3001: Instant Gratification Wish List: Becoming a Patient Spender by Kumiko Love of The Budget Mom

[00:00:00] Have you ever noticed how a calm mind can really set the stage for a good night's sleep? That's the idea behind our new podcast, Good Sleep. Greg, our host from Optimal Relationships Daily, is here to help ease you into a peaceful night's rest with some positive affirmations. And these affirmations aren't just comforting. They can help ease anxiety and nurture positive thoughts, setting you up for true good sleep.

[00:00:25] So press play on Good Sleep Tonight, because a good tomorrow starts with a good night's sleep. Just search for Good Sleep in your podcast app, and be sure to pick the one from Optimal Living Daily.

[00:00:39] This is Optimal Finance Daily, Instant Gratification Wish List, Becoming a Patient Spender by Kumiko Love of TheBudgetMom.com

[00:00:51] There's absolutely no doubt in anyone's mind that we live in an instant gratification society. Everything is at our fingertips, just waiting for us to buy it. Movies on demand, Amazon Prime delivery, fast food on every corner, cell phones and tablets for continuous entertainment wherever we go. Even I get impatient when videos take more than three seconds to load.

[00:01:18] In 1989, Queens sang, I want it all, I want it all, I want it all, and I want it now.

[00:01:26] 30 years later, this sentiment is even more prevalent than ever.

[00:01:31] Author Paul Roberts, who wrote The Impulse Society, states that our entire culture has elevated immediate gratification to life's primary goal.

[00:01:43] Everyone is enticed by it, and almost everyone gives into it.

[00:01:46] I want it now is harming our health, our relationships, our attention spans, and most of all, our budgets.

[00:01:55] Immediate or instant gratification is giving in to the temptation to have whatever pleasure you want the moment you want it,

[00:02:03] rather than using logic to plan for it financially, and patience to enjoy the anticipation of it.

[00:02:11] Instant gratification is a natural urge.

[00:02:15] It's almost instinctive.

[00:02:17] Whether it's those new shoes that will make you the envy of all the women at the office,

[00:02:23] or that new SUV that would make driving so much nicer,

[00:02:27] or going out with friends instead of studying,

[00:02:31] or simply picking up dinner tonight instead of having to cook.

[00:02:34] Instant gratification promises to make our lives better this minute, today, right now.

[00:02:42] Getting what we want right now does not make our lives better later.

[00:02:48] Delayed gratification

[00:02:50] Delayed gratification, on the other hand, requires maturity, intelligence, coping skills, and self-discipline.

[00:02:58] It's the conscious choice to look forward, to think about the long-term consequences, and make wiser decisions.

[00:03:05] Delayed gratification is being kind to your future self.

[00:03:09] But just knowing that delayed gratification is more rewarding in the long run,

[00:03:14] doesn't solve our daily struggle with wanting it now.

[00:03:19] So when you see that adorable top at your favorite online boutique,

[00:03:23] or that pizza commercial makes your mouth water,

[00:03:26] or those new car ads make your old minivan look kind of sad by comparison,

[00:03:31] how do you keep from giving in to the temptation of instant gratification?

[00:03:36] Well, let's start by making some lists.

[00:03:39] Making instant gratification lists.

[00:03:43] Yes, I'm all about the lists, but they do keep you on track.

[00:03:48] Let's look at how three different types of lists can help you cope with the lure of instant gratification.

[00:03:55] Number one, shopping lists.

[00:03:58] I cannot emphasize enough how important it is to shop with a list.

[00:04:03] Wish lists or need lists help you avoid impulse shopping,

[00:04:07] which results in impulse buying.

[00:04:10] Having a grocery list is one of the most valuable lists because we spend so much time at the market,

[00:04:17] and impulse buys at the grocery are consumable and affordable,

[00:04:21] so it never feels like you've wasted money.

[00:04:24] It's so easy to grab something while you're grocery shopping that isn't on your list.

[00:04:29] Maybe you're hungry or thirsty.

[00:04:31] Maybe you're hungry.

[00:04:32] Perhaps the kids are begging.

[00:04:33] Or maybe you really feel you deserve those Oreos today.

[00:04:37] The more you make a habit of sticking to the list,

[00:04:41] the easier it becomes to do so without thinking about it.

[00:04:44] You can even say to the kids,

[00:04:46] is it on the list?

[00:04:48] No, we can't buy it if it's not on the list.

[00:04:50] And if an impulse item really entices you, that's okay.

[00:04:55] After all, you're human.

[00:04:57] Be tempted, but do not put the item in your cart yet.

[00:05:01] Give yourself permission to come back for it after you've shopped for everything else on your list.

[00:05:07] Chances are, before you check out,

[00:05:09] you'll have either forgotten about it or decided it's not worth going back for.

[00:05:14] Number two, wait lists.

[00:05:17] Wait lists are a very useful tool for delaying gratification when it comes to items you may need or want,

[00:05:24] but that aren't factored into your current budget.

[00:05:27] I like to keep a wait list in my budget planner specifically for these items.

[00:05:32] And I do the same basic thing with my online shopping carts, especially Amazon.

[00:05:38] For items in my notebook,

[00:05:40] I write down all the specific details, including the price.

[00:05:43] At the end of the 30-day wait,

[00:05:46] I often decide I don't need or want some of these items at all.

[00:05:51] Some I find better deals on.

[00:05:53] Some even go on sale while I wait.

