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That dopamine hit that comes with giving in to an impulse buy is euphoric. Just a few clicks and you’ve got a new purchase in your cart. Many of us have our credit card already saved in our phone, meaning you have probably just spent $200 faster than you can say “debt”.
What can often follow is an overwhelming feeling of failure and guilt, that can crush your spirits. That $200 hole in the monthly household budget will be felt somewhere down the line. Most likely at the supermarket when you’re trying to purchase the essentials.
The rise of smartphones and social media has undoubtedly contributed to instant gratification culture, but it’s something you can overcome with a bit of work.Credit: Getty Images
There might be a cost-of-living crisis, but Australians still spend $47 billion a year on impulse purchases costing people thousands of dollars a year. Young Australians are the biggest culprits with Gen Z spending $74 a week on impulse purchases, compared to just $9 a week by Baby Boomers, according to Finder.
So why do we do it?
If you’re swamped with deadlines and balancing the pressures of raising a family, you probably tell yourself that you deserve a little something for all your hard work. Avid social media scrollers may see an ad from a favourite brand, tempting you to make a purchase, knowing it will give you a quick dopamine hit.
It’s even easier to buy into the consumer culture knowing that purchased items could be on our doorstep within mere hours, depending on where you live.
Distract yourself with a walk, call a friend or head to the kitchen and do some meal prep for tomorrow instead.
But acting on the urge to feel good in the moment is usually short-lived. Instead, consider the long-term benefits and rewards you will experience by resisting short-lived spending temptations, financial therapist Jane Monica-Jones says.
Monica-Jones, who offers therapy to people with bad financial habits, says there are ways to overcome an addiction to instant gratification.
Overspending can be a vicious cycle. As we get more stressed and more cortisol runs through our body, the more we need that circuit breaker to stop the habit. She suggests walking in nature, spending time with friends and family or getting some exercise.
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“Online shopping gives us a dopamine hit, which is a chemical reward for the body. Taking a breath, getting off the phone and breaking that habitual pattern can save you a lot of money,” she says.
“Bear in mind that the high comes from the research and pursuit of the item, not the acquiring of it. The dopamine has left us by the time it arrives, so if you can train yourself to just enjoy the search, you’re going to be much better off,” she says.
Here are some ways you can combat your need for instant gratification.
1. Recognise your urges
If you’re an avid social media scroller and that’s where you find yourself interacting with the temptation of online shopping, it might be time to put down the phone.
Turn off your notifications, minimise your scrolling time and remind yourself of your financial goals. Setting boundaries for yourself is hard, but established limits is the only way to avoid temptations and help you feel more in control.
2. Wait it out
If you’ve recognised that you are a compulsive online shopper, admit it out aloud to yourself, so you can address the problem that it’s causing in your life. Start by waiting 24 hours to see if you’re still thinking about that item sitting in your online cart. The chances are, probably not.
3. Reward yourself in other ways
You might not be able to buy exactly what you want when you want it, but you can still reward yourself in other ways to keep you motivated.
Praise yourself for resisting spending distractions and create a reward system for yourself to keep yourself on track. For example, focus on the discretionary spending you have set aside this month, and what you intend to do with it.
4. Look after yourself better
If you’ve got enough sleep in the tank, you eat well, and you’ve got some balance in your life, you’re more likely to be able to resist temptation by lowering your cortisol levels and avoid debt traps to reach your financial goals.
Distract yourself with a walk, call a friend or head to the kitchen and do some meal prep for tomorrow instead.
5. Focus on your goals
Your budget is the pathway to achieving your financial goals, so revisit that when you’re feeling tempted and dabble in some online shopping instead. Knowing where you want to get to and focusing on the steps you need to take to get there will hopefully bring you back on track.
6. Slow down
Life moves at lightning speed these days. Working full time, paying bills on the commute to work and squeezing in exercise in our lunch break can normalise the pull of online shopping.
By slowing down and focusing on our own goals rather than being caught up in societal pressures despite living in such an instant world will help you achieve your financial goals faster.
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7. Get support
Whether it’s your husband, sister, close friend or an online community, build yourself an accountability network of people who can keep you on track and celebrate your wins with you.
With their help, change your focus so that you’re celebrating your financial wins, however small they might be.
- Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.
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