Let’s get real. Our society is all about instant gratification. We can order anything we desire online and it will be delivered within 24 hours. Although this is a convenient way to do things, it does not promote good budgeting or money management skills.

I don’t deny that I do take advantage of the conveniences we have today. However, I only use it when absolutely necessary. Otherwise, I practice delayed gratification.

Delayed gratification is the ability to say “no” to current wants so you can say “yes” to your future goals and desires. It’s the willingness to exercise self-restraint toward the things you don’t want in order to achieve your future goals.

Here are 6 ways that delayed gratification can help you improve your financial situation. Also, be sure to check out the CGS Podcast Episode How Practicing Delayed Gratification Sets You Up for Financial Success for more insight!

6 Ways Delayed Gratification Helps Level Up Your Money

#1 Delayed gratification keeps more money in your account

Because delayed gratification requires you to say “no” more than you say “yes” when it comes to your spending, it automatically helps you keep more money in your bank account. Indirectly or directly. Directly if you spend money by using your credit card. Indirectly, if you swipe your credit card. You can keep your net worth higher by not using any credit card.

Higher net worth will help you reach new financial heights. Over time, you’ll be motivated to watch your accounts continue to grow, so it’ll get much easier to say no to spending.

#2 Delayed gratification helps you practice restraint

Another way delayed gratification helps you level up your money is by forcing you to practice restraint. Delaying gratification can help you stop being a “yes boy” and force you to say no. It can be difficult to practice restraint, especially if it’s something you have never done before. You can learn to control your impulses and stop spending money. You can stop spending money in a rut with delayed gratification. This means that you are able to think through each purchase and decide whether or not it’s in your best interests.

By default this forces you to focus on the things that really matter in your life. Your goals and values are the basis for your decisions. You will eventually experience delayed gratification when you have a lot of money. Self-control is a welcomed side effect of practicing restraint. You’re practicing restraint when you practice delayed gratification. When you’re able to restrain yourself from spending money you shouldn’t, you now become in control of the situation.

Most people think they’re in control when they’re spending money, even if it’s money that shouldn’t be spent. However, this is not control. It’s a lack thereof. You can only control your spending habits by being okay with not spending it. For a moment, think about this. Controlling your spending is impossible. Spending money is not control. The only exception being when you’re

intentional with your spending

– meaning you’ve thought it through accordingly.

#5 Delayed gratification gets you closer to your goals

This is probably obvious to you but hear me out anyways. You can spend less money on unnecessary things and you will be closer to achieving your goals. You will achieve your goals quicker if you delay gratification. This means you have to say no to spending that isn’t in line with them. Delay gratification is a way to motivate yourself to achieve your goals faster.

#6 A better relationship with your money All of the above requires you to change your thinking, behavior and goals. These shifts will help you to respect the money that you have. Respecting your money is important. You don’t want to send it where it shouldn’t be. You don’t want to disrespect your values and yourself. It is considered disrespectful to spend money that doesn’t align with your values. Delayed gratification helps you build that respect towards your money and your personal goals and values.

Related: 8 Ways to Set Yourself Up for Financial Success

Delayed gratification isn’t always the most fun thing to practice, but the benefits are worth the effort! You can practice delayed gratification by thinking about each purchase. Do you practice delayed gratitude? What helps you stay consistent with it?

Drop a comment below to share!

-Raya

The CGS Team

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