“We Can Not Always Make the Right Decisions, but We Can Make Good Ones.”
Sound monetary decisions require careful consideration. But there is also such a thing as decision fatigue , even when it comes to personal finances. Over-thinking the little money decision can end up costing more than it’s worth.
Money is easy to overestimate. You want to make the best use of your money. But your time and effort is also valuable. Your brain doesn’t have much willpower , and using it to make specific spending decisions can waste a lot of energy and time.
I learned this the hard way. Years ago, when I first started editing video for work, it was too cheap for me to buy a new computer, so I did everything on a small laptop that was constantly breaking down. I spent months disenchanted with this thing, constantly wondering if I should just buy a new one. I counted the numbers, I looked at the trades, I hesitated, and then my computer crashed and I went through this whole stupid process again. In the end, I finally upgraded and my job is much easier and faster. But I’ve spent a lot of time and effort over-analyzing.
Yes, you should think about your financial decisions. But your time is also valuable. Thinking too much about certain options can end up costing you more than money.
Writer Carl Richards talks about this concept. He reminds us to consider these costs – energy and time – when making a purchasing decision. It should be remembered that you may not always be able to make the perfect decision. He puts it this way:
We need to acknowledge that we may not always make the best decisions, but we can make the right ones. Typically, making the right decisions allows us to make the most of our resources and allow us to move on to other important things.
We are not telling you to make impulse purchases. But the next time you find yourself thinking too much about a small solution, think about all of your resources, not just money.
The full version is worth reading. Check it out at the link below.
Overcoming Cold Feet: The Case for Impulse Buying | New York Times
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