6. Decision making

Choosing like a champion

We make financial decisions every day and with each decision comes a range of options. This can be exhausting and lead to a failure to choose the best option, or failing to make any choice.

Indecision becomes a decision to do nothing — this can sometimes be the worst decision of all.

The right tool for the job

There are systems to make decision making easier. For example, a shopping list is an effective tool to use when buying your groceries. We can help you with advice on "shopping smart" for other purchases, such as phone plans.

Making great decisions under pressure

Making big financial decisions can be tough, especially if you’re under time pressure and feeling rushed. It won’t surprise you to learn that over one in three Australians find dealing with money ‘stressful and overwhelming’ (ASIC, 2018)

The power of presence

One of the best things you can do is slow down and step into the present moment. This helps you take note of what you’re feeling so you can:

• Step back: Why are you making this decision and what are you basing it on? Is it made out of fear or uncertainty? It is in line with the person you want to be?
• Step outside: How would you advise someone else in this situation? Imagine you were making the decision for a family member or a trusted friend — what would you do?
• Step away: Is now the best time to make this decision? Could you return to it in two minutes, two hours or two days time?
• Step forward: Look to the future. We choose immediate rewards because they make us feel good in the moment. What other rewards could come if you delay this decision?