10 Ways Procrastination is Costing You Big Time

Procrastination simply means to put off until another day or time.  To defer or delay action.  Is it your nature to put things off until you “get around” to them? Do you tend to fly by the seat of your pants, most days? Well, unfortunately, you’re not alone. Most of us tend to procrastinate, to some extent, but there are some who live this way day end and day out.

I used to say, (and sometimes still do) that I worked better under pressure.  When I would have a deadline looming, I would figure out exactly how long I thought I would need to complete the task and when I’d need to start.  But as life goes, almost always, I would run into a glitch and it would cause me to have to work double time to complete it!  I was prone to migraines when I was younger.  Therefore, I could always count on having one when I least needed it!  Not good for the mind, body or spirit.

Why Do We Do It?

There are many reasons why people suffer from procrastination.  It can be laziness, lack of self control, being a perfectionist, having to be in control, fear of change or just plain and simple…a fear of failure.  Maybe it’s a form of self sabotage.

You are afraid of not being able to do the job or not being able to do it well, so you put off starting or you never start.  I know people that are this way and it’s so heartbreaking to watch, when you know that if they would just take that first step, that they could probably have success.  It’s basically a matter of choosing not to do something and being forced to confront the situation or problem only when we absolutely have to.  This is not a good way to live your life. Problems, when left unattended, don’t go away. They tend to increase in size.

Unfortunately, procrastination is a very hard habit to break, but not impossible.

In this post, I’m going to address the most common things that procrastinators tend to put off and the impact that procrastination can have on their lives and finances.

See if any of these apply to you.

10 Ways Procrastination Is Costing You

Paying Bills

This one is really a no brainer.  We all know that when you fail to pay your bills on time, you’re slapped with late fees.  But this is not the only hit that you will receive.  Paying your credit cards late will almost instantly affect your credit score.  It can also result in paying higher interest rates, sometimes up to 29%!!  Your late payments can haunt you for up to seven years.

If you’ve taken out a 0% introductory credit card and are late even once, many times you will be hit with high interest AND can be charged the back interest from when you first opened the account!  Yikes!!

An easy way to get around this is to automate.  This will guarantee that you pay your bills on time and will stop wreaking havoc on your wallet!

If you need help with how to start a simple budget, read 8 Simple Steps For Setting Up A Budget.

Cleaning up the Clutter

Most of we Americans have too much stuff!  We either live with it or store it.  Having too much stuff is not only hard on our wallets, but it can also be very depressing.  It can make a person feel overwhelmed and desperate.  Clutter is very hard to ignore.  It keeps you from enjoying life and enjoying people.  If your home is being overrun with too much stuff, what does the procrastinator usually do?  He avoids dealing with it by closing himself off from family or friends.  This means not having social interactions with the people you love.  I mean, who wants to invite people over to a cluttered up, overfilled home.

Others may avoid their surroundings by never wanting to stay home.  Instead of facing the problem, it’s easier to avoid it and just leave it.  Only deal with it when you absolutely have to.  This results in not being able to enjoy your home.  There’s no way to enjoy it if you’re not there.

And lastly, clutter cost you money…big time!  When you have so much stuff, it’s easy for things to get lost.  When you can’t find something you need, what do you do?  You go out and buy another one.  Living with clutter is as much a financial problem as it is a social one.

The solution is to de-clutter and clean your space up.  This brings to mind the quote about how to eat an elephant. One bite at a time!  Break it down into manageable sections.  Start in one corner and work your way out.

Home Improvements

Home improvements, whether your buying or renting, are just a way of life.  There’s just no way around it.  Sooner or later, things break, rot or just become obsolete.

Procrastination can and will cost you a lot in this area!

If you have a leaking roof, the time to fix it is sooner rather than later.  We all know the damage that a leaking roof can do to a home.  From rotten wood to damaged sheetrock, flooring, furniture, etc.  The list could go on and on.

Insulating properly can save hundreds, if not thousands, in the long run.  Changing your AC filters, fixing leaky faucets, keeping tall grass and weeds away from your AC unit.  These are just a few ways of taking preventative measures in saving lots of dough in the future!

Car Maintenance and Repairs

This one kind of goes along with the home repair.  When something breaks on your vehicle, chances are, the fix may be costly.  Procrastinating and putting off oil changes, tune ups, changing air filters, driving on bald tires will most certainly have you regretting not keeping up with preventative maintenance.

