5 Tips to Help You Practice Delayed Gratification

Just in case you missed it, we discussed delayed gratification in our podcast episode earlier this week.

Unfortunately our culture is obsessed with instant gratification and it hasn’t done us any financial favors.

For example, we want fast food, fast cars, and free 2 day shipping for everything we order online. We are willing to pay more for these things, especially the free 2 day shipping (as evidenced by the creation of the Amazon Prime program).

We’ve also trained children to want instant gratification from the time they are born. It’s rare to see parents telling their kids “no” when they want something these days.

In fact, there was an entire study dedicated to the psychology behind delayed gratification. It’s called the “Stanford Marshmallow Test” and it’s actually pretty interesting to read about if you’ve got the time (or you can listen to the podcast where we discuss the summary and our love for marshmallows). 🙂

Instant gratification has only been further encouraged by the use of credit cards because many people see credit cards as “free money” or as a way to buy something now and pay for it later.

Luckily, you can learn delayed gratification. Here are 5 tips to help you get started practicing delayed gratification.

5 tips to help you practice delayed gratification

Know Your Values

This is something all of us on the Financial Conversation team are big believers in. We’ve said it before, knowing your values will help you direct how you spend your money. When you know what is important to you, no matter what it is, you will be able to make choices that lead you to happiness and financial success.

Have a Plan or Budget

There is a time and place for spontenaiety, but that place is not in your finances. You need to have a financial plan, or budget, to help you reach your financial goals whatever they may be. When you have a plan for your money it’s easier to resist the urge to buy things you haven’t planned on or don’t need.

Make a List

If you know you are going to be tempted to spend money on things you don’t necessarily need, it helps to make a list before you approach your temptation. For example, if you are tempted to spend money on clothes and shoes you don’t really need, make a specific list of what you are shopping for before you go to the mall. Sticking to your specific, written list will help you avoid spending money on instant gratification purchases.

Prioritize

Another way to practice delayed gratification is to prioritize the things you want. Some of us on the Financial Conversation team advocate for “sleeping on it” before deciding to buy something that we don’t necessarily need but really want. Others have even made a written list of things they want only to find out later that their priorities have changed.

Reward Yourself

When you successfully practice delayed gratification by avoiding spending money on splurge purchases, its ok to reward yourself. It can be difficult to deny yourself all gratification, therefore having small rewards in place from time to time can help you stay motivated to avoid splurging the majority of the time.

Delayed gratification is a skill that can be learned over time. In fact, it will get easier as you practice exercising your will power more often by avoiding splurges.

Check Out the Bloopers from Episode 4!

FCP004 – How to Practice Delayed Gratification

Hello, and Welcome Back to Another Episode of the Financial Conversation Podcast!

We’re so glad you decided to join us! On this episode, we’re talking about how to practice delayed gratification amidst of all the YOLOs, FOMOs, and general, “It’s my money and I want it now!”-ness.

We live in a culture that’s obsessed with instant gratification. Credit cards give us easy access to things we otherwise can’t afford. How can we fight against it?

Want to learn how to practice delayed gratification so you can stop those bad spending habits? We share our strategies on this episode of the podcast.

Delayed gratification can be the answer, and we’re sharing how in this episode.

Tune in to learn:

  • When we believe people should start practicing delayed gratification, when we did, and if we would do anything differently
  • How credit cards have perpetuated instant gratification and what we can do about it
  • Strategies you can use to help you stop purchasing on impulse (and what has helped us!)
  • If and when we think it’s okay to give into instant gratification (hint: if there’s chocolate, coffee, or wine involved…)
  • How millennials struggle to switch their mindset around from instant to delayed gratification, and how they can do so successfully

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