Don't tell me where your priorities are.

Show me where you spend your money and I'll tell you what they are.


-James W. Frick





Plan YOUR work! Work YOUR Plan!

Wednesday, September 28, 2011

Ways to Delay Gratification

Instant gratification. Our society is based on it. We want what we want and we want it NOW. The problem with wanting what we want NOW is that we often don't think the decision through or give it enough thought. When it comes to your finances, instant gratification is one of the biggest enemies to our finances.

Whats wrong with instant gratification? Besides what I just mentioned, instant gratification confuses our wants and our needs. Instant gratification tricks us into thinking we need that new tv, when we have a perfectly good tv at home.

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One method I use to stop instant gratification from taking over my spending is to have a 24 hour rule for any purchase over $100. I usually take a lot longer than that to buy things that are more than $100, but the idea is to think do I really need this right NOW or can I take some time and do some research, maybe shop around find the item cheaper. Or even realize that I really don't need the item, I want it.

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Here are some tips to help you delay instant gratification:

1. Have a clear vision of yourself in the future. It’s much easier to want to take care of future you if you have a picture in your head of what you’ll be doing in 5, 10, 15 years and beyond as well as a firm plan for getting there.

Knowing what you want and how you’ll get it makes the reasons for resisting temptation seem much more clear and real than having just vague ideas.

2. Find ways to distract yourself. It’s much easier to resist temptation after we’ve forgotten all about it! Instead of dwelling on what you can’t have right now, throw yourself into doing other activities that you enjoy.

Fill your life with lots of activity and good friends and you’ll find that you won’t dwell so much on buying things or trying to fill time by spending money.

3. Don’t test your will-power to the point of exhaustion. Depriving yourself too much can make it more difficult for you to stay on track in the future. Just like an overly stringent diet can lead to binge eating, an unrealistically strict budget can lead to uncontrolled splurges.

Plan a bit of fun money into your budget so that you can let loose every now and then without putting your bank account in jeopardy.

4. Make spending money as cumbersome as possible. The problem with paying with plastic for many of us is that it just doesn’t seem real enough. Paying with cash can make you think twice and reconsider how much of a need this purchase is.

Try putting all of the money you’ve ear-marked into savings into a separate account as soon as you’re paid. Make sure that it’s just difficult enough to get the funds out so that you won’t be tempted to sneak a bit “just this once” to pay for impulse purchases.

5. Keep yourself accountable by tracking all of your spending. Knowing that you have to write it down can sometimes be enough to make you stop and reconsider. Even better, find a friend or family member that will go over your books with you and make you “justify” your expenses.

6. Give yourself visual reminders of your goals and priorities to keep them at the front of your mind at all times. Whenever you’re tempted to choose immediate gratification over long term goals, think about these reminders and ask yourself if this momentary pleasure is worth delaying your dreams.

7. Avoid all or nothing thinking. For some of us, all it takes is one little slip-up to fall completely off the wagon. Just because you went slightly off budget, you don’t have an excuse to completely bust it. It’s still worth it to stay on track, even if you took a slight detour. Don’t try to talk yourself into thinking otherwise.

8. Make a list of your most common rationalizations and then come up with a counterpoint to each of them. For example, if you’re prone to saying “It’s just five dollars”, remind yourself that five dollars a day adds up to over $1,500 in a year. Or if you’re always promising yourself to do better starting next payday, ask why put off what you can easily start today?

9. Remember that whatever discomfort you feel will soon pass. Do you remember the mild feeling of hungriness you experienced last July 15th when you put off having a snack until you got home? Do you mourn the shirt you put back on the rack, say the time you shopped on May 30th, 2009? Of course not. Tell yourself that if your desire turns out not to be transient, you can always buy it later.

10. Enjoy how much your self-control is paying off but be careful not to use your past success as an excuse to slack off. Look at delayed gratification as a route to leading a more mindful, less materialistic life so that it’s easier to stick with your good habits instead of seeing them as a short term solution.

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Remember, that item you think you need right NOW might be the difference between what you getting what really need one day....

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