Why we postpone Financial Planning?

Do you think I procrastinated writing this blog? Well, no. You wouldn’t be reading on the scheduled date if it weren’t written and posted on time.

But that being said, did I put off doing the research or setting the tone of the blog for a bit? Yes, I’d like to agree to that. But, the hard stop of a deadline and accountability pushed me to write it on time.

Then, why is it that while I make my own financial decisions, I tend to falter? Writing this blog made me question and understand why we behave the way we do when it comes to financial planning.

That’s something we all tend to push to the back burner – money matters. Yep, that’s right, the stuff that makes us sigh and procrastinate. But hey, here’s the good news: you’re not alone, and we’re about to unravel the mysteries together.

So let me not “postpone” getting to the point any further.

Read on and see for yourself!

1. The Procrastination Puzzle

Okay, let’s be real – who doesn’t love a little instant gratification? Whether it’s treating yourself to a spontaneous splurge or enjoying a fancy meal, the allure of the here and now often steals the spotlight from the seemingly distant rewards of financial planning. We get it. It’s like choosing between a cupcake today and a whole bakery later. But fear not, because balancing today’s pleasures with tomorrow’s gains can be surprisingly simple. And it can lead to financial self-efficacy.

The Challenge

Instant gratification often steals the spotlight from future financial gains. We call it the Financial procrastination.

How to Tackle It

Embrace a balanced approach. Allow yourself some guilt-free pleasures today, but set aside a small portion for future goals. Make it a game – treat yourself, but make saving a non-negotiable part of your financial play.

Action Points

Start with a small percentage of your income (even 5%) and channel it into a separate savings account. Label it “Future Fun Fund” and watch it grow without cramping your current style. Financial procrastination will soon become a thing of the past.

2. The Fear Factor

Guess what? We all get the jitters when it comes to facing our financial reality. The lingo can be a bit confusing, and the idea of making big decisions can be downright scary. But fear not, fearless friend! We’re here to break it down into bite-sized, friendly pieces of personal finances. Say goodbye to financial jargon, and hello to a stress-free approach to understanding your money matters.

The Challenge

Financial jargon and decision-making anxiety can be overwhelming. This feeling of anxiousness make us often procrastinate financial decisions and leave them to last minute.

How to Tackle It

Break it down, buddy! Educate yourself one step at a time. Start with the basics and gradually build your knowledge about how to plan and invest. Consider seeking advice from a financial friend or professional – someone who speaks your language and can guide you without the jargon. It’ll lead you to that perfect financial plan that both educates and empowers you to invest your savings.

Action Points

Today, dedicate just 15 minutes to Google one financial term or concept you find confusing. Bookmark a helpful website or reach out to a financially-savvy friend for a quick chat. To give you that nudge, here’s a word you often come across – inflation rate. Google it today!

The Illusion of Infinite Time

Time’s a tricky thing, isn’t it? We often fool ourselves into thinking there’s always a tomorrow to start saving or budgeting. But here’s the scoop: time is precious, and the sooner you start, the better. It’s like planting a money tree – the sooner you pop that seed in the ground, the taller it grows. So let’s kick that illusion of infinite time to the curb and get planting! Don’t let procrastination get you in the way of a financial plan that will get you on the path to invest and grow your wealth.

The Challenge

Believing there’s always a tomorrow to start saving or budgeting. For example, using a credit card makes you think you’re living in the moment whereas paying the credit card debt makes you think you have forever to get to it!

How to Tackle It

Reality check – tomorrow isn’t promised. The earlier you start, the better. Begin with small, manageable steps, and watch them snowball into significant financial achievements.

Action Points

Take five minutes today to set up an automatic transfer to your savings account. Even if it’s just a few bucks, it’s a step toward building that money tree. This also feels like a task? Start today with a small goal, and stick to it. It can be as small as setting the budget for your next 3 online food orders and sticking to it. The trick is in sticking to this plan, to invest time in it, and achieve that goal!

The Paradox of Choice

Ever feel overwhelmed by too many choices? Us too! But making decisions about your financial future doesn’t have to be a headache. We’ll help you simplify things, break it down, and guide you through the options. Spoiler alert: it’s not as complicated as it seems. Think of it like picking your favorite ice cream flavor – with a cherry on top.

The Challenge

Feeling overwhelmed by the multitude of financial options. A person on a screen throwing words around about the best money practices often sounds more like a smart mouth than a splendid professional. This lapse in judgement or feeling of “not knowing enough” comes from inadequate information in the financial space. We are taught to dream the biggest dream, but not on how to achieve it.

How to Tackle It

Keep it simple, superhero! Break your financial goals into smaller, achievable tasks. Consider consulting a financial advisor who can help you navigate the options based on your unique situation. Your personal finances are in your hands! To plan around your goals and getting to invest in it is a choice that you make toward your financial growth. Let’s call them financial planning priorities. Now, that you know about them, you can make that choice to act on them. Psst…don’t procrastinate!

Action Points

Today, pick one financial goal. It could be creating an emergency fund or paying off a small debt. Break it into three manageable steps, and take the first step before bedtime. You can always take guidance from a certified financial planner and break down your lofty ideas into achievable action steps.

Living in the Instant Gratification Era

In a world of on-demand everything, delayed gratification might feel like a foreign concept. But fear not! We’ll show you how to balance the convenience of credit cards with the satisfaction of building a solid financial foundation. It’s like having your cake and eating it too – just with a sprinkle of financial wisdom.

The Challenge

Balancing convenience with the need for a stable financial foundation. You might want to spend time on watching your favourite tv series, but are you willing to take an hour off and prepare an estate plan? Are you willing to switch from being a guy watching netflix to briefly being a guy discussing estate planning with a qualified financial professional?

How to Tackle It

Mix the best of both worlds. Use credit cards responsibly while maintaining a conscious budget. Treat yourself, but prioritize building a safety net.

Get those goals in order. We aren’t asking you to never watch your tv shows, we’d never do that! We’re saying – This Friday, when you switch on the TV to unwind, hit pause and schedule a call with a financial expert and understand the power of compounding.

Action Points

Spend ten minutes today reviewing your recent expenses. Identify one non-essential item you can cut back on this month and allocate that money to your savings.

The Power of Visualization

Ready to turn those financial dreams into reality? Visualization is your secret weapon! Picture a debt-free life, a cozy retirement, or chasing your passions without a care in the world. Sounds good, right? Now, let’s turn those mental images into action. We’re talking baby steps, not giant leaps. You got this!

The Challenge

Turning financial dreams into tangible actions.

How to Tackle It

Picture it, then live it! Use visualization to fuel your motivation, but pair it with practical steps. Break down big dreams into achievable tasks.

Action Points

Grab a piece of paper today and jot down three vivid financial goals. Now, beneath each, write one small action you can take this week to kickstart the journey.

To Sum It Up

Alright, friend, it’s time to take the reins of your financial future with a smile.  armed with these action points, you’re ready to make your money moves! No more procrastination – just a friendly push toward a brighter financial future. 

No finger-pointing, just a friendly nudge to get you on the path to financial freedom. Let’s ditch the procrastination blues and start a journey that’s easy, relatable, and, most importantly, all about you. Ready to make your money moves? Let’s do this!