Friday, 16 October 2015
BOOSTING YOUR FINANCIAL SITUATION
Most of us were taught the merits of delayed gratification in preschool and Kindergarten.
We’re taught that you need to earn the things you want through hard work, patience, and attention to detail. Good things come to those who wait, so wait your turn, and you’ll reap the rewards, etc.
Instead of waiting for the next pay check to cover the cost of something I wanted or needed, I would pay for or borrow money to purchase the item in question with, thinking that I would just pay off at the end of the month.
Then life would happen, and unexpected bills would arrive. Because of life experiences happening that we had no control over, the long term I found myself seriously hurting for money.
I have learned from my mistakes and now realize just how much delayed gratification could have protected my finances. So that you can learn from my mistakes, here are three reasons that practicing delayed gratification truly boosts your financial situation.
1) You will save money
Delayed gratification really can save you money. By deciding to hold off on a purchase, you can take advantage of better deals that could pop up on the same item down the road. Also, by saving the whole amount for an item, then finding a great deal, you can save the difference. Put the difference between how much you expected to pay and what you actually ended up paying into a savings account. Do this for every purchase possible and just watch your savings grow. You will also save money by simply deciding not to spend it.
2) You will have fewer financial regrets
Delayed gratification means no more impulse buying. Although impulse buying can be beneficial at times, it’s a practice that usually causes either debt, buyer’s remorse, or sometimes both. Delayed gratification forces you to seriously question each purchase, and you’re more likely to spend a considerable bit of time on all financial decisions. Jumping into a project by taking on a loan, buying a new car too soon, or needless purchases can really harm your finances in the long term. Simply delaying on an expense can really help your finances in the long term.
3)Slow down and enjoy the delay
It’s funny how a delay, something that typically holds you back from achieving your desired goals, is the very thing that will help you achieve your financial goals. Delayed gratification helps you to save money, make wise financial decisions, protect your credit score, and prevents regret. Something as simple as holding off a bit on bigger purchases, exploring your options, or waiting for a better opportunity to come along will help you make the most of your money and boost your financial situation.