I read an interesting article today on the Inc. Magazine website. While the article is on emotions and success, it got me to thinking about personal finance and money management. According to the article, a recent study came to the conclusion that people who feel gratitude are more likely than those who do not to delay financial gratification.
Since the article is from a business magazine, it notes that people will wait longer for financial rewards if they feel gratitude. But this got me to thinking – does this mean that by doing things like keeping a gratitude journal offer a way for people with spending problems to reign that in a bit? I think that the financial gratification does not have to be earning/getting a huge sum of money, but instead could be the gratification of getting to spend your money without having to send most of it to the credit card company or car loan people.
I also wonder if this is an effective way to prevent impulse purchases. Maybe force yourself to write down 5 things you’re grateful for BEFORE you can buy something? I just might give it a try the next time I am tempted to buy something that I might not actually need.