Studies have shown that the use of languages which grammatically associate the future and the present tends to correlate with more future-oriented behavior. We take an experimental approach to go beyond correlation. We asked bilingual research participants, people fluent in two languages (12 language pairs) which differ in the way they encode time, to make a set of future-oriented economic decisions. We find that participants addressed in a language in which the present and the future are marked more distinctly tended to value future events less than participants addressed in a language in which the present and the future are similarly marked. In an additional experiment, bilingual research participants (seven language pairs) were asked to choose whether they wish to complete a more enjoyable task first or later (delayed gratification). When addressed in a language in which the present and the future are marked more distinctly, participants tended to prefer immediate gratification more than when addressed in a language in which the present and the future are marked less distinctly. We shed light on the mechanism in a within-person experiment in which bilingual research participants (nine language pairs) were asked to spatially mark the distance between the present and the future. When participants were addressed in a language in which the present and the future are marked more distinctly, they tended to express more precise temporal beliefs compared with when addressed in a language in which the present and the future are marked less distinctly.