Impulses

Happy Friday!

Welcome to this edition of “Impulses” (#241).

Imagine you are passing through the aisles of the store during your grocery run when you come across a fantastic piece of clothing, a limited-edition pair of shoes, or a new flavor of ice cream that is not on your shopping list. Do you buy it, or do you manage your impulse and stick to your list? According to the market research firm?Provoke Insights, 92% of US consumers admit to impulse buying at least once, while 29% do it very frequently, i.e., once a week. This phenomenon is not unique to US consumers but is, in fact, global.?Researchpublished by Deloitte has found that the urge to splurge is universal, indulged in by people of nearly all ages, incomes, and genders.

More often than not, people regret such impulse purchases afterward, but they still continue to make them. Dr.Labroo, a consumer psychologist and professor of marketing, weighs in on this behavior and points to a few possible reasons for it. To paraphrase and condense the essence of her insights, let’s say it’s time to get 'R.E.A.L.'

Recognition:?The first and foremost challenge is that you don’t even know you have a problem. Only when you recognize it do you have a chance to rectify it. One primary reason people indulge in impulse buying is as a coping mechanism for the emotional imbalances we experience in life, be it anger, boredom, or sadness.

Easy?(to give in): You are constantly bombarded with persuasive marketing methods that make it so easy to place an order and have it delivered in no time, providing the instant gratification you seek.?

Abstract goals:?It is easy to fall into the trap of spur-of-the-moment impulses when you do not have specific financial or health goals. It’s hard to stay clear of these temptations when your long-term goals are abstract, and you cannot see a direct link to the damage this behavior is causing.??

Lack of intentional tracking:?Most of these impulse purchases involve relatively small amounts, making it difficult to assess the damage in real time. However, these small purchases can quickly add up over time. Unless you are very intentional about tracking your spending regularly, it’s hard to take note.?

While these are the most significant reasons for impulsive purchases, the same factors apply to any mindless actions that waste time and divert us from achieving our personal and professional goals. Whether your goal is to become a better human being, an influential leader, or achieve a certification, the same framework can be applied.? To achieve either tangible or intangible objectives, you just need to get 'R.E.A.L.' about time management.

Recognition:?Time is always in limited supply, yet we all act as if it is available in unlimited quantities. Unless one truly recognizes and internalizes this, one cannot act.?

Easy?(to give in): Humans are emotional beings, and we oscillate between a roller coaster of emotions throughout the day. When we feel low, it’s easy to indulge in activities that waste time. In this day and age, the options and opportunities for distraction are so ubiquitous that it's easy to give in. Learn and practice techniques like mindfulness and meditation to help you manage your emotions.

Abstract goals:?Do you have specific goals? Do you have a plan for achieving them? Are they time-bound? You have tens of frameworks available, like S.M.A.R.T. goals or the Accountability Mirror. Strive to have explicit goals that can constantly propel you to avoid distractions.?

Lack of intentional tracking:?A scroll through the social media feed or binge-watching a streaming series all seem harmless and justifiable when you cannot quantify the time lost. Start tracking your time daily, weekly, and monthly, and be intentional about where and how you want to spend it.

Let me leave you with this quote by M. Scott Peck, “Until you value yourself, you will not value your time. Until you value your time, you will not do anything with it.”?

Stay safe, Stay healthy and Stay blessed.?Thank you and have a safe weekend.