Present bias: how instant gratification impacts your long-term goals

It’s tempting to take a reward that is available right now, but the cognitive bias can harm your future self.

For example:

• You may work hard to get a place on a law degree course, but then give in to the present bias and spend most of your time socialising at the expense of your exams.
• Being offered a higher salary can cause us to forget about our long-term career goals.
• The desire for instant gratification can lead to reckless spending rather than putting money into a long-term investment.
• Procrastination can prevent you from making progress on a project well before the deadline.

Managing the present bias consists in staying mindful of your long-term goals.

• Write down your long-term goals. Create a list of what you want to achieve this year or over the next few years. Then, when you're faced with a choice between different rewards, refer back to your list to ensure you're on track.
• Delay new purchases until tomorrow. The extra time will lower your impulsivity level and allow you to make an informed decision.
• Follow the ten-minute rule. If you procrastinate on a task, tell yourself to start right now for just ten minutes. You may find yourself continuing.