Day: November 18, 2015

Procrastination May Be Sabotaging Your Finances

how procrastination may be sabotaging your finances
Is Procrastination Sabotaging Your Finances?

Hello and thank’s for stopping in. I know we all have fallen victim to procrastination; I will be the first to say, that in some instances I procrastinate. But when it comes to my finances, I don’t miss a beat. I am alway’s looking for the most inexpensive way to do things. Whether it is furnish my house or travel out of town, I always try my best to save money.

We all know flight tickets become pricier as the date of travel approaches. We plan to buy our tickets early, but it slips our mind or life happens; that happens to me all of the time. As the date of our trip draws near, we check the price and lo and behold the price is through the roof. Because of, procrastination, we have to buy our ticket at a higher price.

Did you know that procrastination is sabotaging your finances? I spoke with a friend the other night and she was telling me that, at the latest, she wants to start her budget and get her finances in order January 1, 2015. I thought to myself, why so long, why not NOW?

We all have reason’s that we procrastinate, but when it comes to our finances, why can’t we ever just get the ball rolling? The longer you wait, the longer you will be in debt, living paycheck to paycheck, or as I like to call it po’check to po’check, the longer you will not be investing and so on and so forth. Tomorrow is not promised, so we should stop sitting on the sidelines waiting for the perfect time.

Be it the time to take a shower, time to wake up in the morning or to pay the bill before due date, delaying on things cost dearly. In the financial domain, prices soar, demands change, stocks sky rocket higher or plummet lower. Time decides how much money you can make from stocks. Time determines if you need to pay late pay penalty on your credit card bill.

People are aware of the undeniable ways that procrastination can impact their life, but they continue to ignore it. While it is true that money is not the only thing that really matters in a person’s life, still, I prefer a secure and stable financial life and you should too.

Sadly, procrastination is a difficult habit to break. As a matter of fact, some people delight in an elated rush of a last-minute push to complete a certain task, like Christmas shopping. In the same way, there are people who are enthralled in what is known as, analysis paralysis, which conveys that they over think a certain thing and don’t take the proper action.  

In actuality, regardless of the rationale why people drag their heels, it is definitely high time to be wise about the financial impacts of procrastination to reveal in real dollars how it actually brings about chaotic situation on your wallet.

How procrastination negatively affects financial life

1.You don’t plan well enough. When you fail to plan you ultimately plan to fail. Failing to plan says that you are not fully aware of immediate and long-term consequences of your present financial decisions. In reality, it is a must for us to contemplate on the fact that financial planning is not only about having a better future but it is also about having a better “present”.

2.Putting off the opening of a retirement account. Perhaps you don’t like completing documents. Some feel overwhelmed by their options or some delay this process until they are in a better position financially. Whatever the excuse is, take into consideration that every day that you are not able to open a retirement account will only lead to having more financial troubles in the future.

3. Delay in healthcare. Skipping your regular medical or dental checkups and delaying the practice of a healthier lifestyle can cost you more. It may be even worse if you end up having a terminal stage of a certain disease due to procrastination. So instead of being treated earlier and paying less medical bills, you end up critically ill and spending more on hospitalization, medications and other treatments.

4. Delaying bill payment. The late payment of your bills can cost you more money since you will be charged for penalties for delayed payments. This is a clear example of when your bills have bills. So, avoid late payment fees by paying your bills on time.

5. Procrastination can affect your career. Essentially, the manner a person works directly affects his or her results, how well he or she did the job and how much he or she achieves. Procrastination inhibits a person from achieving his or her targets and meeting deadlines; what result will this have on their career? They may miss out on opportunities like promotions or may be at risk of losing his or her a job.

6. Putting off home and car fixes. When you can no longer put them off, it costs tremendously more than the it would have cost if you had taken care if it when the problem first occurred. Instead, you sit on it and make the problem worse.

7. Procrastination can result in significant stock market loss.  The stock market is all about timing. Making money out of stocks, especially those who trade frequently, depends largely on timing. Your extent of profit and loss depends on the time you buy a stock and the time you sell that. Procrastinating on a buy or sell order might change your fortune altogether.

Please share this post across your social media platforms, don’t procrastinate share now!

Have a great evening!