Saving & Investing - Heart Matters

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4. Emotional Barriers to Saving and Investing

c. Procrastination

Just like it’s easy to put off doing the dishes or mowing the lawn, it’s east to put off saving and investing too. The problem is that if you want to reach your goals you have to start sometime and it will only be more difficult the longer you wait.

Procrastination is actually a form of avoidance and can come from your irrational thoughts and feelings. This is another great opportunity to practice disputing. For a refresher on disputing irrational beliefs, visit the Psychology of Money course .

Let’s look at Pablo. Pablo procrastinates a lot. He puts things off until they just can’t wait any longer—often making things much harder for himself. 

When it’s time to mow the grass, Pablo waits until it’s almost as high as his knee. The problem is that the longer Pablo waits to mow the grass, the more he thinks about it. He knows he should do it and he even feels guilt about not doing it. The other problem is that when he finally does it it’s a lot harder than it would have been if he had just done it as soon as he noticed the grass needed to be mowed.

Pablo also knows that he should be saving. He has a wife and two young children. When Pablo finally visits a financial advisor to research saving and investing options, he learns that if he had started saving years ago he could have a considerable amount of money by now. Pablo also realizes that the sooner he starts saving, the more he’ll be able to build up. In other words, he needs to start shooting the ball toward the basket rather than sitting on the side lines. Stop…Think…Discipline Yourself…Delay Gratification! 

Procrastinating can really make reaching your saving and investing goals more challenging. Talk to a financial advisor or visit your local bank or credit union to start saving and investing today.
 

A Word about Being the Bank for Family and Friends
You are a nice person.  When your mom needs some money, you help her out. When your little brother wants a new video game, you buy it for him. When your daughter complains that her cell phone is like, so old, you buy her a new one.  All the while you don’t take care of yourself financially. If you find yourself in this situation, try this financial belief:  taking care of yourself is healthy. Going into debt or neglecting to save and invest for the future is not healthy for you or those you love. The opposite of selfishness is self-care because, by taking care of yourself, you can take care of others. 

 

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