We live in a world where we get taught that waiting and patience are bad or inconvenient principles. Marketing campaigns brainwash us into believing that we need a product immediately or it may be sold out, or if we don’t have it, our lives will be worse off.

• Do you always select the express delivery option when ordering online?
• Do you use your credit cards to purchase impulse buys instead of waiting till month end and pay day?
• Are you a fashionista or trend setter that needs the newest gadget or latest fashion as it hits the shelves?
• Do you suffer anxiety if you lose out on a sale?
• Do you thrive on the endorphins released from shopping?

If you answered yes to any of the above questions, then you could be a slave to instant gratification. 
 

“Instant gratification is the opposite of what we’ve been taught and try too hard to practice — delayed gratification. Waiting is hard, and there is an innate desire to have what we want when we want it, which is usually without any delay… when we don’t get fulfilment, our psychological response is anxiety or tension.” *
 

This phenomenon makes us put our wants over our needs. 

But what happens when we use credit to fulfil our instant gratification. ‘Buy now pay later’ seems to be the dominant mindset today.

How do we get out of this mindset, or even worse, recover from the debt we have incurred?

• We all avoid this but, take a serious look at your budget. Your expenses and your income.
• Look at where you can cut costs. Saving a small amount here and there adds up e.g. that morning deli coffee, those work lunches, buying food at convenience stores.
• Look at cancelling subscriptions and memberships you don’t use, even direct debits. You’ll be surprised how much you can save and channel into paying off your debt quicker.
• Distance yourself from online shopping. Delete card details to make it more difficult to shop. 
• Leave your credit cards at home when you go out. This way you aren’t tempted to spend.
• To avoid binge spending, budget an amount for impulse shopping. this way you control your spending and still get your instant gratification fix.
• Impulse spending is as much a psychological problem as it is a financial one. You need to change your mindset towards buying. If you are a serial spender, then you might need to seek the help of a psychologist to break the cycle.

If you find that you are unable to cut costs or are drowning in debt, then seek the help of your financial adviser to make a debt payment plan for you, and get you back on the road to financial freedom soon budapest@devere-europe.com  warsaw@devere-europe.com
 * https://www.entrepreneur.com/

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.