out a picture from a magazine of your goal. Or words/phrases. Whatever will help you visually to realize it's an ongoing project.
I just opened up an old collection that sat out in the garage for awhile because we didn't have the money to burn. I was afraid that if I took it out, I'd immediately get a bad case of the wants. Well, it wasn't as bad as expected, but it is there. I keep finding myself perusing Craiglist and eBay to look for additional stuff. Happily, I keep balking at the prices. So far, that's kept me in check. As has concentrating on displaying the items properly before getting more.
We still have a lot of savings goals, which I find helpful to check in on once or twice a month. It keeps me going when things seem futile. As does having a saved savings account. I put money we save with sales, not having DISH anymore, etc into an account and watch it grow. Every three months, I dump it into savings and get an awesome sense of accomplishment that keeps me fueled with determination.
My recent post Microwave suggestions?
This is awesome keep it up and you’re goals will be realized soon enough. Thanks for the comment and good luck Abigail.
Will power is a tough one, on so many fronts. It's totally true though … writing down your goals in visible places works!
Yes it is tough, but without a little toughness we all would be wimpy. I like to bring in food to work everyday and this is one way I build up will power, to help me save some dollars.
Willpower is important and I think that people also need to be prepared for those moments when willpower retreats. It happens. Carrying you written goal with you, carrying a picture of your goal or even calling a friend for some extra support and try to avoid situations that are going to tax all of your willpower. (the mall, the donut shop, etc.)
Very good ideas May, im going to carry a picture of 1 million dollars. This has been a great topic on how to control will power.