The ability to delay gratification is an important skill for achieving goals. This means you are able to clearly see and commit to long-term results over short-term satisfactions. An example would be choosing not to eat a donut now in order to reach a goal of losing weight. The results will not be immediate, so it’s important to maintain your motivation to overcome the temptation in front of you now.

Delayed gratification is often needed to reach financial goals. You may need to restrain yourself from buying the cup of coffee you’d like to have now in order to save money to pay more on a credit card bill. This takes grit, determination, and self-discipline.  Perhaps you may see the need to exercise more, but you do not really want to. To increase this ability, make yourself want to do want you know you should do by keeping your focus on the benefits of results. Keep your goals visual and visible.

The results of follow-up studies on the Marshmallow Experiment reveal that those with less self-control later experience higher levels of tangles with the law, dropping out of school, and other troubles.

Further Reading: Delaying Gratification at Financial Highway. | Why We Procrastinate

Money is a resource that is frequently need for the goals you want to reach. Here are some ways to maximize your financial resources.

Think carefully before making any purchase- make a list of questions to ask before buying to carry in your wallet and refer to it to avoid impulse buying.

Use credit wisely as a good credit record is very important. You are entitled to a free annual credit report. Don’t spend more than you take in. Don’t incur more debt than you can handle.  Do pay the balance on your credit card each month to avoid interest fees. If you have credit card debt, use tools from thebalancemoney.com to reduce and eliminate debt. Games from fdic.com help to understand debt.

Have a bill paying system to ensure that bills are paid on time.

Print Uncle Bill’s Bill Manager (pdf)

Make and follow a budget. Use a printable budget worksheet.

Set up files and make an important papers roadmap. Two helpful resources:

• File It, Find It Home Filing System (pdf)
• KState Organizing Household Records (pdf)

Choose a Financial Goal and use a chart to track your progress on saving money. Review net worth for a big picture view of finances.

Learn more about managing money at www.mymoney.gov, find financial tools at Mind Your Finances, and explore resources at USAA Educational Foundation. Online financial literacy course from Khan Academy.

Books and TED talks

• One Year to an Organized Financial Life by Regina Leeds
• Your Legacy on Main Street by Alina Trigub, TED talk How to teach your kids financial literacy
• Messages From Money by Ellen Rogin, TED talk The surprising way to teach your kids to be smart with money

The 2010 Census tagline is the inspiration for time management questions and 10 questions for setting goals:

1. In each life area, what will fill your life with value?
2. Which area of your life has the lowest levels of value?
3. What goal will be most effective in increasing the level of this value?
4. How can this goal be stated in SMART terms?
5. What is the most important action to take to reach this goal?
6. What are your talents?
7. What is your purpose….how will you add value to life with your talents?
8. Are your goals in line with your purpose?
9. Do your words and actions support your goals and purpose?
10. What action will you take today?

More questions to ask to think BIG at the Not So Big Life. Learn more at Asking the Right Questions.

At the end of the day:

1) How many tasks on your to-do list were completed?

2) How much of your time was spent on important tasks that contribute to mission and goals? How much of your discretionary or free time was well spent? (measure with a time audit)

The Pareto Principle or 80/20 rule says that 80% of the output or results will come from 20% of the input or action. This principle, discovered by Italian economist Vilfredo Pareto, illustrates the importance of using the small amount of discretionary time available to maximize results. The majority of our time use goes toward maintenance, work duties, and repeating tasks. That’s why it’s so important to use the small percentage of remaining time effectively. Watch these two videos that explain the Pareto Principle: Brian Tracy, and Frank Borg. Check out the Pareto Principle Board at Pinterest.

pareto principle

3) How many of the tasks accomplished were in the Important/Not Urgent Quadrant of Stephen R Covey’s time management matrix? (Also known as the Eisenhower Matrix) Learn more about setting priorities. This video explains the Eisenhower Matrix.

time management matrix

4) How many of the tasks accomplished had a BIG impact and/or HIGH engagement? Learn more about the Effect Priority Matrix.

Measure productivity with daily and weekly scorecards to track 1) actions completed 2) time spent in important tasks of Quadrant II and 3) productive use of discretionary time. Followers of “Getting Things Done” (aka gtd) ideas or any other productivity system will enjoy this fun and easy way to track productivity. A method that could be used for adding notes is the slash/dot system proposed by Patrick Rhone.

The goal of productivity is to…

DECREASE the amount of time spent on maintenance and repeating tasks, and INCREASE the amount of free time available to use in the way you choose. How? Use the Time Table to: Evaluate, Simplify, Be more efficient, Be more effective. Eliminate tasks that are not meaningful to you. Automate those that remain.

INCREASE the activities that ARE meaningful to you. There’s no point in increasing the amount of free time available, unless you use it well. How? 1. Be very aware of how you WANT to use it. Clarify how you want to add value. 2. Be very aware of how you ARE using it. Focus on how you want to add value.

See Also: How to tame Time Wasters: Time Wasters and Solutions and Optimize Your Day with the Science of Productivity More about metrics at Making Goals Specific and Measurable, and An Annual Review.

Learn more: A simple recipe to measure productivity from Stacey Barr, The Pareto (80/20) Principle at Better Explained, and How to 80/20 Your Life from Mark Manson