Do you want to transform your finances, but for some reason, struggle to take action in the right direction?
If so, you’re not alone. A lot of people desire to be wealthier and happier, but that goal remains out of reach because of one of the most dangerous wealth saboteurs.
Here’s the problem.
Procrastination leads to delays, which can create a tighter deadline – and that’s not always a bad thing. When your back’s against the wall, you have to figure it out. It’s how you can miraculously complete that sales presentation – or check through a crazy list of errands in double-quick time!
Unfortunately, this kind of pressure doesn’t work so well with your finances.
If you’ve ever experienced money pressures, you’ll know the feeling of panic when an unexpected bill lands. Or the moment you realize you’ve maxed out your credit cards and there’s nothing you can do about it.
Panic creates fear, and fear makes you reactionary. It’s hard to think logically and problem-solve when you’ve lost your footing.
So why do we put ourselves in these situations?
I’ve found that there are FIVE common reasons.
Why do we procrastinate over money?
1. You convince yourself that you have time
I’ve been part of the finance industry for over a decade and hands down, this is the most common excuse I hear… Especially from people in their 20s and 30s.
Here’s the problem…
It’s very easy to put up a logical argument as to why you can leave financial mastery for another time – especially if your financial world is ‘ok’.
Comfort is dangerous because it stops us from investing in the ‘time-consuming’ work that would guide your finances into an infinitely better situation.
But that’s not all…
The other problem with purposefully ‘wasting’ time is that you lose out on compound interest. If you start investing in your 20s, chances are you’ll create significantly more wealth than someone who started later because of money’s exponential growth curve.
2. You’re too scared to face reality
I hear you.
The financial industry can feel intimidating – especially if you don’t have the experience or the knowledge to navigate it; and even more so if you’ve had a bad experience at some point.
If you’re grappling with challenging emotions around money such as guilt, shame or embarrassment, it may feel easier [and safer] to bury your head in the sand. It’s uncomfortable to own bad financial decisions, but at some point, you’re going to have to face reality.
Far better for you to choose the timing than wait until a situation is forced upon you.
What’s more, when you get crystal clarity on where you are right now, you may find that your situation isn’t as ‘bad’ as you perceive – even if you are in debt.
You’ll be surprised how rapidly things can change once you have a grip over your money and precise intentions for your future.
Face the fear. Tap into the infinite well of courage inside of you and use it to be financially braver. Your future self will thank you.
3. You’re seduced by instant gratification
Humans are impatient beings. We don’t like to wait because we want things now! [It’s why products that offer instant results are so tempting]. The digital age has taken this to the next level! For example, there’s no need to wait a week for the next episode of your favorite TV show. Instead, you can binge-watch the entire season on Netflix in one go!
It feels good to have what you want now, but there is a payoff.
Instant gratification can’t see future possibilities, and it’s not excited by the compounded results you can achieve if you do a little more work now.
You’re right; it’s not easy dropping rubbish spending habits. It’s tricky to figure out the investment world so you can take advantage of compound interest.
But just for a moment, imagine what would happen if you nudged your life along a new trajectory today?
Remember, money grows exponentially because it compounds over time. In short, the longer you’re in the game, the more your wealth can build [and the more choice and freedom you’ll have in your life].
4. You don’t know where to start.
It’s weird how too much choice and too many options can lead to procrastination, but it does.
You can blame decision fatigue. If the path ahead has too many choices, sometimes it feels more comfortable to stay where you are.
And that’s a common experience with money.
There may be lots of things you want to change around your finances. For example:
- Budgeting through a cash flow management plan
- Starting to invest so you can leverage compound interest
- Figuring out how to clear your debt
- Working on your money mindset
- Tackling your poor spending habits
- Saving for a deposit or a big trip
- Clearing your credit cards
Complications and excess choice do create overwhelm; the question is, will you allow indecision to stop you taking action towards something you say is important to you?
Lao Tzu said, “The journey of a thousand miles begins with one step”. His words of wisdom apply to your Financial Happiness too.
5. You’re stuck in too many bad habits.
How many of these ‘bad’ financial habits can you relate to?
You pay your bills and credit cards late. You don’t know exactly where your money goes. You live from paycheck to paycheck [even though your income says you shouldn’t].
You waste money on things you don’t value, and you have no security for those unexpected emergencies.
You say you don’t care about money, or you’re irresponsible with your finances.
When it comes to money, there are so many ways you can sabotage yourself. It’s tricky because when a habit is so well-worn that it runs on autopilot, we don’t always see the places where we trip ourselves up.
But here’s the truth…
Who you are today needn’t be the person you are tomorrow.
If you have a desire, you CAN change. You simply need to commit and then do whatever it takes until more empowering habits take hold.
How to leverage procrastination to create positive change NOW
On the plus side, financial procrastination can shock you into a situation that forces you to focus. Out of control financial procrastination can become a trigger that changes everything for the better.
But why wait for a scary wake-up call before
you shift your finances into an optimal position?
I promise your financial wellbeing will skyrocket when you take a proactive approach to your wealth-creation and money management.
And the sooner you start, the better.
Not only will you cut the risk of a financial slap, BUT quit procrastinating and you’ll unlock benefits like these too:
✅ Sow the seeds for compound interest.
✅ Eliminate negative beliefs, thoughts, and behaviours related to money.
✅ Protect your lifestyle.
✅ Create wealth to fund bigger goals and desires.
✅ Take more control over your life.
So what’s the first step?
I recommend you answer this journaling prompt for you to help you get clarity on where you’re stuck currently.
What needs to shift for you to want to work on your finances now?
And when you’re ready to commit and take focused action, the Financially Happy Program is here to help.