How many times have you put off those promises to return a phone call, start your tax return, open a 529 account or just spend quality time with those closest to you? How many New Year’s resolutions have been made… and already broken?

You’re not alone.

Making time for what is important can sometimes be difficult. Procrastination can grip us all and, if not checked, can snowball and bring on feelings of anxiety or even a touch of shame.

How we prioritize our activities often depends on what we like to do, rather than what is most important. The tasks we complete tend to be those that we enjoy most and the ones we avoid are the one we least like. Whatever the reason is that causes each of us to delay important tasks, we find that financial decisions of many of our clients are affected by this procrastination.

What is the cost of procrastination?

• Not having a will allows the courts to decide who gets your assets without regard to your wishes.
• Establishing a trust but not transferring title of assets into trust effectively negates the purpose of having a trust. Trust specifications are only dictated to assets registered in the respective trust’s name.
• Most adults need life insurance at some point in their life. Control costs by assessing and buying life insurance early. The older we get, the greater the cost of annual premiums.
• Financial goals are not met because we do not identify exactly how much we have, how much we need to save and how much we can spend.

What can you do about it?

Here are some practical and successful strategies to avoid procrastinating when it comes to your important financial matters:

• The obvious: Don’t put it off. The task we often put off is actually easier to accomplish than we think. Getting it done will not only make us feel better, but is often easier than putting it off.
• Get organized. Create to do lists, schedule time for priority matters and identify goals. Free apps like Google Keep, Google Calendar, and ToDoist can also help.
• Most goals are met through a build-up of smaller goals. Break up your tasks and goals into smaller, actionable steps and celebrate achieving those goals.

We at New England Investment and Retirement Group, Inc. help our clients navigate financial independence, facilitating many of the financial tasks that they procrastinate. If you need help making decisions about your financial future, having a difficult talk with someone close or just help gathering information, feel free to contact us at 978-975-2559.