Meal Planning

Have you ever gone to the grocery store without a list?  Or worse! Have you ever gone when your were hungry?  Bad, costly mistakes!

Taking a little time to look at your calendar and decide what you would like to make for dinner each night could save you tons of money and time.  It also keeps you from driving through the drive thru because it’s 5:00 and you don’t know what to cook.

I swear by meal planning.  When I started doing this, I simplified this area of my life.

I wouldn’t dream of going grocery shopping without a list, but I have forgotten my list a time or two.  I have been known to actually leave the store and go home to get it.  I’m lost without my list!  (I now use my grocery store’s app on my smart phone, so I always have it with me.)

Pull out your cookbooks or hop on Pinterest for tons of ideas and recipes.  Make your grocery list with the recipes in front of you and shop strategically.  And don’t forget or put off eating before you go.

Gift Buying

Aunt Ethel’s birthday party is tomorrow.  You received the invitation 3 weeks ago, but you’ve somehow put off shopping for a present, until now.  What do you do?  Well, you race to the store and wander aimlessly from store to store searching for the right gift.  As time ticks away, you become desperate and annoyed that you can’t seem to find the right present.  You finally spot a beautiful pair of earrings, but they’re way out of your price range.  There’s no more time to hunt online for a better deal or look at too many more stores.  You go ahead and buy them because you’re desperate to be done.

We have a tendency to become less price conscious and have fewer choices when we feel pressured by time and have to buy something quickly.

The solution to this dilemma would be to try and identify what gift you would like to purchase soon after receiving the invitation and pick a specific time to buy it and where you’re going to buy it from.  If it’s going to be an online purchase, allow yourself enough time to shop for the best price and allow time for shipping.  In this case, the earlier the better.

Traveling

Mom and Dad have asked you to come home for Christmas.  You’re looking so forward to seeing the family, but time has gotten away from you and it’s two weeks before you told them you were coming and you haven’t made airline reservations.  We all know Christmas is one of the most busiest (and expensive) times of the year.  You need to book quickly.  Oh my gosh!!  You had NO idea it was going to be that expensive!  What happened to last minute deals?  Never count on that.

When you procrastinate in planning trips and vacations, you will almost always end up paying more and getting fewer choices, when it comes to airlines, hotels and car rentals.

A little pre planning can be worth a fortune when it comes to traveling and vacationing.  One thing that has helped us to be able to afford travel (that we know will be coming up) is creating a “Sinking Fund” for it.  A simple savings account or envelope, set up for a specific item, like travel, and added to regularly, can be a God send.  Read more about this at Sinking Fund: Every Budget Needs Them.  I swear by these!!

Health

Have you ever heard the old saying, “An ounce of prevention is worth a pound of cure”?  When it comes to our health, putting off checkups can be life threatening.  Failing to get a small cavity filled can result in having to have a tooth pulled.  Fillings are way cheaper than tooth extractions.

One procedure that comes to mind, that many people tend to put off, is a colonoscopy.  Colon cancer is one of the most treatable cancers, if caught early.  Yet so many people die from this.  Why?  Because they’ve heard stories about the nasty prep.  Preparing a couple of days before, seems to be a small price to pay to save ones life.  Unfortunately, by the time symptoms appear, the cancer has either grown or spread.  Treatment can be costly, even with insurance, and there are no guarantees.

When experts say to start having colonoscopies at age 50, we should listen.  We have so much to lose by not taking these preventative measures.  This is definitely one area where procrastination could cost you your life.

Any time your body starts telling you something isn’t right, don’t ignore it.  It’s telling you for a reason.

Estate Planning

I heard someone say once that if they made a will, they were afraid they would die.  Well, guess what?  We’re all going to die.  No one gets out of this alive!  Tomorrow is promised to no one.

If you have a family, you owe it to them to have a will and life insurance.  If you don’t have these, it’s totally irresponsible and cruel.  Having a will and life insurance is a total act of love and it shows them how much they mean to you.

If you have children under the age of 18, wouldn’t it be better for you to decide who would care for them, in case of your demise, rather than the State to appoint a caretaker for them and not have a say at all?

