How to deal with sunk cost
In my recent decision to cut back on (or entirely cut out) video games, I've been finding a lot of push back...in my own head. That's mostly due to the sunk cost fallacy--sticking with something purely because you've spent a lot of time, money, or resources on it. It's not a good thing to fall victim to that, but I've been playing with ideas on how to mitigate the "damage".
1. Take note of what you've gained
New skills? New friends? Better knowledge of your own tastes? Figure out what works and what didn't and keep it in mind as you move on.
2. Take resources into the next activity
Spent a long time playing ukulele and now you want to move to guitar? Accessories like a humidifier, amp, tuner, and so on could be easily used with the new instrument.
3. Focus on cheaper/free activities
Not every hobby or interest needs to cost a lot of money. Want to replace video games with books? Get a library card. You can check out books for free or hit up the library's ebook collection.
4. Sell things to earn back some money
Sell those video games/consoles or instruments or textbooks or whatever. Put the money toward the next thing or to savings, whatever matters more.
5. Be wiser about spending on hobbies/activities going forward
Do you need to buy a big self-learning textbook to learn Japanese? Maybe. But maybe there are a ton of free resources online as well.
6. Find a way to pad your resume
Did you reach an A1 level in Spanish? It's not very hard, but it's still enough where someone may find it interesting.
7. Sleep on all big decisions, but ALWAYS give yourself a deadline
The longer you think about it, the more likely you are to make excuses. That said, don't make stupid decisions in the moment.
8. Understand that others will try to talk you out of it
"You've spent so much money on this, why would you stop now?" That is literally what the sunk cost fallacy is.
9. Reflect on why you want out
Clearly something isn't resonating with you. You're not having fun? You're not learning more? Take the time to figure out why and apply it to your situation.
10. Rip off the band-aid
Remember the Nike slogan.
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