procrastination

Using a Quarterly Review to Stop Feeling Perpetually Behind the Curve

February 26, 2021 By Kathryn Vercillo Leave a Comment

I have felt behind the curve in work (and life) for … well, let’s just say for a long time now. I encountered a series of health challenges that set me back. That snowballed into some financial challenges. After that came COVID-19 which required new adjustments. And now it seems like almost a way of life: always feeling like I am several steps behind what I want to be doing to move forward. I’m hoping that a new quarterly review process will help me get back on track. Maybe, if I really work at implementing it, it’ll even help me to get ahead!

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How I Already Use a Quarterly Review

The quarterly review isn’t entirely new to me. I’ve worked for myself for a long time. Therefore, I’ve established a variety of different work and personal finance routines that work for me. Historically I’ve done a quarterly review of all finances. Actually, I do an end-of-month review, but then at the end of each quarter I go into more depth with that.

So, at the end of each quarter, I review:

How much I’ve earned and where it’s coming from
Total debt including interest rates and repayment amounts
Debt-reduction opportunities including balance transfers
Breakdown of where all money is going (budget review)

Honestly, I’ve dropped the ball on this in the past year. 2020 was rough for many reasons. Therefore, I need to go back and do my 2020 financials. As a result, my 2021 financials started off with less review than usual as well. However, we’re only two months in, and I can get back on track. Part of the benefit of the quarterly review is that it prevents me from slipping too far behind. So by March 31, 2021, I will have this routine back in place.

New Ideas to Benefit from a Quarterly Review

I want to stop feeling perpetually behind. I’ve been behind on deadlines for a long time now, which isn’t like me. But more than that, I’m behind on the projects and ideas that I personally want to establish. I’m hoping a quarterly review will help me feel like I’m catching up.

Here’s how I imagine this going:

The first two months of every quarter will be for planning, starting new activities, and promoting my work
The third month of every quarter will be for catching up, review, and rest

So, for example, I’ve spent a lot of time in January and February trying to plan out the year. I’ve started a bunch of new projects – or at least the initial stages of them. If I kept that up the whole year, I’d always feel behind. Instead, I’m going to take March to assess and make progress on what I’ve done in January and February. Instead of starting new things or committing to new deadlines, I’ll just catch up and get organized. Then in April and May, I’ll resume planning, spreading the word, looking for new projects, etc.

My hope is that having a stop-gap every third month to just catch up will actually assist me in moving forward.

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15 Terrible Excuses That Will Wreck Your Finances

June 4, 2014 By Jennifer Derrick 1 Comment

We all tend to make excuses from time to time. It’s just human nature. But I’ve seen people rely too heavily on excuses when it comes to money. When they have too much debt or can’t seem to make ends meet they pull out the excuses as to why their life has to be this way. The excuses become a way to avoid dealing with the real problems, which are usually fixable with effort. Here are the most common excuses I hear and how you can combat them in your own life.

I Just Can’t Manage Money

Some people get it in their heads that finance and money are just concepts that are so far above their understanding that they’ll never get it. Finance is only for the super intelligent, they think. Either that or they believe that, having tired and failed, that money is just not something they “get.” “I can’t” is a great excuse. It lets you off the hook for so many things. The truth is that you can manage money, it just requires some time, effort, and a little education that you aren’t willing to put forth. Little kids can grasp the basics of money management with a little effort. So can you. Try to figure it out. Ask for help. Read or take a class. Get in there and work with your money. Involvement and practice are the antidotes to, “I can’t.”

I’ll Never Get Ahead, so Why Bother?

This is defeatist thinking. For whatever reason you’ve convinced yourself that you’ll never be better off than you are today so you won’t even put forth the effort to try. And you know what? You’re right. If you won’t try to change things they will remain exactly the same. Here’s the thing: Unless you have a crystal ball, you can’t know for sure that you’ll never get ahead and be better off than today. So what’s wrong with trying? If things don’t work out, you’re still where you are today. But aren’t the potential payoffs worth at least trying? Even with a little effort you can drastically improve your finances so think about what might happen if you really make a push to be better.

I’m Only Young Once

This one is legendary. People rationalize all kinds of crazy, irresponsible spending in the name of mortality. “I want to make memories while my kids are still little so we need that expensive vacation.” “I might get run over by a bus tomorrow, so I want to buy that diamond ring.” It’s true, we all grow up, age, and eventually die. It’s sad and there is something to be said for balancing the needs of tomorrow with the desire to live life today. But when you’re spending money you don’t have under the excuse that you might die tomorrow or that your kids won’t have any good memories of their childhoods, you’re not living a balanced life. You’re completely neglecting your (and your kids’) future needs for today’s wants and that’s a road to disaster. Do this often enough and you’d better hope you do die young because you won’t have anything to see you through your old age.

I Deserve a Treat/Reward

You work hard for your money and you want a reward. I don’t deny that you deserve to enjoy some of the money you work so hard for. But you don’t deserve to enjoy every last cent of it at the expense of your future needs. You have to take a balanced approach and enjoy some of your money today while saving enough that you can enjoy it later. And not all money is meant to be enjoyed. Sometimes money has to pay for things that are no fun like medical care, taxes, car or home repair, or school tuition. When you’re spending recklessly on rewards you’re forgetting the fact that you earn money to pay for more than fun. It’d be nice if all money could be used for fun and nothing else, but that’s not the case.

I’m Not Good at Math

People who are afraid of math trot out this excuse to avoid dealing with their finances. But you know what? You don’t have to be good at math to be good at finance. All you need to know how to do is add, subtract, multiply and divide. And you don’t even have to be that good at those with calculators and software programs to help you. There is no calculus, geometry, or algebra involved in personal finance. It’s basic math. Personally, I stunk at math in school but I am good at personal finance. Even with a math phobia you can become good at personal finance if you’re willing.

