The power of patience: Why savings beats financing

a woman thinking whether to buy things or saving it

In a world that thrives on instant gratification and the latest trends, the temptation to indulge in the buy-now-pay-later (BNPL) culture is stronger than ever. Young adults find themselves grappling with the decision of whether to save up for their desired purchases or succumb to the allure of easy financing options. While the prospect of immediate ownership can be appealing, there are compelling reasons why saving up is a smarter choice in the long run.

1. Avoiding the debt trap

One of the primary drawbacks of financing options is the potential spiral into debt. While it may seem harmless to spread payments over time, the accumulation of interest can quickly turn a manageable purchase into a financial burden.

Saving up allows you to make your desired purchase without the looming threat of debt, providing a sense of financial security.

2. Building financial discipline

Choosing to save for a purchase instills a sense of discipline and financial responsibility. It requires budgeting, setting financial goals, and developing patience – qualities that are crucial for long-term financial well-being. By learning to delay gratification, young adults can establish healthy spending habits that will serve them well throughout their lives.

3. Develop a savings mindset

Saving money isn’t just about achieving specific financial goals; it’s a mindset that contributes to overall financial health. By embracing the habit of saving, young adults can create a safety net for emergencies, future investments, or unexpected opportunities. This mindset shift empowers individuals to take control of their financial future.

4. Avoiding (potential) hidden costs

While financing options may appear convenient on the surface, they can come with hidden or additional fees. These additional costs can significantly inflate the total amount paid for a product or service. Saving up allows you to see the true cost of your purchase upfront, ensuring that you make informed decisions and avoid unnecessary expenses.

5. Earning profits in your savings instead of paying hidden fees

When you save money, you have the opportunity to earn a profit rather than paying fees to a lender. By keeping your funds in a savings account or other interest-bearing investments, you can watch your money grow over time. This provides a financial advantage that financing simply cannot offer.


While the instant gratification of BNPL options may seem tempting, the long-term benefits of saving up for your purchases far outweigh the short-term gains. By choosing to save, young adults can build financial discipline, avoid debt, and develop a healthy savings mindset that will set the stage for a secure and prosperous future.

Remember, the best things in life are worth waiting for – and that includes financial peace of mind.

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