How Delaying Gratification Can Help You Achieve Your Money Goals
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By Sarah Carlson, CFP®, CLU®, ChFC® |
Delayed gratification is the ability to resist the temptation of an immediate reward in favor of a later reward. This can be applied to your money goals by choosing to save or invest your money instead of spending it on unnecessary things.
There are many benefits to delayed gratification, including reaching your financial goals sooner and having more money available for unexpected expenses. However, delayed gratification can be difficult to practice, especially if you are used to spending your money as soon as you get it.
If you are trying to reach a financial goal, such as saving for a down payment on a house or investing for retirement, consider using the power of delayed gratification to help you reach your goal faster. Here are a few ways how it can help you achieve your money goals.
The Benefits of Delayed Gratification
The ability to delay gratification is that it allows you to focus on your goals. When you are not constantly being pulled away by short-term temptations, you can invest more time and energy into achieving your long-term objectives.
Another benefit of delayed gratification is that it can help improve your self-discipline. Practicing delayed gratification requires you to control your impulses. This can be a valuable skill to have in other areas of your life as well.
Research has shown that those who practice delayed gratification tend to be happier and more satisfied with their lives overall. So if you're looking to improve your lifestyle, the ability to delay gratification is a key predictor of success.
How Delaying Gratification Can Help You Achieve Your Money Goals
Making smart financial decisions requires a lot of self-control. It can be difficult to resist the urge to spend money on immediate gratification. However, those who are able to delay gratification are more likely to achieve their long-term financial goals.
When you're able to stick to a budget and resist the urge to splurge, you'll have more money available to save and invest. This will help you reach your financial goals quicker.
In addition, delaying gratification can help you avoid debt. By avoiding impulse purchases, you'll be less likely to put yourself in a position where you need to rely on credit in order to make ends meet. So next time you're feeling the urge to spend, take a moment to consider your long-term goals. It's worth it to wait for what you really want.
Tips for Practicing Delayed Gratification
When the urge for immediate gratification strikes, having a plan can make all the difference. Have a go-to list of activities or distractions that you can turn to when the urge to give in is strong. Here are a few tips for practicing delayed gratification:
- Set realistic goals. It's important to have something to strive for when you're delaying gratification. Otherwise, it will be all too easy to give in to temptation. Make sure that your goals are realistic and attainable, so that you can stay motivated throughout the process.
- Take baby steps. Trying to accomplish too much at once is a recipe for disaster. When you're first learning to delay gratification, start small and work your way up gradually. Tackle one impulse at a time and then move on to the next challenge.
- Be prepared for setbacks. No one is perfect, and there will inevitably be times when you cave. Don't beat yourself up over it—just pick yourself up and keep going. Remember, the goal is to make progress, not to be perfect.
- Believe in yourself. Delaying gratification requires a lot of self-control, but it's important to believe in yourself and your ability of resistance. When you catch yourself doubting your resolve, take a deep breath and remind yourself that you can do it!
- Find support from others. It can be helpful to have someone else who is also working on delaying gratification. This could be a friend, family member, or even an online community of like-minded individuals. Having someone to turn to for support and motivation can make all the difference when it comes to achieving your goals.
Conclusion
As a Spokane Financial Advisor, I've seen how delaying gratification can be a helpful tool for achieving your money goals. It can help you save money and develop better money management skills.
Remember that delayed gratification is a skill that takes time and practice to master. However, the rewards of achieving your goals are well worth the effort.
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Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
All investing involves risk including loss of principal. No strategy assures success or protects against loss.
