Delaying gratification is the ability to control yourself from impulsive buying or on spending on something you don’t really need. It is the attitude where you humbly say “NO” to the things you don’t really need for now and prioritize other essential things. You prioritize needs over wants.
In your financial freedom journey, it is easy to be carried out and get lost if you allow the “material world” dictate, influence and control your journey. Cool gadgets, fancy shoes, top of the line clothes, luxury vacations, and others are always there waiting for you to get tempted. Don’t get me wrong. If you can afford them and/or they are making you earn more, why not? You and only you can justify your reasoning.
Delaying gratification can help you achieve financial freedom. And if you’re really committed, it won’t take you a long time. As mentioned, it is the ability to control yourself and says “NO” for things that only bring short-term happiness in order to achieve long-term and sustainable happiness you desired in the future. Be it a material or financial or other things.
By having the right mindset and attitude, you should learn how to “say NO” to the trends in the society and remain focused on your goal.
If you allowed “external forces” to control your life, you may end up like most of the people wondering why they were not able to save and prepare for their future. Why they didn’t invest when they were young. Why they didn’t listen. Why, why and a lot of whys.
10, 20 or 30 years from now you may regret that those 13th-month pays you spent on gadgets if invested properly could give you millions of pesos to fund your retirement years. Do you want that to happen? I hope not.
Don’t feel sorry if you don’t have the latest gadgets, clothes, shoes and other “material things” right now. If you’re working on something better for your future, you should focus on that goal and let others live their life. Learn the habit of “delaying gratification” and continue working hard.
It makes me smile to see friends and other people on social media sharing and showing their “hottest gadgets” but don’t have any savings at all. Eating at exclusive restaurants and staying in luxury hotels but don’t have an emergency fund. Spending left and right on drinks and parties while having huge credit card debt. When you give them advice, they’ll just laugh at you. You know someone too? Sad to know the truth. They are even proud of it. Well, it’s their life. Let’s just smile.
Again if you can afford it, it’s good. If it’s bringing you more income, it’s good. If it’s bringing more value to your life, it’s good. You tell.
Delaying Gratification while enjoying life
Delaying gratification doesn’t necessarily mean depriving yourself. You need to enjoy life too. But how can you do that while saving for something better? How can you manage to enjoy life while working hard on your dreams?
While working on your financial goals, you’re setting aside something for yourself. For leisure and entertainment. To enjoy and relax. To unwind. This will need a lot of discipline and commitment but will surely help you enjoy what you have while working for what you want.
I don’t mean spending on gadgets but with things that will truly give value to your life and your family. Things that are really needed. The things that truly matter. And since it’s included in your budget and you “wisely” plan them – you don’t feel guilty. Again, you justify.
This way, you’re getting closer to your goals while enjoying your journey. Gotcha?
So the next time you’re spending on something, ask yourself – “do I really need it?“. Remember that needs should always be prioritized over wants. If you don’t need it, don’t get it!
I hope this has been informative. Cheers!