Procrastinators
Spenders and savers are on the extreme ends of the money personality
spectrum. Procrastinators, on the other hand, live with their heads in the
sand. Walk into a procrastinator’s house and you’re likely to find stacks of
unopened mail. Procrastinators are overwhelmed by financial matters and
will do almost anything to avoid them.
Procrastinators spend a fair amount of time worrying about money, but they
seem unable to act. They put off paying bills, enrolling in their company’s
retirement plan, setting goals, and even filing their taxes. During uncertain
times a procrastinator will justify putting off any financial decision.
Do you file an extension for your taxes every year? Do you wait until a collection
agency calls before you pay your doctor’s bill? Would you rather have a
root canal than balance your checkbook?
Many people put off today what they can do tomorrow. When it comes to
money, procrastinating can harm not only your credit, but also your financial
security. If you find yourself trending this way, take the following actions:
- Install safety nets. Automate as much of your financial affairs as possible.
Setting up automatic bill payment and regular transfers to your
investment accounts will ensure that you get it done.
- Feather your nest. Make an effort to learn more about financial planning.
Enroll in a personal finance class at a local community college
or read personal finance books. By investing in yourself and building
knowledge, you’ll be better prepared to weather financial storms.
Work to Improve Yourself
After you know what kind of money personality you have, and you understand
where that type of personality may fall short, you can begin to make
improvements. In addition to addressing the specific personality-related
shortcomings mentioned previously, try the following:
- Find an accountability partner. Share the responsibilities of managing
your money with your spouse, significant other, or a professional.
Having an accountability partner will keep your weaknesses in check
and build on your strengths.
- Think small. Don’t expect an overnight reversal of your belief system.
Start with small steps, like taking a class or preparing a to-do list. Minor
changes often bring big results.
