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Financial Discipline – How do you stay on track?

Financial discipline sounds easy, but so does dieting and working out.

You set a goal and decide that this is how you’re going to do things from now on. And you have expectations on what your goal looks like. Whether it’s losing x number of pounds in x number of weeks, or paying off this debt and then that debt and so on.

Sample Retirement Growth chart from Financial Empowerment Program personalized analysis.

It’s difficult to stay on the path though. And there are always obstacles in your way. If you’re dieting, there’s a party or an event to go to where the menu isn’t diet friendly. If you’re on a new regimen to work out, it may get pushed aside by over time, family events, or other obligations that pop up or take longer than expected. And if you’re working on financial discipline and paying off your debts, there are always new costs that come along you weren’t planning on or you find you’re having trouble finding the time to strategize, monitor, and work on your plan.

Financial discipline has traditionally been difficult for many people, you might even say most of us if you look at the amount of debt we have built up as a nation. Part of the problem may lie in the fact that many don’t really understand the importance and difficulty involved.

Financial Discipline – Important? Yes. Difficult? Oh Yes.

The importance becomes more and more clear as you look at the true picture of what your debt costs you both today and in your future, when you’ll likely need more than you have put away. Unfortunately, the majority will not understand how important it was to address their debt and build their future until they hit retirement and face the music. Then the cost of living vs. the amount of savings and income they have will make things much more clear to them.

There are a number of difficulties that stand in your way when it come to financial discipline. For starters, most of us were not raised by natural born bean counters, and didn’t get much of an education on money while in school.

We rarely get to see an entire picture of our debt and what it will really cost us. Most people look at the balances on their statements and figure they know how much they owe. But they don’t take the interest or number of payments it will take to pay it off into account. So they go about their lives not knowing what their debt really looks like. They just see the tip of the iceberg that shows up above water, and not the majority of the debt that is hiding from them.

Another difficulty that stands in your way is not looking at your debt as part of your retirement plan. What I mean by that is the money that you spend on debt, and the interest that you pay on it, is taking away from the money that you could be putting away to grow for retirement. A recent statistic I looked at showed a poll where over 50% of the people polled had less than $25,000 put away for retirement. These are people that are well into their careers and don’t have a lot of time left before retirement. Many will have to continue to work in their “retirement” years.

So doesn’t it make sense to spend more money on your future than on your credit card bills? Sure it does, but most people don’t have a picture of where they are with their debt, and where they are in future retirement needs vs. current investment growth and balances. They simply don’t know what they’ll need and how to get it. So they continue to spend and try to watch it and don’t take their future seriously enough today when they need to.

Figuring out where you are.

One of our goals is to provide people with our free online debt analysis so they can see how much their debt is really going to cost them based on how they’re paying it back today, and to see how it can affect their retirement savings. You can get your own no cost no obligation analysis by clicking on the link at the top right of this page. It’s a real eye opener for many and it can change your spending habits just knowing what your numbers really look like.

Financial discipline is critical to saving the most money on your debt and getting you on track to building the retirement you want and deserve. We’ve been helping clients succeed on that path since 1997. We offer a low cost service that ensures the financial discipline is in place and the work is done for you to beat your debt and get on track to a debt free future. And unlike other programs we do it without hurting your credit.

Just going off track a couple of months could more than pay for our service and most people go off track far more than that. Financial discipline is a lot like dieting. You often do really well at first and then it becomes more sporadic and then you find yourself going for longer periods of time without doing what you were so anxious to get started on in the beginning. But it’s human nature and so common we all joke about things like staying on a diet and going to the gym.

This is how important it is to have Financial Discipline working for you. If you, like most people, are not as disciplined as you would like to be, you can leverage financial discipline from another source (like the Financial Empowerment Program) to do the work for you.

Finding yourself in retirement with just enough income to survive or having to continue to work is no joke though. Your debts are directly impacting your future and your life today in many ways. Some of them you may not even realize.

We have a complimentary ebook for you that will help you see some of the ways that your debt today is affecting your life and your future. And you owe it to yourself to take a few minutes and read through it. Often just learning something new will help you see something that’s been there all along and you’ll start making better decisions that will save you money and improve your financial discipline. Take advantage of the free ebook and invest a few minutes in something that could dramatically improve your financial situation.

Fill in the form below and get your free copy of “Why You Have to Get Out of Debt” today.

Your friends at Money Plan Online.

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