There are many people that can be classified as financial procrastinators. These people routinely wait until the last minute to pay their bills, put off saving for the future, and rarely check their credit reports. While this may be fine for a short period of time, over the long term it can cause numerous problems, especially if issues occur with your finances that you are not aware of. Staying on top of your money habits is the key to having a clear understanding of your financial status. Here are some tips that can help you stop being a financial procrastinator.
Set Aside Some Time To Plan
Studies have shown that people that set aside some time specifically for planning purposes are more likely to use planning to improve their life. There are many things that you can use this planning time for that can improve your financial situation. Some people use this time to go over their budgets and track their expenses. This time can also be used for planning out the food menu for the week, cutting coupons, or creating extra casseroles to store in the fridge so you don’t waste money on unhealthy fast food. Anything that helps you plan to save more money or spend wisely is worth the time you devote to it.
Pay Bills When They Arrive
Waiting until the last minute to pay your bills is a recipe for disaster. Delaying the payment of your bills increases the risk of making a payment late or missing a payment altogether, which could trigger expensive fees and higher interest rates. It also increases the chance that the money you are supposed to spend on your bills will be spent on something else. Instead of putting off paying your bills, try to pay them as soon as they arrive in the mail or your email inbox if you have gone paperless. If you do not have the money to pay them as soon as they arrive, make sure that you pay them in full as soon as you receive your next paycheck.
Automate Your Savings
A big financial mistake is waiting until the end of the month to put any money into your savings account. Saving for your future should be a high priority, especially if you do not already have an emergency fund established. Set aside a small amount of money from each paycheck to put into your savings account as soon as you are paid. If your paycheck is direct-deposited, you may be able to designate a specific percentage of your pay to be deposited into your savings account instead of your checking account.
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I make savings a priority and automatic. I think you always make time for the things you either like to do or have to do. Your personal finances is one of those things you have to do.