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Friends, we’ve made it to the week before Thanksgiving! This year has just flown by and we are officially in full holiday mode.
Since we are so close to Thanksgiving, I want to talk about how having an attitude of gratitude can help you improve your finances. Yes, being grateful can help do that!
Thanksgiving is a great time to be thankful for all that we have, but being grateful all year long can help in many ways. Being grateful can make you happier, healthier and more optimistic. Being grateful can also help improve your finances. How do you ask?
According to research from professors at Northeastern University, the University of California Riverside and Harvard University, people that practice gratitude may better their finances.
Delaying Gratification
In this study, gratitude was linked to fighting instant gratification. The individuals that demonstrated gratitude were more likely to take $80 in 30 days versus taking $54 now. What’s the big deal? While a difference of $26 may seem insignificant, it can become more important when you look at the principle.
When you practice gratitude, you tend to feel more fulfilled in life and are less likely to need more now. You are able to be patient and wait for things that will make you better off in the long run, instead of needing a quick boost at the moment.
Making Smarter Financial Decisions
The example in this research showed that the individuals that practiced gratitude were more patient and waited for the bigger payout, but when it comes to having an attitude of gratitude there are many ways that it can affect your financial decisions.
There may be times when there is something you really want to buy but can’t afford yet, and you may make an impulse decision to proceed with the purchase by financing it. This might be a new gadget, a new car, or even a nice handbag. Whatever it is, by not being able to wait until you can afford it you will hurt yourself by making a less than an ideal financial decision and borrowing to make these purchases. You may pay high-interest rates and other fees and hurt your financial situation.
Many times these purchases are made to fill other voids in your life and make yourself feel better by feeling good for a bit with your new material things. When that feeling wears off, you’ll be faced with the reality that material things don’t make you happier and don’t fill in the voids of your life. If you don’t address that, you’ll go on to the next quick purchase and continue in this cycle.
This doesn’t mean that you should never buy anything again! You should just assess if you really need it and if it will really bring value to your life. If this is the case, wait until you can afford to pay for these things and be patient enough to save up and maybe even find a better deal on them.
How to Practice Gratitude
Practicing gratitude may not come naturally to you, and that’s okay. It is something that you have to make a conscious effort to do regularly. Like any other habit you want to form, you will need to do it consistently.
One way to practice gratitude can be doing a simple exercise of writing down three things you are grateful for daily. You can do this in the morning as part of your morning routine to start your day off right or you can do it at any time throughout the day. The important thing is doing it regularly so that it becomes a habit.
If you like things to have a little more structure behind them, you can also try a gratitude journal. These may have more specific prompts, visuals, or quotes to help you journal in a more meaningful way.
I found this great 90 Day Gratitude Journal on Amazon for a very reasonable price.
Whether you want to write down what you are grateful for or not, practicing gratitude can definitely improve your life and finances. Thanksgiving is the perfect time to start, but don’t let it ever end. As Oprah says:
“Be thankful for what you have; you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have enough.”
-Oprah Winfrey
Happy Thanksgiving, y’all! ❤️
