Self control is essential for achieving financial well being. However self control alone isn't enough there are many other factors we must manage to improve our financial management especially in today's uncertain economy.
It is not enough because even if you have the self control when your income is unstable, the economy will still hit you hardly. While it's one of the good reasons why people are successful today, adding it up with good financial knowledge makes someone even better.
Besides the cost of living is actually cheap it's your lifestyle that makes it expensive. Essentially when people feel undervalued, they will show off their existence to others. Therefore this requires not only self-control in spending but also in emotional self control.
I think that most of the cost of living has risen and that makes it expensive for most of the countries. While there are still areas and countries where cost of living is cheap but that also gives more spending power to those who are there which wants them to use more of their money to anything they wish to. And so, that's when self control gets in, to save that money instead of spending it to unimportant things.