Did you know that September 6th is Fight Procrastination Day? Well, no matter if it is that day or not, you may want to look at some financial procrastination issues that affect many of us. Delaying or avoiding financial tasks leads to stress, missed opportunities, financial instability, or even worse outcomes. Understanding what we tend to put off and how to address these delays can help us take control of our finances and set us up for financial success.

What Do We Put Off?

1. Paying Bills: Many people delay paying bills, leading to late fees and interest charges. This can damage credit scores and create a cycle of debt that is hard to overcome.
   
2. Budgeting: Creating and sticking to a budget is often postponed because it can seem overwhelming or restrictive. A budget does not have to be complicated or restrictive. A budget is simply your plan of how and when are going to spend your money based on your priorities and values. A good budget is the opposite of restrictive, it tells you what you CAN spend your money on!
   
3. Saving and Investing: Putting off saving for emergencies or investing for the future can result in missed opportunities for growth and financial security. Thanks to the magic of compound interest, a dollar saved or invested now is worth more than a dollar saved or invested later.
   
4. Tax Filing: Delaying tax filing can lead to penalties and missed deductions. And jail!
   
5. Debt Management: Ignoring debt can cause it to grow due to accumulating interest and fees. It can also lead to legal actions including repossessions and foreclosures.
   
6. Financial Planning: Many avoid planning for retirement or other long-term goals, which can jeopardize their financial future.

Financial procrastination can arise from negative emotions like anxiety, fear, or lack of confidence in our ability to manage our money wisely. These feelings can make financial tasks seem daunting, leading to avoidance.

What Can We Do About It?

1. Start Small: Begin with manageable tasks to build momentum. For example, set aside 10 minutes each day to review your finances.
   
2. Automate: Use automation tools to handle routine tasks like bill payments and savings transfers. This saves you from forgetting and can prevent missed payments, late fees, and interest. Automated savings transfers can help you build a nest egg without even missing the money.
   
3. Set Clear Goals: Break down large financial goals into smaller, actionable steps. How do you eat an elephant? One bite at a time. Having goals helps you focus on achieving those goals.
   
4. Seek Support: Consider working with a financial advisor or using financial planning apps to guide you through complex tasks. All military installations have financial counselors available at no cost and are experts in the financial challenges unique to military life. Additionally, Military OneSource offers FREE financial counseling as well! There are more resources from the Office of Financial Readiness, too!
   
5. Create a Routine: Establish a regular schedule for reviewing and managing your finances. Consistency helps reduce procrastination.
   
6. Visualize Success: Use visual imagery to imagine the benefits of completing financial tasks, such as the peace of mind from having an emergency fund. Having a goal board or picture on the refrigerator or bathroom mirror can help keep you focused and on the road to financial success.
   
7. Simplify: Simplify your financial processes by consolidating accounts or using budgeting tools to streamline your efforts. The best budgeting tool is the one that you will use, it does not have to be fancy with lots of bells and whistles.

In conclusion, overcoming financial procrastination requires understanding why we do it and implementing strategies to address and overcome those issues. By taking small steps, automating tasks, setting clear goals, seeking support, creating routines, visualizing success, and simplifying processes, you can take control of your finances and reduce the stress associated with procrastination.

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