by Natalia Jones

Created on: September 13, 2009   Last Updated: September 14, 2009

You may not think that the concept of delayed gratification plays a huge role in your financial stability but the truth is that almost every decision is touched by this principle. In most instances we are faced with a choice of either having something now or putting it off for a later date. It can be as simple as deciding to charge an impulse purchase on your credit card rather than wait until pay day to make sure you can really afford it, or as complex as the decision to enter into a 30 year 100% financing mortgage because you simply must buy a house now.

Believe it or not our tendency towards either instant or delayed gratification is a product of practiced reactions that may have started in childhood. An experiment was actually done in the sixties to provide a basis for this theory. A group of children were subjected to what is now known as the Marshmallow Experiment. The child was placed in a room with a single marshmallow and told that they could either eat the marshmallow now, or wait for fifteen minutes without eating it and then get two marshmallows. The study was interesting because it followed the lives of the children for almost two decades and it was found that those who were able to wait were generally better adjusted, they has less behavioral problems and they even did better at school. If you are interested you can view a clip of The Marshmallow Experiment here.

This is not to say that a certain tendency determines an individual's success or failure, but it does indicate the possible path if that tendency is not curbed. Practicing delayed gratification is a choice and it is not one that is easy for everyone to make. The following steps will guide you through the process of adopting better habits today.

1. Admission is the first step to recovery. Of course if you refuse to admit that you have an issue with putting off satisfaction for a greater reward you cannot move forward. You must recognize the trait in yourself and make a conscious decision to change.

2. Set goals. When you take the time to set goals it means that you are dedicated to the process. Goal setting also helps you to stay on track because they give you something to work towards. When you have an end in mind you are less likely to feel like you are being punished or you are working for little or no satisfaction because you will be able to visualize the prize. Your goals should be realistic and achievable in order for them to be real motivators, otherwise you may become discouraged

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