Over the years, our team has had the privilege of talking with many wonderful, godly people and hearing their unique financial stories. Do you want to know the one issue that comes up regularly, across all levels of income? 

PROCRASTINATION. It comes with a high price tag. So many of our members wish they would have started saving sooner! Procrastination will sabotage your financial future if you let it take the steering wheel.

What are some of the reasons we hear for procrastinating?

1. I Have Plenty of Time—I’ll Get to It Later

The most important asset we all have is time. Every day, that asset dwindles. Use a compound interest calculator and consider the value of the power of time. Or take a look at the chart below, which should give you the incentive you need to start saving today. If not, then set a deadline for yourself. Now move that deadline up a year. Set an alarm on your phone or computer and also have a friend hold you accountable to begin your saving journey.

2. I Don’t Want to Rush Into a Decision

Yes, your finances are worthy of thoughtful consideration, but don’t let the decision of whether to save for retirement wait for years. Pick a reasonable deadline and schedule a conversation about your retirement savings plan with us.

3. Shouldn’t We Eliminate All Debt Before We Save for Retirement?

These days, there is a certain element of pride associated with being debt-free. However, with low mortgage rates, you can generally improve your financial picture by putting away money for retirement and gaining more than you’re paying out in interest.

Remember:

• Your house will supply $0 of your retirement income, and

• Starting to save for retirement in your fifties costs you the most crucial element of retirement planning: time. 

4. I’m Saving 3%. Isn’t That Enough for Now?

It is enough if you are just beginning to save and have many years before you retire. But anyone who has taken a finance class or heard a retirement plan presentation understands that when it comes to investing, the sooner you can get to 15%, the better. Mathematically, John, who begins to invest at 50 years old, will have to save more and get comfortable with higher risk to catch up to Jane, who started on this saving road at 25. The bottom line is that John will probably have to sacrifice more of his current lifestyle, and his results will be subject to considerable market volatility risk.

Furthermore, procrastination tends to turn molehills into mountains emotionally. Psychologists say that putting off a task due to negative emotion actually compounds the emotion. You feel worse, and for a longer period of time. The good news is that you can change the course of your financial future by taking simple actions today. The relative degree of the improvement will depend on your personal circumstances and decisions you make. Some only need a slight course-correction, while others must dramatically alter their lifestyles and choices if they want to get on track. If you had a strategic understanding of your resources, needs and goals, what could you do with your money to improve your life? 

As with any challenging endeavor, remember that you don’t have to do this alone. Reach out to us today and ask about the first step of our FREE Financial Roadmap process. Financial procrastination is expensive. Act today! Your future self will thank you.