The longer you wait to purchase life insurance, the more you pay.  As you get older, you also take a chance of deteriorating health and either paying a lot for your life insurance or worse, becoming uninsurable.

Wills are easily attainable, can be purchased online and are relatively cheap.  We purchased ours through LegalZoom.  A holographic will (hand written) is free with minimal requirements and totally valid.  There’s really no excuse for not having one.

Procrastinating in this area of your life can be quite costly for those left behind.  I can’t think of anything worse than a grieving family left with little money, trying to figure out how to pay for funeral expenses, how to divide up whats left, who gets the kids, etc.

Take care of this part of your life so no one else has to, after the fact.  Here’s a blog post on estate planning that can, at least, help you get started with subject.  Estate Planning Basics For All Ages.

Retirement

This is a big one, folks!  That’s why I saved it for last.  Everyday that you fail to open a retirement account will cost you big!  You lose out on the magic of compound interest.

Delaying funding of your retirement may very well pose an enormous threat to your financial well being in the future.  Albert Einstein called compound interest the “eighth wonder of the world”!  Take advantage of it!  If you procrastinate, you could face a very lean existence in your later years.  What’s more discerning is the average lifespan is growing even longer.  It’s imperative to start sooner, rather than later.  Also, when you start early, the amount that you invest can be smaller, when doing it consistently.  The longer you wait, the more you have to invest to play catch up.  And please don’t ever make the mistake in assuming the government will take care of you.  I would hate to think that the government was in charge of my retirement!  Am I right?

Actionable Steps To Help Overcome It

We all have some tendencies to procrastinate.  We’re human after all and there are just some times that we don’t feel like doing certain things.  But then there are some that procrastinate to the point that leaves their finances in shambles, like the above mentioned situations.

Here are some ways that have helped me to stay on track an keep the procrastination down to a minimum.

Make a To-Do list

Personally, I do this daily, but you could do it weekly or even monthly.  When you get your To-Do list out of your head and onto paper, it’s easier to visualize the tasks that need to get done.  You can use a yellow tablet, notepad on your phone or a planner.  It really doesn’t matter what you use as long as you just do it.  Once you write them down, prioritize from most difficult to easiest.  Eat the frog, first thing…so to speak.  Then it’s smooth sailing, after that.

If you’d like to dive into a little more detail on ways to stop procrastinating, “Eat That Frog” is a great resource for tips and ideas on how to overcome this bad habit.  “Who Moved My Cheese” is also a great, quick read for those that are not too good with dealing with change.

Eliminate distractions

It’s so easy to become distracted with your phone, the tv, social media, or just the internet, in general.  Get these things out of your sight and mind until you’ve completed your task.  If you have children, maybe work on things during nap time or when they’re at school.

Designate a time to work on and complete

If you keep telling yourself you need to do it but don’t have a date or time in mind, you’ll probably just keep kicking the task down the road.  I know I do this, so I use my planner to write in when I want/need to do something on a certain day or week.  A regular calendar also works great for this!!  Once I write it on my schedule, it forces me to complete it.

Figure out what’s holding you back

When you know there’s a task you need to do but something always seems to get in the way of starting and/or completing the task, many times, it’s only an excuse.  Identify what it is and look for a way around the excuse that is stopping you.  Do you run out of time?  Are you too tired?  Do you feel unmotivated?  Dig deeper and find out why?

Push yourself

Try to accomplish just one thing on your to do list.  If you can complete just one thing a day, by the end of a week, you will have knocked 7 items of your to-do list.  Accomplishment is a great motivator.  It has a domino effect.  When we accomplish one thing, it drives us to want to keep going and do more.

What Procrastination Boils Down To

Hunter Thompson said “A man who procrastinates in his choosing will inevitably have his choice made for him by circumstance.”  This holds true in every instance that I mention above and then some.

Procrastination chokes the life out of your goals and dreams.  I’ve always told my children that it’s a thief.  It steals from you and has to be nipped in the bud.  Stop putting your life and dreams on hold.  If there is something you’ve always wanted to do, then by all means, take that first step and do it!  Fear of failure should not be an excuse!  It’s only failure if you quit trying.

Just remember…A journey of a thousand miles begins with just one step!

Are you guilty of procrastination?  I’d love to hear from you and what you’ve done to over come it.  Leave me a comment below!  And don’t forget to subscribe to Love To Frugal so you never miss a post!