Ever find yourself choosing the instant coffee over waiting for the fancy brew that takes a bit longer? Or do you find yourself reaching for a quick, low quality snack when you know that salad in the fridge is the better choice?

If you’re uttering a resounding yes right now, you might be dancing to the tune of hyperbolic discounting without even knowing it!

Yep, this funky cognitive quirk tends to make us choose quick, smaller rewards over bigger, delayed ones – even when it’s not in our best interest, and as a result, can very quickly send our wellbeing journey into a tailspin.

What is Hyperbolic Discounting?

Picture this… You’re given the choice of taking home £100 right now or patiently waiting another month for a sweet £150. What would you do?

Logically, you’d think waiting a month is a no-brainer, right?

However, even though your decision may depend on how desperately you need that money now, hyperbolic discounting will naturally nudge you towards the instant gratification of £100, even if the bigger reward down the line is a pot of gold.

Why? Because of something called “temporal myopia.” It’s like having short-sighted glasses on when thinking about the future. And this myopia can make us choose the stuff that feels good now even though it might not be so good for our future health and happiness.

The Present vs Future You Showdown

At the heart of hyperbolic discounting is a bit of a showdown between your present and future selves.

Have you ever made a decision and thought “my future self will hate me for this”? I know I have!

The ‘you’ of now, all about those impulses and desires, often takes the lead in decision-making. And, unfortunately, the ‘you’ of the future sometimes gets the short end of the stick. Think of it as a bit of a time-struggle, where the pleasures of the present can overshadow the rewards of the future. It’s like dangling a sparkly carrot of instant joy in front of our noses, and we can’t resist taking a bite.

And, it’s not just dietary choices where this age-old tug of war shows up! It rears its little head alllll over the place – from spending money today instead of saving for tomorrow (hello, retirement worries!) to choosing Netflix over hitting the gym (we’ve all been there).

Health and Happiness in the Crosshairs

Hyperbolic discounting can be a sneaky troublemaker when it comes to forming good habits. Habits that make us healthier and happier, like exercising, eating mindfully, and getting some solid shut-eye, often need a little time before the benefits kick in.

As a result, the quick fix of pleasure we experience from the comfy couch evenings or the instant joy of devouring not-so-healthy treats have far more allure in the moment. The promise of a fitter, happier future you gets quickly overshadowed by our brains and body’s seeking the immediate pleasure of those not-so-healthy alternatives. Sneaky, right?

And while in the moment it might feel good, the longer term negative impacts to our health and happiness start to compound with every ‘quick fix’ decision, leading to an unshakeable, empty feeling of dissatisfaction with ourselves and our lives.

How to Tackle the Hyperbolic Discounting Dragon

Even though we’ll never be able to completely remove our instincts to satisfy our present selves over our future selves, let’s think about a few helpful strategies to at least try and tame this dragon…

Come to Terms with The Dragon: The dragon exists and it’s not going away, so let’s create useful plans; not just about what you want to happen but how you’re going to work with the obstacles that will inevitably come your way. When we pre-plan for the obstacles, challenges and ‘Hyperbolic Discounting Dragon’ that will – at some point – show up, then we’re less likely to be caught in off-guard! Create your realistic roadmap to achieving your goals, rather than your ideal roadmap.

Mindful Decision-Making Magic: Bring yourself back into the moment while considering the future! Mindful decisions mean considering the future consequences of what you’re consciously choosing to do right now. But that is a lot easier said than done. To help you do this, put visual reminders around your home. For example, I have a poster that says “Don’t choose short-lived happiness over long-term joy. Future you will thank you”. And, when I realise I’m torn between present me and future me, I read these words out loud to myself and remind myself of what long-term joy means to me. It works, 75% of the time ????

Sprinkle Immediate Rewards on Future Actions: Spice up the journey! Connect little rewards to smaller actions that contribute to your long-term wellbeing goals. Finding joy in the process makes the long-term path more enticing.

Because, at the end of the day, it really isn’t about the destination – it’s about the journey. Life is hard and life is short, so we must enjoy the journey along the way and reward ourselves at important milestones, rather than always waiting to experience joy when we finally “get there”.

Conclusion

So, there you have it – the lowdown on hyperbolic discounting and how it can throw a curveball in our quest for a happy, healthy life.

By understanding the game it plays and using these little strategies, we can plan for the inevitable pitfalls and make decisions that have our future selves doing a happy dance.

Here’s to a wellbeing journey that’s not just smart but also a whole lot of fun! ????