Procrastination is usually a bad habit. Procrastinating at work can cost you your job. Procrastinating on exercise can leave you unfit. However, there is one time when putting something off can actually help: buying. If you want to buy something or want to spend money, get into the habit of procrastinating. Putting off spending cash nips impulse spending in the bud and saves you money. In many cases, you may find that the item you wanted or thought you needed isn’t so important after all – and you’ll have spent a bundle.
Here’s how it works: lets say you find something you really want to buy. Rather than snap it up and put it on your credit card, walk away. If you’re worried about the item being gone, have a sales person put it on hold for you. Take a walk around the block. For larger or more big-ticket items, give yourself at least a few days. Can you find the item for less elsewhere? Do you still think that you adore the item that much? A cooling down period often shows you what you really want and what you’re casual about and can live without.…
Getting organized often means more money. If you don’t believe that, consider this: how often have you had to pay late fees or penalty fees because you forgot to pay a bill on time? The truth is, staying organized ensures that you pay everything on time, keep your credit score good and are able to capitalize on opportunities. Here’s how to stay organized in your financial life:
1) Have one place for all your financial “stuff.” You might choose to keep everything in a box, in envelopes, or in a filing system, but it’s important to have one place to store everything to do with your finances – including receipts and bills. Make sure your system allows you to keep paid bills, unpaid bills, tax information, banking statements, and investment stuff separate, so that you can always find what you need.
2) Use a planner or organizer to remind yourself of financial dates, just like appointments. If your credit card bill is due on the 20th, mark “pay credit card” on your calendar, where you will see it, a few days before the 20th.
3) Automate what you can. Consider having bills paid automatically through your banking system or credit card. This way, you never forget. Consider having savings automatically deducted from your paycheck. The less you have to do to keep organized, the easier it will be.
4) Do a thorough sweep of your finances at least every three months. Check your credit score, calculate how much you owe in personal loans, evaluate your dependence on payday loans, decide how well you are doing at budgeting, and generally set aside time to get in shape financially.…