Power over Your Finances

Power over Your Finances

It’s a better decision to set a financial plan, budget spending, and make sure you always save money first. 

 

We live in a world that is all hurry up, get things done, and I need it now.  With the constant cycle of the news outlets and social media platforms telling us we need something, anything, right now it’s hard not to get worn out over the constant stream of information. The pressure to choose, buy, and spend money now is always there.  But what if you just waited, delayed that purchase for another day, week, month or even year?   Is it possible to wait and still maintain that level of satisfaction when you decide the time is right to make that purchase?

In the article Three Reasons Delayed Gratification Boosts Your Finances*, the following reason are given to support the idea of delayed gratification.

  1. You will save money: Delayed gratification really can save you money.  By holding off on purchasing now, you can price watch and take advantage of better deals.  By saving the entire amount for the item and holding off for the best deal, you can save the difference of what you expected to pay and what you actually paid.
  2. You will have a better credit score: Not making the purchase on a credit card and racking up debt may improve your credit score.  It also allows you the satisfaction of being financially ready to make the purchase rather than using credit and paying interest.
  3. You will have fewer financial regrets: Delayed Gratification = No Impulse Buying Delayed gratification forces you to seriously question each purchase and plan your financial decisions.

It’s a better decision to set a financial plan, budget spending, and make sure you always save money first.  Set realistic, attainable goals for savings and setup a systematic way to save.  This enables you to build room within your budget for smart spending while still working toward your financial goals.

            Did you know that at DATCU you can have multiple savings accounts? You can set up a savings account specifically for a larger purchase or for long-term savings. We also allow systematic transfers from your checking accounts. You are able to manage those transfers in the DATCU app. Reach out to us today to set up a savings account for whatever your heart desires.