Temptations and Savings

Written by imoney

Giving in to temptations as said by your peers should always be avoided, at all cost. This would not only lead you to the wrong direction of the goal you are trying to reach but it can even cost you more in the long run.

Have you found yourself skipping every social event just because you really need to save money? Or in the worst case, you let go of that cup of coffee that has been your lifeline to sanity for the last two years you are working professionally just because you want your savings to increase?

This is not entirely true for your finances. No! I am not saying that you should always give into temptations every single time, of course! But actually giving in to temptations if you are holding it for too long can help you. Key here is moderation.

The Science of Giving into Temptations

Studies have shown that it is bad for us if we resist on the things that we love, scientists say that we feel more dissatisfied if we self-regulate most of the time – in short having little of the things that you love to do or eat can really do you good. You actually get angry during the process of self-regulation. Don’t believe me? How about if you are sleep deprived? Now we’re talking!

I think most of you would agree that, if we deprive ourselves more, the more we spend money after the process because we felt that we deserve it because we have been not doing it for so long and you find yourself more in a rut than you were before. It is simply not the way to go, obviously.

Sometimes giving into temptations can really help you achieve your financial goals better because all of us need a break from it even if you are a hardcore planner. Here is a quick tip; you have to set realistic short term financial goals you can aim for the week or for the month.

An example, if you can deposit P500 more in your savings account this week, you can use the 20% to buy something nice, remember the point here is that you actually saved more and you are setting this reward system so that later on you would be accustomed to the “saving scheme” you have set-up for every week until you grow tired of the rewarding system. So you are actually changing your routine here. Give it a try!

Giving into temptations once in a while is not a bad thing, you simply can’t just change drastically the way you live just because things drastically change for yourself, and we all need an adjustment period just like in losing weight or quitting smoking.