If you haven’t felt the urge for retail therapy during a hard day, count yourself lucky. This common term refers to spending on things you don’t need to feel better when you’re down. A recent survey of 2,000 U.S. consumers showed that Americans’ impulse spending increased by 14% in 2022. The behavior is usually related to a false sense of accomplishment or a feeling that you deserve what you buy, but it can harm your finances.

How could gratitude help? If you appreciate what you have, you’ll likely feel less need to overspend and avoid buying things you don’t need. So whenever you’re having a rough day and want to splurge, think about all you have, and be grateful. Doing this can lift your mood and help you save money.

2. Encouraging Patience

Sometimes, money takes time. Thus, when it comes to your financial life, patience is a gift. Practicing gratitude can contribute to your patience and may make you prone to wiser decision-making regarding your money.

A Northeastern University study demonstrated the correlation between gratitude and patience. Researchers gave participants a choice to receive $54 on that same day or $80 in 30 days. Before making their decision, they had to write about an event in their past that made them feel either grateful, happy or neutral. What did they find? People who wrote about gratitude were more patient and likely to wait for the bigger payout. Those who were feeling happy and neutral were more willing to forgo the bigger payout to get money on that same day.

3. Powering Up Your Career

Gratitude can be key to building strong work relationships and increasing a mutual willingness to help each other. In the workplace, gratitude isn’t shown just by saying thank you; it’s also demonstrated by respecting other people’s time, recognizing efforts and being kind.

As a leader, if someone on your team appreciates your collaboration and guidance, you will be more likely to help them again. As an employee, if your superior constantly recognizes your hard work and thanks you for your contributions, you are more likely to perform better. In both scenarios, gratitude drives performance, and performance drives career growth. Improving your professional standing can ultimately improve your financial situation.

4. Changing Your Mindset

Practicing gratitude can help you feel like what you have is enough. It helps you learn to live happily with what you have and not feel the constant angst that something is missing.

Whether it’s a kitchen appliance you won’t use but feel the need to splurge on or the newest designer bag you suddenly need, abstaining from buying can positively impact your finances. Being grateful can—with time—teach you to live in peace with what you have rather than constantly thinking about (and spending money on) the things you don’t.

5. Doing Good With Your Money

The University of Berkley studied the impact of gratitude on well-being and behavior. The research concluded that appreciation has a significant effect on your brain, and the more gratitude you feel, the more likely you may be to express that gratitude.

When it comes to wealth management, the basic logic is to prioritize spending money on the things you value the most. If you appreciate giving for the welfare of others or a specific cause, adopting a gratitude-driven mindset makes giving feel natural. After all, gratitude can compound into generosity.

Gratitude Costs Nothing

Practicing gratitude is a little thing that costs $0 but can positively impact your finances. People are used to making money by waiting for their money to grow. While investing is an essential part of wealth creation, you also need to think of your mindset when making wealth decisions.

Aside from being grateful for your success or your money, learn to live with gratitude every day. Doing so will bring you financial rewards, even if they don’t always come in the form of a cash payout.

The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.