How to deal with financial procrastination
Start small
Take on one or two small financial tasks that you’ve been putting off in the past. And develop the habit of immediately dealing with issues that can be solved without much effort. If you berate yourself for bad financial habits, you risk starting to make decisions based on fear.
Doing small tasks will help you step back and see your strengths in your relationship with money, and this will give you the confidence you need to make educated decisions in the future. Small wins accumulate, and over time you’ll notice that your financial situation isn’t as dire as it seemed.
Make a plan
Break big goals down into specific steps that are time-bound. For example, set aside a little bit each month so you don’t have to frantically search for the large amount you borrowed for the year. To make sticking to the plan easier, explore different personal finance apps and choose the tool that’s most convenient for you.
You’ll also need a suitable budget planning method. Try starting with the simple, intuitive 50/30/20 rule, where 50 per cent of your income is spent on needs, 30 per cent on wants, and 20 per cent on savings and investments. If you don’t like this approach, you can find any other or even invent your own.
Change your attitude towards money
Budgeting is only a superficial solution to the problem. Sticking to limits will be difficult if you ignore the emotional nature of financial procrastination.
If you lack the knowledge to deal with money issues, you can consult a financial advisor, ask questions to an accountant you know or consult a friend who understands the topic. If you realise that the problem lies in emotional or behavioural barriers, it is better to talk to a psychologist.
Be patient
Your attitude to money is the key to paying off all your debts and laying the foundation for financial well-being. But getting rid of old habits takes time. If your plan didn’t work out today, go back to it tomorrow. Gradually you will form new habits. The main thing is to take small steps regularly, which will give you confidence that you are able to manage your personal finances wisely.
