Despite the cost of holidays perhaps being higher than other purchases I never feel guilty going on them (despite my friends insisting that I should do). The difference is that all the time I spent during my summer working at a job was put towards this holiday so I did earn it. When I actually went on holiday it was incredible. I felt completely relaxed because I knew I had PAID for it.

As a student, I also feel like during term-time there isn’t really that much time to spend money except on the essentials. I find my time is taken up by a second job and studying at the library. I meet up with friends during breaks at the library and also meet up with them at their flats for a dinner party because most of us are too knackered to go out from studying so hard!

Doing proper research is a good way to both delay gratification and get the most for your money. I always research big ticket items and electronics. I also “research” movies by letting my friends see them first. If the reviews are good I go. If the reviews are bad, I skip the film.

I find that thinking about opportunity cost is a good way to delay gratification. Everything you buy is actually something else that you aren’t buying. In most cases one of these potential purchases is going to provide more meaning and value to your life than the other one. I try to steer my money towards buying those things that I think will make me the happiest for the longest period of time.

This is exactly why I don’t have an iPhone. Is it cool and trendy? Yep! Do I really want one? Yep! But the opportunity cost of getting an iPhone and its associated service contract means that I’d have to give up traveling for a year. And I’ll get more lasting happiness out of the travel than the iPhone.

If we believe that we have one day to live, then there isn’t much value in planning or prioritizing. Many people take that “live for today” approach and dig themselves a deep hole and hop in it. When the future arrives, and it always does, they’re in a deep hole singing the blues.

It’s easy for me to delay gratification because I know what’s important – being debt free, retiring early and having financial freedom. I also know what I want to avoid – being indebted (enslaved) to others for unimportant things.

So, I keep focused on the rewards of being a financial conservative, and make that a priority in all of my thinking and actions. In effect, I channel myself into a comfortable and debt free lifestyle through my deliberate planning and execution of the plan.

All of this requires dedication and effort, but I think it’s much more comfortable to climb a hill than it is to fall into a hole.

Some of the keys to success are understanding the difference between…

- need versus want
- essential versus discretionary
- short-lived gratification versus long term satisfaction

…and so forth.

Much of our success is in how we learn. Some of us need to have personal experience, even if it’s bad. Others don’t necessarily need that personal experience to see a better approach.

Regardless, we all have to live with the consequences of our decisions and actions. In the end, we usually get exactly what we deserve.