Procrastination, Fear, and Money: Why Do We Procrastinate? (Part 1 of 3)
We have all had issues with procrastination at one time or another. The definition of procrastination is the voluntary but counterproductive delay of an intended action, but to put it more simply, it means delaying or postponing a task, despite the benefits of completing the task and/or cost of failing to complete it. While this is true for the most mundane things like chores and pesky dentist visits, it's also true in business and with finances.
Have you ever been afraid to open your credit card statement, your utility bills, or your bank statement? Even if you're afraid, you need to see what's going on. Ignoring your finances will hurt you and can lead to more credit card debt. It can also put you in a worse financial situation because you don’t have a proper handle on your money. You won’t know exactly how much you're spending compared to what you’re making.
So what is the number one reason people procrastinate when it comes to their finances? FEAR.
You think you’re procrastinating because you’re too busy; you need to help the kids with their homework; the dog needs to be walked; you can’t find the calculator; you’re just not in the mood. However, you know deep down that you're responding because of fear. This can literally stop you in your tracks.
Everyone has anxiety over money from time to time. We worry about having too much month and the end of our money and wonder how we’ll ever achieve our long-term goals. Financial fear and procrastination can take it's toll, but do you know what it can cost you?
Stay tuned for Part 2, where I discuss the financial costs of procrastination and fear.