3 Forms of Patience That Can Help Improve Your Financial Life

Jan 22, 2020Lifestyle

There’s all sorts of advice and information out there about the best ways to safeguard your financial life, and to ensure that you stay on the right track.

Usually, the advice will be focused on things like the best ways to invest your money, or the best sort of budgeting tool or system to utilise. Almost always, the emphasis will be on staying “active” in the right ways.

But, as it so happens, sometimes the best thing you can do to help improve your financial life is, essentially, just to remain patient.

Here are just a few forms of patience that can help improve your financial life.

The patience to spend time comparing and contrasting alternatives, before making a purchase

The people who do the best in their financial lives are virtually always the kinds of people who will take the time comparing and contrasting all the available alternatives, before committing to making any serious purchase at all.

For example, rather than jumping for the first contractor who can help to build a new home for them, they will compile an exhaustive spreadsheet of the best home construction companies, and then cross-reference them before selecting the right candidate for the job.

For some people, this level of conscientiousness comes naturally. For a large number of us, though, it can feel mind numbing at first to spend that kind of time diligently weighing up all the different available options.

One type of “patience” that you can count on helping your financial life, though, is the patience that is involved in doing your due diligence before spending money.

The patience to wait until the initial impulse to buy has passed

Many products on the market – and many ad campaigns, too – rely on being able to hook you emotionally, to the point where you will be roped into an on-the-spot impulse purchase before you even know what’s happened to you.

The patience to wait until the initial impulse to buy has passed, therefore, can be an excellent way of keeping yourself from being financially manipulated.

Generally, if you can wait even just a few days before committing to a purchase, your rational mind will have had a decent opportunity to have its say, and it won’t just be your reptile brain doing the talking.

The patience to stick with a plan of action until you’ve had time to gauge its effectiveness

Even the best budgeting system is unlikely to do you much good, if you only use it for a couple of days before hopping over to something else, or giving up altogether.

Financial well-being has quite a lot to do with having enough patience to stick with a plan of action, consistently and reliably, until you’ve at least had enough time to gauge its effectiveness.

Certainly, if you’re planning to save for any big expense in the future, you’ll need to have the ability to put that money aside without over-committing in other areas, and without succumbing to the temptation to withdraw from that fund for frivolous reasons.

Best,

[a contributed post]

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