Oops…. I was influenced

I try not to follow fashion influencers, but I find it hard to resit @brittanybathgate’s content.

A few weeks ago her beautiful minimalist pictures lured me to click ‘follow’ and, a few nights ago when I was tired and in bed scrolling through IG, I found myself admiring a chic denim co-ord that Brittany was modelling.  Seconds later, I had added it to basket, hit ‘checkout’ and the two-piece was on its way.

Even money geeks have ‘gotcha’ moments

As a personal finance and psychology geek I know that if I want to stay in control of my money and spending decisions, I shouldn’t follow style influencers.

These online  micro celebrities make a living out of advertising to their audience and, due to the rush of dopamine that social media use can cause, neuroscience studies have shown that as we continue to browse influencers’ feeds our ability to make rational decisions declines, while our impulsivity  spikes. Throw in some aspirational and distracting lifestyle photos and the combination makes social media one of the most persuasive marketing techniques that exists. In fact, research by Mintel released earlier this month found that almost half of the adult Brits it surveyed had purchased a product because they were influenced.

Dealing with bad decisions

Unsurprisingly, the regret set in long before my purchase arrived.  I pretty much instantly wished that I’d taken time to think clearly about my decision, rather than rapidly and almost unconsciously convincing myself that the items would sell out sharpish because someone with an 456k-strong audience was incentivised to promote the goods.

But, on the plus side, there are some good lessons in all of this.  Aside from the reminder that my sleepy brain and late night IG scrolling do not mix, I learned that there was little point beating myself up by asking ‘why did I do that’ and telling myself off. In almost every scenario, posing a ‘why did I’ question leads to a defensive and unproductive response – it’s one of the first things that you are taught as a coach.  Instead, focusing on what it was that caused the action is far healthier and the approach typically highlights the empowering actions that we can take.

In the case of online impulse buys, you can unwind them and learn from them by:

1.Exercising  your right to return. Shockingly simple, but true as long as the terms and conditions are met.  A postage fee might apply, but paying this is better than keeping what you’ve bought only for it to become clutter that you eventually sell on Vinted at a significant loss.  It is also worth checking your order confirmation email as it may be possible to cancel the purchase before it is shipped.  If you bought an item that you can’t return, sell it asap.  ‘New with tags’ and ‘hardly worn’ items usually attract a higher resale price.  The longer you leave an item sitting in a cupboard or wardrobe, the more guilt you’ll feel and the less you are likely to recoup.

2. Lean into the cause of the decision and the lessons you can learn. Don’t prioritise beating yourself up and don’t keep asking yourself ‘why’. This will only make it harder to reset and make better decisions going forward.

3.Put the systems in place that support the behaviours you want to encourage.  Habit guru James Clear often gives this advice to readers of his newsletters.  In my case, this means keeping my phone outside my bedroom at night so that I cut down on bedtime scrolling and waiting at least 24 hours before making a purchase.  I will also be getting friendly with the ‘unfollow’ button on Instagram!

Previous
Previous

The money-clutter connection

Next
Next

Is your money organised?