Today on the blog, I want to share the benefits of delayed gratification and how you can incorporate it into your everyday spending habits.
If you follow me on Instagram then you know that I recently reread The Wait by Devon Franklin and his wife Meagan Good. It’s a book on the benefits of delayed gratification and waiting for marriage to have sex. I know you’re probably wondering, “what does this have to do with my everyday spending?!”
We each should aim to have goals for what we want to do with our money, along with how we want to spend the money we make. These goals should help you make a plan or financial roadmap also known as your “budget”. When you practice waiting or delayed gratification you are learning to master the art of patience along with being a good steward of your money.
For instance, let’s say your goal is to build an emergency fund of $5,000 in 6 months. There will be certain things you have to forego in order to successfully meet your goal. My Pastor always tells me “Delay is not Denial”. Delaying what you want in order to meet a certain goal does not mean your desires are denied. You will still be able to have everything you want, but when you wait you will have your desires AND $5,000. Plus, who knows you may not even want what you want today six months from now.
PAPER VS PLASTIC
When you use plastic or credit cards to buy something you may not be able to afford, you aren’t practicing delayed gratification. You are satisfying a temporary want or pleasurable experience because you lack self-control when it comes to your spending. When you save your money and use paper or cash to buy something you’ve had your eye on; not only does it feel amazing to know that you can afford to pay for it in full but you’ve also exercised great self-control.
Having and using credit cards is not a bad thing. I think that if you understand credit and use it to your advantage it will work in your favor! I’ve written a guide to achieving and maintaining excellent credit. Click here to subscribe to my bi-weekly newsletter. You will receive a copy of the guide and tips twice a month that will help you stay on track throughout your financial journey.
