Using self-discipline to change your money habits will not work as well as another approach.

There is growing evidence that playing to our strengths leads to greater success and happiness than trying to compensate for our weaknesses.

You may recall that last weekend’s post underscored the need for the rational part of our brain and our instinctual side to work well together, if we want to achieve long term success in changing our money habits. Another way of saying it is: don’t over-rely on your rational side (“I can’t afford this”) to constantly whip your instinctual side (“but I want it”) into submission. Why? Because sooner or later your instinctual side will rebel and your rational side will fatigue and out will come your credit card.

The strategy of using will power is also weakness-based. It focusses attention on the undesirable behaviour. An unintended consequence can also be a hit on our self esteem: I’m someone who can’t resist a sale or I am someone who can’t say no to anyone.

Are you ready to get hardcore with me?

Here’s an alternative approach. Clearly define your strengths (with the help of others – more on that shortly), root yourself deeply into a composite of your strengths, and bring them to play vis a vis your money habits.

On Saturday, I’ll provide an exercise to help you do just that.

Are you ready to change your habits with money?

Habit change over the long term is achievable! But it takes some know-how.
During the month of January my Wednesday and Weekend posts will provide advice and approaches which will increase the odds of your success. So pop by regularly!

Between now and this weekend, ask yourself What do you want to change about the way you handle your money?

• curb impulse spending?
• stick to a budget?
• get out of debt?

C’mon, say it with me now:

If at first you don’t succeed,

↓

↓

↓

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

That’s right. We’re talking about the virtue of persistence.

Here’s a question I frequently ask money coaching clients:

What one money-managing habit, if done consistently over years including times when things derail, would ultimately improve your financial life in a powerful way?

There is no right answer here.
Take a moment to think about it.
What is it for you?