Delayed Gratification for Kids

FINANCIAL LITERACY LEARNING RESOURCES 

The Concept of Delayed Gratification for Kids

What is Delayed Gratification?

Delayed gratification is a fancy term that means waiting for something you want instead of getting it right away. It’s like holding off on eating your favorite dessert until after dinner because you know it will taste even better when you’re hungry. In the world of money and saving, it means choosing to save your money instead of spending it immediately so you can buy something bigger and better later.

Why is Delayed Gratification Important?

1. Bigger Rewards:

• Sometimes, waiting can lead to even better rewards! If you save your money instead of spending it on a small toy, you might be able to buy something much bigger and more exciting, like a new video game or a bicycle.

2. Learning Patience:

• Waiting for something teaches you patience, which is an important life skill. In many areas of life, good things often take time to achieve. Whether it’s saving for something special or working hard for a goal, being patient can pay off!

3. Making Smart Choices:

• When you practice delayed gratification, you learn to think carefully about your spending. Instead of buying things on impulse (like that candy bar at the checkout line), you can take a moment to decide if it’s worth it or if you’d rather save for something you really want.

4. Building Self-Control:

• Learning to wait helps you develop self-control. This can be helpful in many situations, not just with money. It can help you stay focused on your goals, whether it’s studying for a test or improving at a sport.

5. Improved Financial Habits:

• By practicing delayed gratification, you’ll start developing better saving habits that will benefit you throughout your life. Instead of spending all your money as soon as you get it, you’ll learn to save and invest for the future.

How to Practice Delayed Gratification

1. Set a Goal:

• Think about something special you want to buy. It could be a video game, a new bike, or a cool toy. Write it down and set a price for how much it costs. This will be your goal!

2. Create a Savings Plan:

• Decide how much money you can save each week or month. If your goal is to save $100 for a new video game, and you can save $10 a week, you’ll reach your goal in 10 weeks!

3. Use a Savings Jar:

• Get a jar or a piggy bank and label it with the name of your goal (like “New Video Game Fund”). Every time you save money, put it in the jar. Watching your savings grow can help you stay motivated!

4. Avoid Impulse Buying:

• When you’re out shopping and see something you want, take a moment to think about it. Ask yourself, “Do I really want this now, or would I rather save for my bigger goal?” You can even wait a day or two before making a decision. This can help you make better choices.

5. Reward Yourself Along the Way:

• While you’re saving, it’s okay to treat yourself occasionally. Set smaller goals along the way. For example, if you save $30, you might allow yourself to buy a small treat, like a book or a game.

6. Visualize Your Goal:

• Keep a picture of what you want near your savings jar or on your wall. Seeing it every day can remind you why you’re saving and help you stay focused on your goal.

Real-Life Example of Delayed Gratification

Let’s say you really want a new skateboard that costs $120. Instead of rushing out to buy a smaller toy for $20, you decide to save for the skateboard.

1. Set Your Goal: “I want a new skateboard that costs $120.”

2. Create Your Plan: If you save $10 a week, you’ll have enough in 12 weeks.

3. Track Your Progress: Use a chart to mark off each week that you save $10.

4. Avoid Temptation: When you’re tempted to buy something else, remind yourself of your goal and the excitement of getting that skateboard.

After 12 weeks, you have enough money saved up! When you finally buy the skateboard, it feels even more rewarding because you waited and worked hard for it.

Conclusion

Delayed gratification is an important concept that can help you make better financial choices. By learning to wait for something you really want, you can achieve bigger rewards and develop valuable skills like patience, self-control, and smart money management. So, the next time you’re tempted to spend your money right away, remember the exciting things you can have if you wait! Happy saving!