In this blog post, we will dive into some of the how's and why's of delaying gratification and why it plays a critical component in our budgeting journeys.
Do you have debt to payoff? It is so important to be able to delay gratification in aim of paying off debt. Take a moment to calculate how much interest you're currently paying on your debt / credit products each month and you will soon realize it can be hundreds of dollars going nowhere but interest payments. Delaying gratification in order to payoff debt helps to priotize our goals. In this case, delaying our wants helps us to prioritize becoming debt free which can give us a sense of control, achievement, and most of all, freedom.
Have you ever heard of the psychological marshmallow experiment? It was a test to see whether the children in the experiment could wait patiently and receive more marshmallows (if they waited) or get the one marshmallow offered now. This experiment was an important lesson in showing that by delaying gratification we can often achieve more than giving in to our wants immediately in the NOW.
We can delay gratitifacation by waiting 24 hours before making a purchase, or thinking about a purchase over a weekend. This will force us to reflect and think on whether we truly need something or simply WANT something. When we can learn how to decipher between our needs and wants, we win by saving money on things we don't need. What other tips do you have to delay gratification? What is your why in delaying gratification? I'd love to know! Signed, Filipina Budget Girl.