Financial Procastination

The Enemy of Your Financial Endeavors: Procrastination

Procrastination is the enemy of your financial endeavors. It’s what keeps you putting off that critical task that needs to be done, day after day, week after week, month after month, and year after year. Do you think Oh, I’ll get around to that later or I’ll start working on it right away? but then find yourself browsing Facebook or watching TV instead? If so, your problem with procrastination may be costing you thousands or even millions of dollars in lost opportunity every year.

Avoid Procrastination

I’ll start tomorrow.
Procrastination is a killer. How often have you promised yourself you’ll start tomorrow? Well, now it’s tomorrow, and guesses what? You still haven’t done anything. Stop wasting time doing nothing and put that energy to use by starting your financial plan today. You will feel so much better knowing you did everything in your power to take control of your financial future.

This will be easy.
Everyone procrastinates and it is easy to put off certain things when we are feeling unmotivated. When it comes to making financial moves that can affect the rest of your life, procrastinating can be detrimental. This doesn’t mean that you should never put off planning for retirement or for your kid’s college fund.

But before you do, ask yourself if it is worth delaying these plans because you are too lazy to make a decision today. If you do decide not to act right away, come up with a plan that includes deadlines so that when the time comes around, all the steps will have been taken and you won’t find yourself unprepared. Remember, it doesn’t have to be complicated.

I don’t have enough time.
Many people who procrastinate often say, I don’t have enough time. This couldn’t be further from the truth. Everyone has 24 hours in a day and many think that they are using their time wisely, but even if you sleep for eight hours every night and spend eight hours at work during the day, this still leaves 8 hours per day.

That is plenty of time to accomplish any task we want to complete. It’s just that some people are not going about it the right way.

I’m saving money because I don’t have an emergency fund.
We all know that feeling. You’ve been trying to get started on saving money for months, but your procrastination habit has kept you from starting. Well, your best bet for stopping this crazy habit is the easiest – spend less than you earn!

Put whatever discretionary income you have left after necessary expenses into savings instead of splurging on things you don’t need. Trust me, it will be hard at first – but I promise it gets easier as time goes on. To learn more about how to combat procrastination in your financial endeavors, read our blog post on the topic!

My way out – what you can do today!
Identify one thing you know that is supposed to be done, but have not done yet. Write down this one thing and set a timer for five minutes. Do nothing but work on that one task for five minutes, if you can.

When the timer goes off, get up and repeat with another item on your list. Do this over and over until your list is complete! You might find it helpful to create an itemized checklist (or use an app) so you can cross things off as they are completed.

Use this one weird trick to get started right now…
It might sound impossible, but there is a solution. Instead of just doing the thing you don’t want to do and then feeling bad, try this method: do what you don’t want to do for just two minutes and then go do what you want.

This will bring guilt-free enjoyment right off the bat and help you maintain your sense of morality as well as get things done quickly. Give it a try!

Avoid Procrastination

In Conclusion
Procrastination is not just your college roommate who’s always sending you that Facebook message at 3 in the morning. Nope, procrastination is also the hidden (or not so hidden) enemy that wreaks havoc on your financial future. So what can you do to prevent it? Well, here are some helpful tips to stay on track and fight this nasty thing called procrastination.
First and foremost,
1. Find a reliable accountability partner or journal keeper to remind you when things are due. Utilize those lists! They really come in handy during those last-minute scrambles.

  1. Spend 10 minutes at the end of each day planning for tomorrow so there’s less room for error tomorrow morning when we’re thinking about what needs to be done for the next day. Use wasted time wisely.
  2. Do something you enjoy but that doesn’t take too much brain power; watching TV, catching up with friends online, or reading blogs like these. Research shows these activities actually boost our productivity by more than 50%.
  3. Avoid social media; being an armchair quarterback never helped anyone make money!

Leave a Reply

Your email address will not be published.