How to make better decisions in life and in business:

Did you know that on average most adults make more than 35,000 decisions a day? From the moment we wake up to the minute we rest our weary heads, the brain is busy. Now that equation is enough to leave you feeling exhausted but wait, there’s more. Add to that, the reality of being a parent who works full time and tries to balance family life with financial responsibilities! If you’re feeling overwhelmed, you’re not alone. In fact, research by CoreData and Choosi found 90% of Australians believe an abundance of choice is leading to real difficulties when making decisions. So how can you learn to make better decisions before it’s too late? Read on for some top tips.  

1. Emotion causes commotion

It seems like common sense, but making a decision when you’re feeling emotional is one of the fastest ways to find yourself in a sea of regret. When we’re feeling overcome with emotion – whether it’s happiness, sadness or somewhere in between – making a decision is a way of exercising control. However, no matter how good it feels in the moment, chances are you’ll regret that decision once the emotions simmer down. In fact, a recent study found that 41% of people regret a purchase based on emotion. So whether you’re on a shopping spree or running a business, don’t let emotional highs and lows become a factor in your decision making.

2. Consider before you commit

There’s a certain excitement that comes with any kind of major purchase. Whether you’re looking to buy a new family car or considering kick-starting a small business, the butterflies can get the better of you. It’s at this time that patience can pay big dividends. Before you jump head first into a financial commitment, be sure to given it consideration – and a cooling off period. Research has proven that 1 in 3 Aussies have made a large purchasing decision they regret. To make matters worse, 2 in 3 people have bought things they have never used. So rather than rushing, take things slow. You’ll be amazed at how waiting a little while can ease the pressure on your wallet!

3. Be wary of tiny totters

Most parents can admit that when it comes to being cavalier with cash, their kids are public enemy number one. While it can be hard to say no, learning how not to spoil your little ones is an important lesson. If you set a precedent of sensible purchasing behaviour, your kids are less likely to expect gifts on a regular basis. Currently, one quarter of Australian parents concede they tend to throw logic out the window when it comes to spending money on their children. Buck this trend by taking the firm but fair approach and watch your finances flourish.

4. Conquer the Hunger Games

This may sound silly but if you’re looking to succeed at home or in the workplace then it’s time to think about your tummy! Hunger can play a huge factor in how you act and react, so it’s important to remain well fed. Research carried out by scientists at the Max Planck Institute of Neurobiology discovered that hunger influences our willingness to take risks. When you’re running on empty, you’re more likely to make risky decisions within the workplace. Similarly, hunger pains can affect your logic when shopping. A quick trip to the grocery story can become a wild shopping spree if your belly is empty. So if you ever needed another excuse to start snacking, now is your chance.