Debt Monsters

5 Points On Why Procrastination Is Bad For Your Finances6 min read

Reading Time: 4 minutes Ever take procrastination to the next level and drag on to the very last minute to get your job done? Allow tasks to stack up until they get you feeling overwhelmed and frustrated? But what if this negatively correlates to your finances? Stay tuned because we might help you out on this one.

August 3, 2020 4 min read
Procrastination Puzzle

5 Points On Why Procrastination Is Bad For Your Finances6 min read

Reading Time: 4 minutes

Have you noticed how every Netflix series becomes incredibly interesting when your deadline is just around the corner? Or how you’ll do the dishes for mum for five bucks. But why is that?  Because doing the job is not enticing unless there is an immediate reward; that’s just human nature. That’s why we prefer to put things back on hold. This has an effect on both our financial and personal habits. Unhealthy financial practices involve postponing savings in pension, irrational shopping, and failing to make payments on time.

In reality, procrastination can, in certain instances, be totally harmless. And there are occasions when your ‘perfectionism’ can only harm you. But people prefer to delay tedious activities like mutual fund investment since they don’t worry regarding how they could be impacted by lower savings. It seems more tempting to invest than to save. This habit will adversely affect your finances. That being said, here are some ways procrastination can indeed be anything but benign for your finances and you.

Ways delaying to the last minute can hamper your budget

1. Net Cashflow Deficit

If you’re a chronic procrastinator, you’re most likely trying to buy an AC or book travel arrangements at the last minute. However, you now seem to be better earlier than later. The faster you’re trying to buy all of these things, the more money you can browse about. Comparing the best prices for getting discounts, you can have a good savings plan.

If you buy items at the last moment, you have limited choices and could be compelled to choose the first alternative you consider due to time limitations. In this case, by procrastinating, you are forced to waste, even more, cutting through your income.

Whether you’re a student, scientist, secretary, executive, or homemaker, the book Procrastination by Jane B. Burka and Lenora M. Yuen, can direct you through a humorous read and help you take control of your postpones to the ‘almost nick of time.’

2. Late Fees Mean More Spending

Delayed fines are equivalent to late penalties, meaning you’re going to end up spending more than you’d planned for in your schedule. No-one wants to pay bills with whatever they are, so add-ons will only be worse. In addition, consistently missed fees on different bills could cause a higher rate of interest, meaning you will pay extra all in all. Both of these effects are inclined to drop off your estimate.

Financial Procrastination

You can check out The Procrastination Cure, which provides a start-to-finish blueprint for beating your inner procrastinator, and is written by Amazon bestselling author, Damon Zahariades. Your concerns with how to resolve your propensity to delay these fees, big assignments, projects, and other events to take steps that propel your performance regularly.

3. Farewell To Expected Foreseeable Income

It is highly unlikely that you will be able to give your utmost effort to this project whenever you rush to finish a project.  It’s in those times that we are forced to reduce edges and accomplish our tasks with haste and half-heartedness.

Whether it is updating your resume, applying for a job with a better salary structure, or going for tedious interviews, your present gig will only limit your inflow. Ultimately, your procrastination may directly impact your professional life further than you expected.

You will get more than 21 tested tactics to overcome the procrastinate tendency. You can also discover the causes why you procrastinate, along with helpful tips on how to hit the bull’s eye. All of this can be made easy with The Procrastination Cure.

4. Instant Budget Modifications

Whether you’re delaying earning some extra cash due to laziness, or just not paying on time, with unnecessary spending here and there making your estimated budget irrational, it is frustrating. Procrastination, in some cases, would definitely lead you to waste time and money and allow you to hurry on saving in another’s. If that is indeed the scenario, you will be required to continually change the expenditure quickly to cover either excessive or untimely spending.

Not only will you delay your growth on your financial goals by hurrying to modify your finances, but you may be more prone to make errors or miscalculations that might negatively influence some of your financial security.

Which actually appears to differentiate Damon’s suggestion is that it has been tested with his own life’s experiments. Damon recognizes his own battle with procrastination and offers specific approaches that are genuinely focused on a perceptual, first-hand gain in his book, The Procrastination Cure.

5. You’ll Be Late For Retirement Plans

Your investment is an opportunity for it to gain interest every day in a savings account, ipso facto you can have more investment locked up in the future the faster you invest. Pushing this off can involve throwing your monetary ambitions and retirement, or maybe you are even less secure than you’d been.

Procrastination

Perhaps it sounds like a ton of hassle, or perhaps you’d prefer to postpone before you’re more comfortably well-off, or maybe you’ve taken an impulsive buying decision that has forced you to hesitate for a later point in time to continue saving. Regardless of the explanation for this, the more you try to raise cash, the more it would affect you.

Procrastination, written by two experienced psychologists, is smart, efficient, and easy to use. The authors recognize the reasons why we keep off of tasks-fears of disappointment, performance, power, isolation, and affinity-and their origins in our younger and older life. This book is a great read for you to address and combat procrastination.

Bottom Line

Procrastination seems to be the art of delaying activities to the point when it goes out of hand, rather than completing them ‘now.’ This is a psychological strategy that can get out of hand, and it often does. At times, until there is no time left, the procrastinator needs a push at the back before engaging themselves with an adrenaline boost.

The habit of procrastination indirectly correlates to your spending and to your incomes, thus your overall budget. As a result, it is wiser to stop postponing and delaying saving and investment to a point where there are no choices left. This stress can not only hamper your financial life but viciously relates to your personal life too. We hope our read was precise, and you read it thoroughly without procrastinating!

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