I love writing about discipline, talking about discipline, studying the effects of discipline and living a disciplined life. I just like being disciplined for discipline’s sake. If you marry time and money management skills with discipline then you have opened the doors to developing your super powers.
In line with discipline, below are some of the things I do:
- I take public transport every day to work. No taxi. No Uber
- I spend very little money on clothes. When I buy clothes, I almost always buy it on discount
- I don’t smoke. I like living a healthy life
- My idea of fun isn’t hitting the bar every other day or week. I hardly drink and let me repeat, I like living a healthy life
- I keep a receipt of all the expenses and I track my spending every month on an excel sheet. Plenty of expense tracking apps available if you don’t like excel sheets
- I pay off my credit card in full every month. It is on auto pay. The points I earn on my spending is pure extra which gets converted to air miles or business class upgrades on transcontinental flights. Trust me, it is fun!
- For entertainment, I read. I like reading and if I put a return on investment, books definitely have the highest rate of return
- I live well below my means. I don’t know…that is just the way I have been all my life
- I don’t spend money on upgrading to a new phone every year. In fact, the phone and the bill I have had in the last six years have been covered by my company as part of my compensation
- I have used laptop for over ten years but I have never spent money on buying one. Simply put, it is not needed. We all spend enough time looking at screens every day. Let us all give ourselves a collective digital detox
I do whole bunch of other quirky things but that is not worth writing down.
Best part, you don’t have to do any of this to have enough money to travel or just pursue any other passion you may have. Let’s say you are a young adult (about 23 years of age) and have just started your career. You are probably not saving anything as earning for the first time could be a trigger for living pay check to pay check. Let me give you a simple but very powerful tip. It is all about creating a “new normal” that is right for you and sustaining it over a period of time. The powerful tip is:
1.5% rule: Open a bank account and transfer 1.5% of your monthly income into it. The amount is so small you will not even notice. Increase it to 3% and then to 4.5% and then to 6% on month two, three and four. By the time you hit the twelfth month, you will be saving 18% of your monthly income. Make 18% savings from your pay check your “new normal”.
Regardless of what happens, keep putting this 18% away month over month from your income. As the years go by, you will be amazed at the kind of things this 18% savings will enable you to accomplish.
This post is not about personal finance. This post is about discipline. Discipline is the super power for those who don’t have any super power which is all of us. Discipline is a muscle. If you keep working it, it will give you the super powers beyond your wildest imagination. Discipline is a force multiplier.
1.5% rule can be applied to any other facet of your life and not just money. Go on, try it!
Disclaimer: The opinions expressed in this blog are the author’s own and do not reflect the views of Paisabazaar.com. Paisabazaar.com does not assume any responsibility or liability for the same.