Financial procrastination affects how we manage our personal finances
August 20, 2023
Today, let’s talk about financial procrastination, writes Peter Watson.
It is not a matter of scolding yourself when human characteristics interfere with the way you operate. Accept the fact that people do things a certain way. If you choose, try and develop personal strategies that can lead to better results.
As you read this article, think of areas where procrastination is an issue you would like to have a strategy to avoid.
I’ll provide an example.
Years ago, the deadline for filing personal income tax was having your tax return in the mailbox by midnight a specific day. I remember on a few occasions with the deadline fast approaching, driving my tax return to our local post office to make sure it was filed on time and therefore avoided a financial penalty.
There were many others doing the same thing. Procrastination is just not something that potentially affects you, it affects many.
That type of behaviour is not logical. Why with several months to complete your tax return would you leave it until the final minutes?
The answer is simple. Because you are human.
Most people have things they procrastinate doing. If this normal human behaviour is something you would like to change, consider developing a strategy that will alter your procrastination tendencies.
There are lots of ways this could be done. Go ahead and be creative. Maybe even have some fun in the process.
Personal financial issues that can be most harmed by procrastination include failure to have a written financial plan that articulates your life goals and how they can be achieved.
Another significant area is not having a will or the two powers of attorney that cover health and property.
Procrastination is normal. Try to avoid procrastination on issues that are extremely important.
Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com
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