Comments on: Delaying gratification – how hard can it be? http://fivecentstencents.com/blog/2009/02/12/delaying-gratification-how-hard-can-it-be/ Financial freedom, one realistic step at a time. Mon, 16 Apr 2012 07:27:22 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: panzer http://fivecentstencents.com/blog/2009/02/12/delaying-gratification-how-hard-can-it-be/comment-page-1/#comment-95 panzer Mon, 16 Feb 2009 02:52:34 +0000 http://fivecentstencents.com/blog/?p=409#comment-95 Hi createwealth8888 That's true. It's easy to fall into the trap of being penny wise but pound foolish. I realise that with health, it's important to spend money on eating real food and vegetables instead of the processed stuff that gets passed around as "food" in food courts, fast-food outlets and other eateries. Thanks for the timely reminder that safety and health should not be sacrificed for short-term savings :-) Be well and prosper. Hi createwealth8888

That’s true. It’s easy to fall into the trap of being penny wise but pound foolish. I realise that with health, it’s important to spend money on eating real food and vegetables instead of the processed stuff that gets passed around as “food” in food courts, fast-food outlets and other eateries.

Thanks for the timely reminder that safety and health should not be sacrificed for short-term savings :-)

Be well and prosper.

]]> By: createwealth8888 http://fivecentstencents.com/blog/2009/02/12/delaying-gratification-how-hard-can-it-be/comment-page-1/#comment-89 createwealth8888 Sun, 15 Feb 2009 13:48:04 +0000 http://fivecentstencents.com/blog/?p=409#comment-89 Never to try to save on your footwears. Once you have a feeling of slipping; quickly change them. A bad fall due to poor footwears may rollback your saving more than you expected. Never to try to save on your footwears. Once you have a feeling of slipping; quickly change them. A bad fall due to poor footwears may rollback your saving more than you expected.

]]> By: panzer http://fivecentstencents.com/blog/2009/02/12/delaying-gratification-how-hard-can-it-be/comment-page-1/#comment-76 panzer Fri, 13 Feb 2009 08:22:09 +0000 http://fivecentstencents.com/blog/?p=409#comment-76 Hi hjteo I can identify with that. We go through the accumulation of stuff stage in our lives. After a while, it becomes less meaningful to collect stuff and more meaningful to spend quality time with family and close friends. :) Be well and prosper. Hi hjteo

I can identify with that. We go through the accumulation of stuff stage in our lives. After a while, it becomes less meaningful to collect stuff and more meaningful to spend quality time with family and close friends. :)

Be well and prosper.

]]> By: panzer http://fivecentstencents.com/blog/2009/02/12/delaying-gratification-how-hard-can-it-be/comment-page-1/#comment-71 panzer Fri, 13 Feb 2009 03:43:27 +0000 http://fivecentstencents.com/blog/?p=409#comment-71 Hi Musicwhiz Yes, the point of delaying gratification is that if you practice it consistently, you reap the benefits in times that are good or bad. I find that the older I get, the simpler my needs become. :) Ultimately, it is a very personal choice determing the line to draw between needs and wants. Hi Musicwhiz

Yes, the point of delaying gratification is that if you practice it consistently, you reap the benefits in times that are good or bad. I find that the older I get, the simpler my needs become. :)

Ultimately, it is a very personal choice determing the line to draw between needs and wants.

]]> By: hjteo http://fivecentstencents.com/blog/2009/02/12/delaying-gratification-how-hard-can-it-be/comment-page-1/#comment-70 hjteo Fri, 13 Feb 2009 03:20:13 +0000 http://fivecentstencents.com/blog/?p=409#comment-70 Hi Panzer, I too have gone throught the lesson of buying and ending up collecting stuffs. Now I practise delay gratification as having a 'cooling down or thinking period' of a couple of days. I use the period to determine if it is a want or a need, if it's worth getting used instead of new, if it's possible to loan or rent etc. For me, the main drive behind it is not incur more debt and to channel as much to clearing debt and working the money we earned. Have a blessed day! Hi Panzer,
I too have gone throught the lesson of buying and ending up collecting stuffs. Now I practise delay gratification as having a ‘cooling down or thinking period’ of a couple of days. I use the period to determine if it is a want or a need, if it’s worth getting used instead of new, if it’s possible to loan or rent etc. For me, the main drive behind it is not incur more debt and to channel as much to clearing debt and working the money we earned.

Have a blessed day!

]]> By: musicwhiz http://fivecentstencents.com/blog/2009/02/12/delaying-gratification-how-hard-can-it-be/comment-page-1/#comment-69 musicwhiz Fri, 13 Feb 2009 01:59:50 +0000 http://fivecentstencents.com/blog/?p=409#comment-69 Hi Panzer, I always like to think of it in terms of wants and needs. This can be an intensely personal process so I would disclaim that it's different for everyone; but this should act as a starting point. Once you have clarified between wants and needs, then you can proceed to delay having the "wants" and instead building up savings to purchase for the "needs" instead. In your case, with a baby, buying the milk powder, diapers and other associated baby-related items would be considered a "need". For the last few years, I've managed to defer all my "wants" and concentrate on my needs instead, which resulted in quite a bit of savings. Stuff like an iPod, a car, a beanbag for my house and a nice stereo system are all considered "wants". Instead, I make do with music from my computer, internet radio, public transport and simple foldable chairs instead. It's important to feel that your quality of life has not been severely compromised through delayed gratification, otherwise it may be wiser to just grab those things instead (there is a tenuous balance between living frugally, and depriving oneself of the nice things in life). During times of recession, most people find it easy to defer their spending and save more. So I would say the current times make it easier to delay gratification. It becomes very hard during boom times when everyone gets huge bonuses and is flush with cash. Regards. Hi Panzer,

I always like to think of it in terms of wants and needs. This can be an intensely personal process so I would disclaim that it’s different for everyone; but this should act as a starting point. Once you have clarified between wants and needs, then you can proceed to delay having the “wants” and instead building up savings to purchase for the “needs” instead. In your case, with a baby, buying the milk powder, diapers and other associated baby-related items would be considered a “need”.

For the last few years, I’ve managed to defer all my “wants” and concentrate on my needs instead, which resulted in quite a bit of savings. Stuff like an iPod, a car, a beanbag for my house and a nice stereo system are all considered “wants”. Instead, I make do with music from my computer, internet radio, public transport and simple foldable chairs instead. It’s important to feel that your quality of life has not been severely compromised through delayed gratification, otherwise it may be wiser to just grab those things instead (there is a tenuous balance between living frugally, and depriving oneself of the nice things in life).

During times of recession, most people find it easy to defer their spending and save more. So I would say the current times make it easier to delay gratification. It becomes very hard during boom times when everyone gets huge bonuses and is flush with cash.

Regards.

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