[00:05:55] And sometimes an item on the list just keeps calling to me.

[00:06:00] When that happens,

[00:06:01] I know it will be a good purchase once I've saved the money to buy it.

[00:06:05] For online items,

[00:06:06] I put them in my cart or move them to saved for later if possible.

[00:06:11] Then I make myself wait 30 days until the next budget cycle before purchasing.

[00:06:17] By doing this,

[00:06:19] I get all the same results as before.

[00:06:21] In the long run,

[00:06:22] I'm always glad I waited.

[00:06:24] I end up not spending money I don't have on things I don't need

[00:06:29] or even really want once the impulse moment has passed.

[00:06:33] Instant gratification tips.

[00:06:36] Avoid temptation in the first place by removing the factors before they have a chance to reel you in.

[00:06:42] Fast forward through the commercials or at least mute them.

[00:06:46] Distract yourself instead of watching.

[00:06:49] Recycle catalogs and sale flyers and remove your name from the mailing lists.

[00:06:54] Don't use shopping as a form of entertainment, whether online or at the mall.

[00:06:58] Don't click on social media ads.

[00:07:02] And don't spend time looking at and lusting over things that aren't in your budget.

[00:07:08] If you don't see it, you won't buy it.

[00:07:11] And number three, the instant gratification wishlist.

[00:07:15] The instant gratification wishlist is my favorite.

[00:07:18] While the shopping list helps you buy only what you need,

[00:07:22] and the waitlist enables you to weed out the impulse buys,

[00:07:26] the instant gratification wishlist is a dream list, which makes it fun.

[00:07:31] The wishlist, which can be kept in your budget binder or on your refrigerator

[00:07:36] or your visual budget wallboard,

[00:07:39] is a list of things you'll be spending money on once you've saved enough.

[00:07:44] Anything can be added to your wishlist,

[00:07:46] from cookies to shoes to phones to vacations to houses.

[00:07:51] You can make wishlists for

[00:07:53] short-term and long-term goals,

[00:07:56] big items and small items,

[00:07:59] and each person in your household.

[00:08:02] The goal with the instant gratification wishlist

[00:08:05] is to turn the instant into anticipated.

[00:08:10] Being able to see your goal,

[00:08:12] to watch the money in that envelope grow week by week,

[00:08:16] to plan for how you will use it,

[00:08:18] helps you appreciate the item and the work it took to acquire it.

[00:08:23] Long-term benefits of instant gratification lists.

[00:08:27] You will learn to be a patient spender and more responsible.

[00:08:32] Your budget will not be negatively affected,

[00:08:35] which means your goals will stay on track.

[00:08:37] Living on a budget doesn't mean you always have to feel deprived.

[00:08:40] In fact, you should cut yourself some slack and enjoy a frivolous purchase once in a while.

[00:08:47] But practicing delayed gratification will make these treats extra special.

[00:08:56] You just listened to the post titled,

[00:08:58] Instant gratification wishlist,

[00:09:00] Becoming a Patient Spender,

[00:09:02] by Kimiko Love of TheBudgetMom.com.

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[00:11:24] In today's fast-paced world,

[00:11:26] it's easy to fall into the trap

[00:11:28] of mindless spending.

[00:11:30] Instant gratification

[00:11:31] often drives our decisions,

[00:11:33] and we rarely pause

[00:11:35] to consider whether a purchase

[00:11:36] aligns with our values

[00:11:38] or priorities.

[00:11:39] Shifting from an impulse spender

[00:11:41] to an intentional one

[00:11:43] requires slowing down

[00:11:46] and approaching each transaction

[00:11:48] with patience and thoughtfulness.

[00:11:51] I realized this

[00:11:53] when I noticed how often

[00:11:54] I spent money on autopilot,

[00:11:56] particularly on meals.

[00:11:58] Living in New York City

[00:11:59] in my 20s,

[00:12:00] I ate out almost every day

[00:12:02] simply because it was convenient.

[00:12:05] I wasn't paying attention

[00:12:06] to the costs

[00:12:07] or the lack of value

[00:12:08] I was getting.

[00:12:10] Once I decided

[00:12:11] to be more intentional,

[00:12:12] I began bringing

[00:12:13] my own gourmet meals to work.

[00:12:16] Better quality,

[00:12:17] healthier,

[00:12:18] and far cheaper

[00:12:19] than the deli down the street.

[00:12:21] The transformation happened

[00:12:23] because I slowed down.

[00:12:25] I took the time

[00:12:27] to plan my meals,

[00:12:28] shop for ingredients,

[00:12:29] and enjoy the process

[00:12:30] of cooking.

[00:12:31] This deliberate approach

[00:12:33] didn't just save me money.

[00:12:35] It taught me the importance

[00:12:37] of patience in spending.

[00:12:39] When you pause

[00:12:40] before a purchase,

[00:12:41] you give yourself

[00:12:42] the chance to reflect.

[00:12:44] Does this add value?

[00:12:45] Is it worth it?

[00:12:47] This moment of thought

[00:12:48] creates a new habit,

[00:12:50] one that shifts you

[00:12:51] from spending impulsively

[00:12:53] to spending wisely

[00:12:54] and with purpose.

[00:12:56] But that'll do it for today.

[00:12:58] Thank you for listening.

[00:12:59] Have a great rest of your day

[00:13:00] and I'll see you tomorrow

[00:13:01] where your optimal life awaits.