In reference to Ramazan, the Hadith mentions two words: sabr and muwasat. Ramazan is a month of patience and a month of compassion. 
What is the meaning of sabr? Sabr means patience, tolerance and forbearance. 

What is the meaning of being patient? In this world, 50% of our life is dependent on being patient. Every moment we have to adhere to patience. This world is a world of test. We are being put to the test here. Since we are being tested, we would naturally experience situations which put us to the test. For example, God has granted freedom to everyone so that someone may provoke us, abuse us or make us angry. If people do not provoke you, how will you be tested? God has given freedom to people -- they have the freedom to provoke others. This implies that in spite of provocation, we must not become angry. This is the meaning of patience, and Ramazan is meant to inculcate patience in us. Similarly, we have many temptations within, such as greed, revenge, selfishness, jealousy and pride. With respect to these temptations, we have to hold ourselves back. We have to restrain ourselves and keep ourselves in discipline. This is patience.

What will happen if we lack the quality of patience?
We will continually become involved in something or the other which displeases God, for example, we might take revenge when provoked. We may run after the material world due to our greed. We may feel jealous if we see another's success. If God gives you a lot, you may develop arrogance. If God gives to others, you may feel jealous thinking that someone else has risen to greater heights compared to you. You would want to put him down. For all this, we require patience. Patience means to have control over one's temptations, negative thoughts and provocations. Patience means to lead a disciplined life, or a life of self-control. Patience is another name for self-control and self-discipline. Fasting teaches us patience. 
How? When we feel hungry or thirsty, we remain patient. If we do not remain patient, we may drink water or even have food. This is symbolic patience. 
In Ramazan, we are taught to be patient over certain things so that we can be patient over other things in life. A month of patience means a month of self-control and self-discipline.