“You can get it if you really want,
You can get it if you really want,
You can get it if you really want,
But you must try, try and try, try and try
You’ll succeed at last.” (Jimmy Cliff)
Getting to many goals involve lots of trying, self-discipline and saying no when we are burning to say yes. Saving a few dollars here and there on a drink or a meal may not seem like much. However, it adds up over time to a nice chunk of change.
Instant gratification has taken a hold of many of us. We can get deliveries at home because it’s easier. However, the fees do add up over time. I am so frugal, I nipped that in the bud. I am saving to go off travelling and exploring new lands which is something I truly enjoy. It is also something that refreshes and rejuvenates me, so I am motivated and practice cutting off some, not all frivolous spending.
What do you spend thoughtlessly on because it’s so cheap? How much would it add up to in a year?
I use to go hard at travelling for a few years but my priorities have shifted. I have travel and other goals, so I plan, budget and execute my spending accordingly. Time is moving fast and with no plan I make wake up at 50 and have nothing to show for my years of toil. That shall not be.
Practice Delayed Gratification and Save for Retirement
Today I was chatting with someone about early retirement. It’s not something I will do but it would be nice to have that option. If I prepare for that then I will be ready for retirement. As we know, public pensions in most countries are on the wane or insufficient to live a satisfying life.
Are you putting away money for retirement?
Do you think you are too young to save for retirement?
We are never too young to start preparing for our golden retirement years. If we want them to be golden, we have to practice a bit of delayed gratification and put money into that pot.
Practice Delayed Gratification to Create Generational Wealth or Financial Health
Parents want the best for their children. For many, this means going to university to prepare for their future. Saving to help children with this sets them up to be more financially secure adults. If they don’t have to take student loans or take less loans then this is a good start. Those cheap tops on sale in our favourite fast fashion shop add up over time. Do we need them or should we save those seemingly small amounts so they can add up?
People who are serious about their financial well being focus on their goals and practice delayed gratification. It is a habit for them. This is a habit many of us could benefit from.
Karl Marx wrote about Commodity fetishism in his Communist Manifesto. It is worth reading about. In our Capitalist world, many people invest in commodities that add no value to their lives and robs them of their money again and again. I am breaking that cycle. How much stuff do I need really?
Build up an Emergency Fund as a First Step
Dave Ramsey, who teaches people how to get out of debt and build wealth, advances the necessity of having an emergency fund. It is basically a sum of money that is enough to cover all expenses for four to six months or more. This is to give you some peace if there is a sudden job loss. For some people with good incomes it may be easy to save this in a short time. For others, we may need to say no to some of our treats and build it up over some time. “Try and try, try and try…”
Can you imagine the peace of mind that comes with having a fully funded emergency fund. Phew!
This isn’t a goal or resolution for 2020. This is a change of mindset, to practice habits that lead to financial health through delayed gratification.