In Parts 1 and 2 of this mini-series, we introduced the concept of instant and delayed gratification, and how it has possible implications on our decision-making and finances. Join us today for the 3rd and final part of this series, where we discuss practical steps on how to improve our financial self-awareness and avoid the pitfalls of instant gratification. (If you have not read Parts 1 and 2, it would be great if you did to benefit best from this series.)
Financial prudence seems simple in theory. Spend as little as you can, save as much as you can, and invest as wise as you can. But like we said, that’s in theory. We need to admit that as humans, we have emotions and vulnerabilities, and sometimes our behaviors can differ from our original intentions.
As we mentioned in Parts 1 and 2 earlier, the solution to better financial decision-making lies in tipping the scales in being less emotional and being more numerate and rational. When we are better aware of the pitfalls of instant gratification as discussed, it will aid us greatly in the plans we make to improve. To improve our chances in mastering delayed gratification, here are 4 steps to follow.