In the 1960s, psychologist Walter Mischel conducted the famous Marshmallow Experiment to test children’s ability to delay gratification, a key measure of self-control. In this study, children were offered a choice: one marshmallow immediately, or two if they could wait for a short period. Years later, Mischel found that those who could delay gratification tended to experience more positive life outcomes, including healthier lifestyles and higher academic performance.

While the experiment has faced criticism for its cultural and socioeconomic limitations, its core insight remains relevant: the ability to delay gratification strongly influences our financial behavior, particularly our capacity to save.

Just like the children who waited for the second marshmallow, savers who can forgo short-term pleasures often achieve greater long-term rewards. Imagine choosing between buying a car worth KSh 5 million today and investing that same amount in a 13% infrastructure bond. The semi-annual coupon payments become your “extra marshmallows” for resisting the urge to splurge. And at maturity, you might still afford the car without compromising your financial growth along the way.

However, delayed gratification doesn’t mean denying yourself a good life. It’s about finding balance and aligning your spending with your goals. For example, increasing your retirement contributions to secure a comfortable future, or cooking more at home instead of ordering in, so you can save toward that Master’s degree. These small shifts represent the discipline of choosing “later” over “now.”

So, can the ability to delay gratification be developed, or is it something we either have or don’t?
The good news is, it can be learned and strengthened.

Psychologists suggest several strategies to build this skill:

  • Distraction: Replace the temptation with an immediate but harmless reward that doesn’t derail your long-term goals.
  • Visualization: Daydreaming about the benefits of achieving your financial goals can trick the brain into experiencing the same satisfaction as actually attaining them. Since the brain struggles to distinguish between imagined and real experiences, visualizing success can make it easier to stay on track.

The psychology of saving doesn’t just apply to individuals; it’s even more powerful when practiced collectively. In Kenya, Chamas and group savings circles thrive on shared goals, accountability, and trust. Each member’s discipline reinforces the group’s progress. When one person chooses to save rather than spend, it sets a social standard that motivates others to stay consistent.

Group saving is, in essence, a collective form of delayed gratification. Members contribute regularly, resist impulsive withdrawals, and work toward long-term goals, whether that’s buying land, investing in business ventures, or funding education. The psychological drivers that shape individual savings, e.g., patience, visualization, and reward anticipation, are magnified in a group setting. Every contribution becomes a reminder that together, we can achieve more than we ever could alone.

Building a savings habit starts with the right mindset, but sustaining it requires structure, transparency, and accountability. Whether you’re saving solo or as part of a Chama, commit to turning your financial goals into reality, one disciplined decision at a time.

At ChamaSpace, we believe that financial discipline should be simple, transparent, and rewarding. Our Bookkeeping App helps Chamas and investment groups manage their finances seamlessly by tracking contributions, monitoring loans, assigning fines, generating reports, and visualizing group progress in real time. By automating your Chama’s financial records, ChamaSpace empowers members to focus on what truly matters; building wealth together.

👉 Visit ChamaSpace.com or download the ChamaSpace App on the Google Play Store to start your 14-day free trial and take the first step toward smarter, goal-driven group saving.