Have you every wanted to know how to get more money into your savings account?
Well, its worth waiting, and saving up for that must have horse item!
Most people can’t wait and save so they spend money in the form of instant gratification or impulse buying. On the other end of the spectrum is the opposite of instant gratification and that is delayed gratification – also known as deferred gratification, it’s the ability to wait in order to obtain something that one really wants. This attribute is also known by many names; including impulse control, will power, self- control and discipline.
If you are able to put into practice; waiting and saving up for that must have purchase, this is the first step to getting back in control of your spending, so think of it as the starting point!
Next time you go to the tack store, fodder store or horse store get into the habit of stopping yourself before just reaching for your credit card. Do you really NEED the purchase? or can you at that point practice delayed gratification?
What Kind Of Money Habits Do You Have?
Do you save, save, save or do you spend now and not bother to save?
We need to get back to basics and the old fashioned concepts I learned as a kid, its called save up first and buy later, rather than pull out the credit card and hope the money wont run out.
That way you can enjoy your horse pursuits and reduce any wasteful spending habits.
The Marshmellow Experiment
Scientific studies have shown through the marshmellow experiment, where kids were given two choices – they were given one marshmellow and told if they waited for 15 minutes and did not eat the marshmellow, then they would be given two marshmellows as a reward for waiting -hence achieving delayed gratification.
After the experiment the lives of these children were followed, and it was proven that the children who waited were more successful in life, had greater self-esteem, were more emotionally balanced and had higher paying jobs than the kids who couldn’t wait.
For the record about one in three children waited, and the others could not wait. Those marshmellows proved way too tasty.
If you can wait to purchase an item, it means you have self-control and discipline, these traits are paramount if you are determined to change your financial situation and have more money left at the end of the month. You must get in control of reducing the emotional impulse purchases no matter how small or large.
When you watch the video in a moment pretend the marshmellow represents that item you really want, it could be a new saddle, a new horse, new car, clothing etc…………..Now, think what would you do in the same situation?
Watch this video and you will get the picture.
Would You Have Eaten The Marshmellow?
Now which kid reminded you of yourself, I am sure one of them did, perhaps they displayed similar behavior to yourself.
This has everything to do with saving money and budgeting. Once you learn to put a check on your impulse buying you will have more money to spend on the really important things to do with your horses.
There are heaps of ways we can reduce our horse expenses, or expenses in general; we will cover these tips later. However if you are an impulse buyer you need to firstly put into place ways to change your behavior and implement deferred gratification and discipline into your everyday life.
Get smart, stop the waste and enjoy your lifestyle more
Are You Up For A Challenge?
Starting today, I would like you to do an experiment on yourself for the next week!
See if you can reduce impulse buying for the whole week, and wait to purchase an item you really want.
Can you save and wait?
Let me know how you went practicing delayed gratification, was this easy or hard?
Hey, leave a comment on Complete Horse Care’s facebook fanpage and let me know how you went.
Creator, Complete Horse Care