Saving Money: Tips on How to Delay Gratification

Let me tell you about this weekend I had with my friend! We always have a amazing time when we meet up, and this time we decided to do a little shopping. You know how it is! I had a few things in mind that I wanted to buy.

So, one shop we went to was H&M Home. It is new in the area, so we had never been there before. Let me tell you, the shelves were filled with the most beautiful things! I was tempted to pick up everything that caught my eye, even though these items were not on my list. But then I had a moment of clarity. I reminded myself that buying it would distract me from getting the items I actually needed. I realised that I was only considering it because it looked nice and was right there in front of me. But you know what? There are other things I’d prefer, and if I just have a little patience, I can find them elsewhere.

So, I made the decision to put it back on the shelf and walked away without making any purchases. As I left the shop, I couldn’t help but think about how much I’ve changed. In the past, I would have just bought everything I liked without a second thought.

Here’s a great example of delayed gratification! Over the years, I’ve gotten pretty good at resisting the urge to make unnecessary impulse buys. It’s made a huge difference in my life – no more clutter, no more regret, and I’ve saved a ton of money. Waiting for things in our fast-paced modern world can be challenging, but I have dedicated effort to develop self-control and patience when it comes to spending, and I’d love to share some tips on how you can do the same and save some money.

What is delayed gratification?

Delayed gratification refers to the ability to resist immediate rewards or instant gratification in favour of long-term goals or benefits. It involves exercising self-control, patience, and the ability to prioritise delayed rewards over immediate desires. By practicing delayed gratification, we can make more informed decisions, avoid impulsive behaviours, and work towards achieving our long-term aspirations. It is a valuable skill that can contribute to personal growth, financial discipline, and overall success in various aspects of life.

There are abundant opportunities all around us these days, making it impossible to have everything we desire in life. Even with ten lifetimes, it would be difficult to achieve all that we aspire to. With that being said, it is important to prioritise what our most desired goals are.

How does delayed gratification relate to saving money?

Here are some ways in which delayed gratification is related to saving money:

• Financial discipline: By delaying gratification, individuals develop better discipline in managing their finances and prioritise long-term goals over impulsive spending.
• Achieving long-term goals: Resisting immediate rewards allows individuals to focus on working towards aspirations like saving for a dream house, starting a business, or investing in education.
• Building resilience and self-control: Practicing delayed gratification helps build resilience and self-control, empowering individuals to resist temptations, make informed decisions, and persevere through challenges.
• Appreciating what you have: Delayed gratification fosters a greater appreciation for what one already has. Being intentional with spending and avoiding impulsive purchases helps individuals value the things that truly matter and make choices aligned with their values.

It is important to remember that delayed gratification is about finding a balance between enjoying the present and making choices that align with long-term goals. It is a skill that brings both financial and personal fulfilment. So, I hope I have convinced you of how important it is to practice delayed gratification. Now, let’s get to the tips.

Tips for How to Delay Gratification

Here are some tips to help you delay gratification and save money:

1. Remove alerts: Disable notifications for deals and discounts that may tempt you to make impulsive purchases. By reducing exposure to sales, you can reduce the urge to buy unnecessary items.
2. Avoid browsing: Avoid aimlessly browsing online shops or visiting shopping centres, as this can lead to discovering new items you didn’t know existed. This can trigger impulsive desires and temptations to make unnecessary purchases.
3. Disable one-click buy: Remove the option for one-click purchases to add a layer of resistance to impulsive buying. This allows you to think twice before making a purchase and helps curb impulsive spending.
4. Create a wishlist: Instead of buying items immediately, add them to a wishlist and give yourself time to consider if you really need them. Regularly review the wishlist and prioritise based on your budget and goals. You can also add a visual representation of what you’re saving for to a notice board, screensaver, or another visible location.
5. Set savings goals: Create specific savings goals and allocate a portion of your income towards them. By focusing on the end goal, you can delay gratification and prioritise saving for future financial security.
6. Reward milestones: Establish milestones for your savings goals and reward yourself when you achieve them. This allows you to enjoy the satisfaction of reaching milestones while maintaining a disciplined approach to saving.
7. Wait to purchase: When you feel the urge to buy something, give yourself a waiting period. This can help determine if the desire to purchase is impulsive or if it’s something you truly need or want.
8. Have a budget: Create and adhere to a budget. Knowing how much you can afford to spend on non-essential items can help you make informed decisions and delay gratification.
9. Use cash: Paying with cash can help you visualise the money leaving your wallet, making it easier to delay gratification. It always feels very different to me to spend physical cash than purchasing something on a card.
10. Practice mindful spending: Before making a purchase, take a moment to consider if it aligns with your values and long-term goals. By being mindful about your spending habits, you can make intentional choices that support delayed gratification.
11. Evaluate the full price: Before making a purchase, ask yourself if you would still buy it at full price. This helps determine if the item is truly worth the cost and aligns with your long-term financial goals.
12. Avoid buying upsells: Upsells are low-priced items placed close to the buying area with the intention of increasing sales. Take a moment to consider if you really want them before making a purchase.

These are some things I have implemented in my own life that have greatly helped me save money, reduce clutter, and work more closely towards achieving my goals. I hope they will also help you.

Practicing delayed gratification can have numerous benefits in various aspects of life, including saving money, personal growth, and achieving goals. By resisting the temptation of immediate rewards, we can develop important qualities such as financial discipline, resilience, self-control, and a greater sense of appreciation for what we already have. Implementing helpful strategies like removing distractions, creating a wishlist, and practicing mindful spending can significantly enhance our ability to delay gratification and make well-informed decisions. It’s important to celebrate small successes and acknowledge progress along the way, as this can greatly contribute to our improvement in delaying gratification. Remember to find a balance and enjoy the present while still prioritising long-term financial well-being.

Let me know in the comments any tips you use to delay gratification in order to save money 🤍