There’s a joke that goes something like this – “If at first you don’t succeed file for bankruptcy and transfer all your assets into your spouses name.” Brought a smile to my face but lets face it bankruptcy is no smiling matter. Many of us live perilously close to bankruptcy but have become conditioned to living beyond our means and often borrow to make up the difference.

More and more of us are reliant on credit to supplement our income however, relying on credit does lead to stress and a debt problem which can be hard to deal with. When things get tough financially there are two things we want the tough times to go away and the tough times to never return. There is an unlimited amount of information available about becoming financially secure, out of debt, well-diversified, and on the way to an enjoyable retirement; which begs the question “why are so many people struggling financially”?

Often when people talk about the discipline required to get their finances under control they think of the word “punishment”. I believe that the word discipline comes from the word disciple which means to teach and teaching people how to budget is an important part of financial discipline. Teaching people how to take control of their finances via personal budgeting helps them to achieve financial independence which in turn can make their lives less stressful.