9 Reasons why Procrastination is Expensive
Procrastination is putting off tasks at the last minute that you can otherwise accomplish sooner. It can have a big impact on your life and career as it reflects problems with self-regulation and self-discipline. Procrastination is a hard habit to break. You may not realize it, but it can also wreck your budget and financial plans in the form of opportunity costs and actual expenses.
Paying credit cards and utilities late
Credit card companies usually add financing charges for late payments, and in most cases it’s not cheap. Finance charges are completely avoidable expenses if you just pay your bills on time. If you can’t find time to get out of your way to pay the bills, find a way to automate it through internet banking services.
Buying gifts at the last minute
If you are picking up gifts in a rush, you won’t have time to compare prices for better deals. Planning gifts in advance will give you time to score a better deal and a better gift. The same goes for Christmas shopping. Spread out your gift purchases so the expenses will be more manageable. You can also plan on buying some items in bulk for wholesale prices and save on shipping costs.
Booking travel at the last minute
Air fares and hotel rates really hike up if you’re booking one or two weeks before the trip. Some airline and hotel companies even offer promotional rates several months in advance. Planning your travel ahead will give you better options and a stress-free trip.
Procrastinating saving up for a retirement fund
The power of compounded interest works with time. Building up your retirement fund with small amounts each month will give more time for compounded interest to work its wonders. In the long run, it will beat saving up big amounts in later years to catch up.
Taking the cab because you’re late
Even if you take a cab only once a week, that’s four times a month and it still adds up. Accomplish some of your morning tasks the night before, like choosing an outfit and preparing everything you need to bring. If you are packing lunch, cook it the night before so you can just reheat it the following day. Skip the mindless TV late at night and hit the sack early to wake up early. Set an alarm some ten to fifteen minutes before you leave to give yourself enough time to wrap up.
Forgetting to redeem reward points or gift cards
If you stash away gift cards for a “special occasion”, it might expire if you do not keep track of its validity period. Better yet, spend your gift cards to score discounts on necessities, like groceries, and keep the amount you saved in an emergency or retirement fund.
Procrastinating job applications
If you are spending forever to write that perfect job application letter and resume, you might be caught up in analysis paralysis. Submitting a less than perfect application is better than submitting it late or not at all. You might be letting excellent opportunities slip because you missed the deadline for applications.
Putting off house maintenance and improvements
Prevention is better than cure, and keeping up with regular house maintenance will cost you less than repairs. You can also save on electricity costs with energy saving house improvements, like installing insulation to make the heater more efficient. Switch your lights to LEDs. Clean your air conditioning filter regularly.
Rush shipping items
Buying items online usually gives you an option between rush shipping and regular shipping. If you planned your purchase ahead, you won’t need the more expensive rush shipping.
Procrastination affects all aspects of your life, not just your finances. Beating procrastination takes commitment and accountability. Make yourself accountable to a partner or a friend, or announce your commitments to your social media friends for more accountability; do whatever it takes.
Do not be discouraged if you make a commitment to stop procrastinating and fail at it two out of seven days in a week. Forming positive habits will not happen overnight, but it’s well worth the commitment in the long run.