Procrastination is a real thing that can trickle into multiple areas of your life. Financial procrastination is one of those areas.
What is Financial Procrastination?
Financial procrastination is when you have financial obligations and moves to make, but you put those decisions aside on a continuous basis. For instance, you know you need to balance your checkbook, but you continue waiting until things are going wrong. Or, you may have student loans and need to apply for a deferment, but you let the time lapse and end up in the credit bureau. Another example would be that you know you need to make changes to your investments, or even begin investing, but you keep putting that off.
Can you overcome it? Yes. Do you have work to do? Again, yes. Below are a few suggestions on how to get past your procrastination.
1. Accept Where You Are
You may feel as if you have to do too many things to get past the point of no return. The key is in accepting where you are, knowing you may never be ready to tackle everything, and start from there. Motivating yourself, even when you don’t want to, allows you to make baby steps toward making things right.
2. Time It
When you decide to take those baby steps, don’t overdo it. Give yourself time to get adjusted to figuring things out. Taking 5 or 10 minutes to do something simple is the first step in this transformation. Perception is everything. Don’t shy away because you feel as if things are too far gone. Address it one step at a time.
3. Give Everything a Deadline
If you work well under pressure, put your financial tasks on a deadline. With a firm deadline in place, it is easier to look at the task as something that absolutely has to be done, rather that something that can be put off again and again. Even if it’s going to open up that new bank account, you should set a goal and a date by when it should be done. This way, you’ll always hold yourself accountable.
4. Set Some Goals
Your baby steps should be tied to your goals. What do you need to do? How can it be accomplished? Setting your goals let's you begin to lay out a plan and path forward so you know what you need to get done.
5. Reward Yourself
When you tackle those financial issues, take some time to reward yourself. These rewards can be tied to your short and long-term goals. For instance, if you want to go see a movie, give yourself an hour to get things done before you have to leave. If you haven’t done what you were supposed to do, then no movie. Or, set yourself up for completing a number of financial tasks. For every task you complete, you get to surf the net, watch that new episode of your favorite TV show, or go out with some friends. It’s a different type of motivation, but could work in your favor.
6. Ask Someone Else to Hold You Accountable
Having someone close to you around to monitor your progress can go a long way. You might hold yourself accountable, but someone else holding your accountable could be even more powerful. You don't have to tell this close person anything sensitive. It could be as simple as telling them you have a task you want to complete and you want them to check in to make sure you completed the task.
If you establish these healthy habits to overcome your procrastination, your finances will seem a lot less stressful. Of course, if you still have trouble with procrastination, are still stressed about your finances, or just don't know how to proceed, Escient Financial is here to guide you and hold you accountable. Feel free to...
This content is developed from sources believed to be providing accurate information. The information in this material is not intended as investment, tax, or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Digital assets and cryptocurrencies are highly volatile and could present an increased risk to an investors portfolio. The future of digital assets and cryptocurrencies is uncertain and highly speculative and should be considered only by investors willing and able to take on the risk and potentially endure substantial loss. Nothing in this content is to be considered advice to purchase or invest in digital assets or cryptocurrencies.
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