The other day I was talking to a friend about how good it feels to finally make a purchase after saving for many months. I personally prefer to have the money saved in an account before I make a large item. By large I’m referring to vacation, cell phone, laptop and items along those lines. Obviously I don’t always try to save up and there are times my lunch is an impulse purchase. Anyways before I get off topic- the next person I spoke to had a different opinion. This friend truly enjoyed the fact that he could purchase anything he wanted at anytime because of the high limit on his credit card. This got me thinking- does delayed gratification still exist?
You can purchase anything you want
Honestly I don’t think there is a product out there that doesn’t exist. Think about it if you go online to ebay or Amazon you can find literally any product imaginable. From a cell phone with a tv antenna & amazing camera included to pair of used boxers worn by a celebrity. Not only has it become easy to make a purchase but now you can purchase anything your heart desires.
Our generation is not patient at all
I can’t even recall the amount of times I have considered making a purchase immediately only because I did not have the patience to wait and look around for a better deal. Research is seen as boring and everyone just wants to make the purchase without having to deal with having to compare prices. I have seen many friends purchase the first car they see just because they liked it so much. They totally skipped the stage of saving up and researching for the perfect car.
Automation of purchases
I bought something off a site one day and then a few weeks later I go on and they have all of my information saved. All I had to do was click on the item I wanted to purchase and it would have been delivered within days. Online shopping has made shopping so convenient that you never have to leave your house nor do you even have to type in your information again.
Nobody wants to be the last one to have something
When a new model of an iPod comes out or a new season specific clothing line most 20 somethings don’t want to be left out. Speaking of the iPod, guess how smart Apple is? A couple of months ago I went looking through the mall to get someone a gift in the form of a carrying case for the video iPod. For the life of me I could not find this product in the whole mall and then finally one of the sales associates informed me that when a new product comes out Apple slowly stops selling accessories for previous products. Just another incentive to keep up with technology. I’m just as guilty of this as anyone so believe me delayed gratification is a difficult concept for all of us to embrace.
In conclusion, of course delayed gratification exists but it’s just difficult for most young people to embrace this concept. How does one embrace delayed gratification? Well that will be discussed in an article tomorrow.
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I’m frugal and early self-retired in part because of my frugality. I’ve saved my earnings over the years, so I can buy anything I want and pay cash, but my field of wants is rather narrow because I know the value of money, and I know the value of items that money can buy. In other words, I make purchases based on reason, not emotions.
I also have a plan for my financial resources, and I avoid advertising that is designed to sway my emotions to make me feel less satisfied with my life. As a result, I feel just fine about what I have, and I’m not compelled in the least to buy things that don’t fit in with my plans. There are many things that others have that I don’t. For example:
- an iPod
- a camera phone
- a digital video camera
- a blackberry
- a blue tooth
- a new car
- an SUV
- a mortgage
- a credit card balance
- creditors
I save and use my money in a calculated manner to pay for things that have lasting value like a primary residence, a vacation home, tools for earning money, and permanent resources that enable me to be self-sufficient. To me, these things are worthy of investment because they serve me well over the long haul.
Being able to delay gratification often means that you live deliberately and have your sights set on something that is worth waiting for. In other words, you most likely have a plan and you follow it.
If you can’t delay gratification, then you probably don’t have a plan, and you allow emotions of the moment to influence spending decisions. This is unwise if you hope to have a future of your own design.
An associate of mine is fond of saying “If you don’t know where you’re going, any road will get you there.” Wise money management requires a plan just like any other key portion of your life.
The best thing about delayed gratification is realizing how many things you no longer even want by the time you save up enough money to pay for them!
In a world without easy credit, delayed gratification becomes mandatory.
When I was in lower elementary school, I wanted a camera. It cost $11, and that was a major expenditure in the days when I got $1 a week in allowance. Every time we went to Kmart while I was saving up, my mom would let me go visit the cameras, and no other purchase has ever thrilled me as much as the day I finally got to take one home. Delayed gratification was a lesson learned early thanks to parents who had the foresight to let me experience managing money while I was young.
Delayed gratification exists, it’s just harder to practice and not entirely for the reasons you laid out.
There may be a cultural need to purchase as much stuff as soon as possible. People respond to cultural influences and this may just be one more example of that.
Another reason that people may engage in wanton consumerism is that it feels good to buy something. Saving your money does not feel good nor does it impress anyone else. The only problem is that the euphoric high of buying goes away rapidly.