Most psychologists and economists agree that the ability of an individual to delay gratification is their ultimate key to personal finance success. Lacking the discipline to restrain oneself from spending all their gross income places an individual in a situation where they can never save money and have no financial future. According to Sadler (2017) for one to gain financial success it is advisable to take the investments and retirement tune-up action.
Reconsidering one's investments as well as finding a better bank with better saving account interest rates are steps towards success. I will change my personal finance habit especially the spending pattern where I consume 100% or more of my income and in most cases being left in debts. The ultimate way to saving money is making it automatic; therefore the resolution is to least start with saving one percent of my gross income directly to a savings account (Brian Tracy International). The plan is to put the money into a savings account where one cannot touch it for any reason, more like a wealth account. In a saving account, one will not get the temptation of spending the money and even when one absolutely needs the money, there is no easy access to it.
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This tune-up will help me save money, achieve financial independence within the preceding future and also get me out of debt (Duchin, Gilbert, Harford, and Hrdlicka, 2017). My financial accumulation account will grow over the years and with time I will receive little-unexpected drabs of money into this account. The account will grow exponentially because of the accumulated money and interests.
Lastly, the attitude towards oneself and money management change as one feels stronger and more confident knowing that there are a few dollars in the bank. On money management, one adheres to a budget more closely and there are no temptations of unnecessary expenditures.
References
Brian Tracy International. Personal Finance: 4 ways to save money and improve your money management skills. Retrieved from https://www.briantracy.com/blog/financial-success/personal-finance-money-management-tips-save-money/
Duchin, R., Gilbert, T., Harford, J., & Hrdlicka, C. (2017). Precautionary savings with risky assets: When cash is not cash. The Journal of Finance , 72 (2), 793-852.
Sadler, A. T. (2017). 40 things you can do today to take control of your financial life. Retrieved from https://clark.com/personal-finance-credit/easy-ways-to-improve-your-finances-today/
