How to Stop Being a Financial Procrastinator
quit putting off stressful money decisions.
Do you put off financial tasks like tracking expenses or paying bills? How about making your Will? or starting to invest for your future? If so, you may be a financial procrastinator.
No-one loves paying their bills. But the costs of financial procrastination can really add up. Missed payments lead to fees, interest charges, and damage to your credit rating.
Failure to save and invest early on can mean losing out on years of potential compound growth.
Financial procrastination can prevent you from quickly detecting and addressing problems like fraud too.
Are you a financial procrastinator?
Take an honest look at your financial housekeeping habits. Do you avoid checking your bank account, opening bills, or filing taxes until the last minute? Do you put off difficult money decisions?
If so, consider why you procrastinate. Your relationship with your finances runs deep—it’s never as simple as being “good” or “bad” with money. Anxiety about money, having a scarcity mindset, feeling overwhelmed by financial tasks, or just a lack of confidence in your money management skills can all lead to avoidance tactics.
In short, when we live in a state of anxiety, we make worse financial decisions.
Putting off tasks can prevent you from dealing with problems early when they may be easier to address. And perhaps worst of all, it can make you feel like you have no hope of a more stable financial future.
If any or all of this sounds like you, consider these steps you can take to address your bad money habits head-on.
Start small to build momentum
Tackle just one or two small financial tasks that you’ve been putting off.
Build the habit of acting right away on manageable tasks. Getting down on yourself for your money habits can backfire in the form of fear-based decision-making.
It can help to zoom out and celebrate your personal finance strengths so you have the confidence to keep making smarter financial decisions down the line. Small wins add up, and you may find your finances aren’t as bad as you think.
Make a plan and get organized
Break big goals down into specific, scheduled steps.
Setting aside a few hundred per month is going to be easier to face than contemplating paying off thousands in debt. To make your goals more actionable, look into budgeting apps or other tools to automate and remind you of key tasks and deadlines.
When it comes to getting out of debt specifically, you don’t want to live in fear and stay in the dark. The most important thing is to start - by writing down all your debts in a simple list.
For creating a fresh budget, a popular option to try out is the 50/20/30 method.
Start healing your relationship with money
Making a budget is only a surface-level solution; sticking to a budget is extra tough when you’re ignoring the emotional root of your money woes.
Everyone has a money story - and it’s never as simple as “I’m bad with money.”
Seek support if needed
If anxiety or lack of knowledge prevents you from making progress, consider enlisting help from a financial planner. Combining financial advice with psychological supprt gives you a way to unpack the emotional or behavioral barriers to your financial well-being.
Be patient with yourself
Your approach to money is key to getting out of debt and building wealth. Still, old habits take time to change. If you slip up, get back on track the next day. Over time, new habits will form.
The key is to take small actions regularly to build financial confidence and momentum, so you keep making better financial decisions for yourself.