Delaying gratification in order to receive a greater reward is something that is both obvious and logical, and yet is also very hard for us to do.
We want to be happy now. We want to earn more money today. We want to purchase expensive things immediately. And society not only participates in this, it encourages us too.
We burn fossil fuels like there’s (literally) no tomorrow. Or we think we’re being green by building nuclear power stations, but the waste will have to be dealt with for hundreds, and maybe thousands of future generations – we leave that problem for our kids to deal with. And banks are ever eager to offer money to you so that you can buy whatever you need on credit. And when you get really low on financial resources, payday loan companies will hit you for sometimes thousands of percent interest, just to tide you over.
You see we all find it tremendously hard to save our money. No matter how much we earn we seem to have spent far too much of it by the time the next pay check comes around. We know that we ought to put something by for a rainy day but then the rent or mortgage comes due, and that takes priority because we already spent all our disposable income on the things that give us pleasure here and now, such as going to the movies, maintaining a mobile smartphone, and so on. And for some reason, the more we earn the more we spend, and the situation never seems to improve!
The problem here is that “a rainy day” is not a sufficiently good incentive for saving. It’s logical certainly, we know that we could lose or job or something could happen to cause us to quickly need money like an unexpected medical bill, paying the excess to cover a car accident and so on. But these things are only maybes that we hope won’t happen.
Focusing on a Particular Desire
However, if we really want to save money then the answer is to have something in mind on which it will be spent. When you change your thinking this way somehow the money needed to put in a savings account suddenly seems to become available.
For example, we are currently in the middle of a major recession and banks are very wary of providing you with a mortgage unless you can stump up a hefty deposit. Thankfully interest rates are very low for people on variable rate mortgages and so there’s a little extra money to help out for them.
However, it seems that only a third of mortgage holders are using the opportunity of low interest rates, either to pay down their mortgages more quickly (by continuing to pay the same amount each month than they did when rates were higher,) or by putting the money saved into a savings account.
The other two thirds of us are using this temporary windfall as an additional source of income and we are spending it on iPads and other luxuries that we don’t really need. But that third of people who are saving are going to come out much better when this is all over. They will either clear off their mortgage a few years early or they will have a handy pot of cash with which to use as a deposit for a new house, which they’ll probably buy when the market seems to have recovered.
But these people who save or pay down debt have vision. They see that they were previously paying a larger amount of money and that by simply maintaining that level of payment they will either be mortgage free a few years early, or will be able to leverage the savings into getting a better house in a few years. And this outlook will work in many circumstances. For example, perhaps you would like to get rid of the huge credit card repayment bills you get each month, in which the card issuer is probably raking in anything between 15 and 30 percent (or more) in interest off your balance each year.
By paying off more than the minimum payment each month you can pay down your card balances and eventually, once you have cleared them, you’ll get that 15 to 30 percent back to spend yourself. Of course this doesn’t suit most people, which is why credit cards are so popular. But it makes a great goal for people who have had enough of carrying that constant debt.
Then again, maybe you really desire a luxury such as a hot tub for the back yard, or maybe even a swim spa that combines a hot tub with a longer, deeper section in which you can swim against a current. So let’s use a swim spa as the focus of a visualization exercise with which you can strengthen your resolve to forego something that present you wants, so that future you can have something even better. Read through the following section and then run the visualization through your mind, making it as real and vivid as you can.
Visualize This
In this exercise you will incentivize yourself to be more able to find the money needed to save up for a luxury you would like. In this case it’s a swim spa, but do alter the visualization to adapt it to help you save up for any other item you may desire.
- Imagine that you have seen a brochure of a fantastic swim spa but it costs $12,000 (and probably about the same in pounds for the UK, or euros for Europe).
- Now visualize your bank account, see that the balance is nowhere near sufficient to pay for it, and that your credit cards are also pretty maxed out.
- Understand that you could try to get a loan but decide that you would prefer to own the swim spa outright, and are prepared to be patient and wait for it, and that you will put some money aside each month until you have enough. For example, if you think you can find $1,000 dollars a month then you can own the swim spa in a year. If $250 a month, it will take you four years, and so on.
- Now work out what you can afford and how long it will take to save and imagine that the day has come to make your purchase.
- Now see yourself in the showroom or on the web site choosing the colors and design you like and placing the order. Note how good it makes you feel that you have saved up for this and are paying for it without recourse to credit.
- Next see the swim spa delivered and set up in your back yard. Watch as you fill it with water and it heats up to temperature. See the wonderful shapes and swirling, refreshing water bubbling out of the jets.
- Now imagine that it’s ready for use, so get into the swim spa and feel how luxurious it is. Then get into the swim part and enjoy a swim against a gentle current.
- Now get back into the hot tub part and sit back as the massaging bubbles relax you. Think how wonderful it feels, especially since you saved up all that time for it, and you now own the spa outright – it doesn’t belong to a finance company for the next several years.
- Think back on the things you chose not to purchase in lieu of saving up for the swim spa, and how it was worth making those small sacrifices.
- Revel in the fact that you achieved this all on your own, and have learned the art of patience too.
As I said, if there’s something that you particularly desire other than a swim spa, modify the visualization as necessary. In fact the visualizations that you make for yourself are often the most powerful ones you can practise.
But certainly, a visualization such as this will strengthen your will, enable you to achieve bigger and greater things in life, and end up with you giving less of your hard-earned money to the banks (who are only far too willing to take it).
This article is extracted from my forthcoming book, Yes, I Can!, to be published by Capstone in May 2012.

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In a study conducted at the Dominican University of Southern California, Professor Gail Matthews recruited 150 volunteers from all walks of life (from their early 20s to early 70s) to take part in a study of goal setting.
One of the main techniques I use and write about here is 















