by Kelly Henry

Created on: February 19, 2010

The concept of instant gratification explains most, if not all, difficulties in saving money.  When there is something that we strongly want and desire, and have the means of obtaining, it takes a great amount of discipline to hold off.  For example, if you receive a $1,000 paycheck and have the option of either buying a new flat screen TV (something you can enjoy now) or saving it (for something you will enjoy later), it will probably be very difficult for you to put the money in your savings account.  You think, why should I work hard for this money all the time if it is just going to sit in my bank account, where I can’t enjoy it?  The thing is, that if you save up for something that is very special and important to you, that you will enjoy it even more than you would have enjoyed the item you bought immediately.  This is the concept of delayed gratification.

The key to successful saving is to set up a system that works for you.  You will get frustrated too easily if you try to save large chunks of money initially, because this will require you to change your entire lifestyle and may cause you to give up right away.  Start small. Maybe saving $100 a week would cause too much strain on your budget, but you could do without $25 a week.  It may be easier to think of a purchase that you do not really need and can easily give up; for example, your daily trip to Starbucks in the morning. Save the money that you would have spent on this purchase instead. 

After you have been setting aside a small amount of money for awhile, try increasing the amount by giving up other unnecessary purchases.  As your savings account grows, you will realize that you really do not miss making these purchases at all, as the thing that you are saving up for gets closer and closer within your reach.  This item could be a car, a down payment on a house, a college education, or a trip overseas.  If you are really struggling with willpower at a particular moment, simply ask yourself, “Do I want this item, or do I want my dream?” Anybody who values their happiness and well-being would certainly choose their dream.

Granted, this is all easier said than done.  Saving money is a difficult and painful process, and there will be times when you cannot overcome the temptation to spend.  This is because you are human.  Give yourself a break every once in awhile.  We all work hard, and want to enjoy the fruits of our labor.  Make sure you treat yourself, often in small ways, less often in big ways.  Maybe you want that expensive new pair of shoes, or a pedicure before the next wedding you attend, or a big night out with friends.  To deny yourself this all the time would make saving money too frustrating and cause you to want to give up. 

Saving money requires discipline, willpower, and most importantly; recognizing the benefits of delayed gratification.  The easiest way to overcome temptation to spend instead of save is to keep your eye on the prize.  Knowing what this prize is will help you keep focused on your savings goal.  Don’t get discouraged if you cannot save as much money as you had hoped, or if it takes longer than expected to save the amount of money you need.  Life can often get in the way.  Maybe your car will break down and need fixing, or you will have an expensive medical bill, or have to take the dog to the vet.  This is normal and to be expected, but don’t let it get you down. 

Learn more about this author, Kelly Henry.
Click here to send this author comments or questions.