Do you like money? I do. I don't love it, but it makes life easier. I don't like wasting money, though. And we regularly defeat our plans and waste money through Procrastination. To quote Julie Morgenstern, author of "Never Check Your Email in the Morning," procrastination means "To indefinitely postpone or avoid performing a task out of anxiety, rather than time constraints or logic. Unfocused wandering, killing time."
Motivation for procrastination and for action differ from person to person, but this week recognize and use monetary motivation for action. Break through procrastination and save some money!
Actual Costs of Procrastination:
- Penalties charged for late filing or payment of your taxes
- ATM fees for using the closest ATM instead of planning ahead and using your bank ATM
- Late fees from the library (my 7 year old's contribution) or the RedBox (!)
- Late fees for past due bills or incomplete credit card payments. A client said our time working together paid for itself the first time she paid her bills on time!
- Higher rates for airline tickets, and expedited passport fees
- Costly repairs and car rental expenses, instead of maintaining what you own, like your car
- Expedited shipping, postage or delivery fees when we procrastinate in shopping
- Paying for overnight shipping or delivery to meet deadlines when we delayed too long for regular shipping
- Are you seeing dollar signs in your head yet? What about the....
Indirect Costs of Procrastination? Losing out on money-saving opportunities?
- Not receiving interest on your money, if you don't file taxes early
- Not cashing or requesting checks, or not receiving reimbursement payments until long after your money is spent, or not at all
- Not taking advantage of sales and discounts, or savings like early registrations
- Voiding warranties on big-ticket items like your car by delaying maintenance
- If I procrastinate in business, I can lose clients or money from lost sales.
- And don't forget about the....
Intangible Costs of Procrastination:
- Increased stress
- Loss of credibility or sympathy: Imagine two students come to my friend the professor in one week asking for a project extension. One always misses classes, turns in assignments late or not at all. The other shows up to class and usually turns stuff in on time. Who is more likely to get the extension?
- If you have certification or professional papers to submit, what about being lumped all together with the others, or tagged as a procrastinator? Ouch.
My blogging goals are to educate and motivate. My challenge to you is to re-read the above list, and determine if there is a task you are avoiding for no good reason - and "I don't want to" or "I don't feel like it" are NOT good reasons. Once you identify the task, get it done or at least started. A great weight will lift from your shoulders, and next time, you will be less likely to procrastinate!
This is part of the April edition of Colleen CPO's Blog.