End Procrastination: 2 Minutes to Financial Health
“Procrastination is like a credit card: it’s a lot of fun until you get the bill.” ~Christopher Parker
Our culture loves to poke fun at procrastination, turning it into countless memes. Most of us are guilty of it. I procrastinated just this week with a Pilates class I’d signed up for. I thought of so many commendable reasons to not go despite knowing it would make me feel better. I paid for the class in advance. I bought a new workout outfit. I even showered! And yet the only reason I actually went to the class is because I knew the instructor would call me if I didn’t. Being held accountable helps prevent procrastination.
If you have worked with me, we’ve likely discussed the concept of financial procrastination. This is when we consistently delay or avoid dealing with our financial situation, to the point where we’re neglecting our own needs and well-being. It may look like:
- Increasing credit card debt due to making minimum payments
- Inability to cover an unexpected expense of $400+ with cash
- Late fees and interest charges from delayed bill payments
- Insufficient emergency and/or retirement savings balances
- Paying for subscriptions or services not used
In the last 2 days I’ve spoken with 3 individuals who were laid off from their government jobs. Sudden unemployment has an unfortunate way of getting folks to pay attention to their finances. But it shouldn’t be this way, especially since financial organization is made so much easier with apps like Monarch. I spend no more than 2 minutes a day on my finances, which curbs the desire to procrastinate. Who doesn’t have 2 minutes?! When we prioritize our financial situation, a sudden drop in income becomes a bump in the road rather than a full-blown crisis.
The best way to conquer procrastination is to seek support. Who are the people in your life that you can share your financial situation openly with, who will motivate and not judge you? If nobody is coming to mind, consider seeking the help of a financial counselor like me who will act as a judgment-free accountability partner for you.
Regardless of who you work with, increasing financial literacy and taking action are the keys to getting out of a financial procrastination slump.