I’m Too Overwhelmed to Know Where to Start

If you’re really in a financial mess it is easier to say you don’t know where to start than it is to begin. But if things are really bad, it doesn’t matter where you start. Anything is going to be better than where you are. It’s like cleaning a very messy house. Does it matter if you start in the bathroom or the living room? Nope, because every little bit you clean up is going to improve the overall picture. With finance it doesn’t really matter if you start with credit cards, the mortgage, or saving. Anything is going to be an improvement so just pick something and work on it. Chances are that the next step will become clearer after you work on one thing for a while.

I’ll Get to It Later

Funny how “later” is the time that never comes. We put things off and later never comes around. We get busy with other things and later comes and goes. Then we get busy with more things and never get around to all of our “later” projects. With finance the longer you put something off, the more difficult it becomes to deal with, the more it costs you, or it becomes too late as in the case of insurance and wills. Take care of things when you think of them. Learn not to put things off because procrastination will only cause you more problems.

I Don’t Make Enough Money to Have the Lifestyle I Want

Maybe you don’t make enough money right now to solve your financial problems or have the things you want. But that can be fixed with more income (or reduced spending). Go get a second job. Freelance from home. Ask for a raise at work. Look for a job that pays more. Take on overtime. Send your spouse back to work. These may not be easy or popular choices but if lack of income is your excuse, the only way to fix it is to bring in more income. All of the problems/obstacles (childcare, time management, inexperience, etc.) of generating more income can be solved with some thought and perseverance. If you really need more income, the only way to get it is to work more.

Fate/Karma/God Is against Me

Many people blame whatever power rules their world for their money troubles. “Someone up there hates me,” is a popular excuse because it lets you off the hook. You can’t succeed if “someone” isn’t letting you. I don’t know enough about theology to be an expert, but I don’t think that anyone “up there” is actively gunning for you. Chances are your problems are of your own making. You made a bad decision. You got involved with the wrong people. You spent money you didn’t have. You weren’t informed about what you were getting into. Your decisions and actions are yours and they can be fixed, or at least not repeated. Sometimes things just don’t work out, but it doesn’t mean that someone hates you and that you’ll never succeed. Figure out what went wrong and then do things differently next time.

I Won’t Fit in/I’ll Lose My Friends

Ah, peer pressure. If you start saving money and stop spending lavishly, what will your friends think? They won’t invite you out. They might think you’re weird. They might think (eek!) that you have financial problems. So you keep things the same as they’ve always been to keep from running afoul of your friends’ perceptions. But this isn’t helping you. As your mother would have said, “Do you really want to be friends with people like this?” Change what you need to change and if your friends can’t deal with it, find new friends.

I Got Screwed by [a Lender, an Employer, the IRS, a Relative…]

Many people blame others for their financial problems. “The bank didn’t explain things to me.” “My employer fired me.” “Joe didn’t pay back that $1,000 I loaned him.” “The greedy IRS took $10,000 in back taxes.” The truth is these problems are the result of bad decisions on your part (or uncontrollable events like massive layoffs). If you owe the IRS, it’s because you didn’t file correctly. If you couldn’t lose that $1,000, you shouldn’t have lent it to irresponsible cousin Joe. If the bank screwed you, it’s because you didn’t read the fine print. If your employer fired you and it wasn’t part of a massive layoff related to the economy, you didn’t do your job well enough. These things are your fault and blaming someone else won’t fix it. You have to figure out where you went wrong and then do things differently next time.

I Don’t Have Time

Really? But you have time to watch TV for three hours a night or play video games for six hours at a stretch. You can find the time, but you just don’t want to. When you don’t devote time to your finances you’ll find that they can get out of control pretty quickly. A few months of unbalanced checkbooks, unpaid bills, investing in the wrong products, or not saving anything can cost you big time. When you first set out to manage your finances it takes a lot of time to get things organized and set up to run smoothly. But once you’ve got everything under control, it only takes a few minutes each day to keep things on track. Be disciplined and carve out the time to deal with your finances just like any other important responsibility.

I’m Scared I Might Screw Up

It’s true that some aspects of finance like taxes, owning a business, and investing can be scary and can carry bad consequences if you mess up. But you have to push past that fear if you want to succeed. You can learn what you need to know. There are plenty of books, websites, and advisors out there that can help you and prevent screw ups. The IRS is more than willing to help with your tax questions because they want your money. Many organizations are devoted to helping business owners handle things like taxes, incorporation, and payroll. A reputable financial advisor can help with your investing decisions. You don’t have to go it all alone. And even if you do screw up, chances are it can be fixed if you work at it. Financial screw ups aren’t fatal. You may have a setback, but you can come back from it.

I’m Too Old/Young, so Why Start Now?

Age doesn’t matter. If you’re young and have very little money, you need to carefully manage and grow what you do have. You need to think about your future, not about those new shoes in the store window. If you’re old and your finances are a mess, it’s not too late to fix it. Maybe you don’t have millions, but you can save up something. Work a couple of extra years. Get your estate paperwork straight. Try to limit future damage. Age isn’t an excuse. Whether you’re young or old there is always something you can do to improve your financial situation.

I Don’t Want to Think about That

No one likes to think about the bad things that might happen and sometimes it feels like if you think about them, they’ll happen. It’s like inviting the devil to the door. But that’s exactly what good financial management forces you to do. You have to think about what happens if you die or become disabled. What happens if the house burns down or someone gets very ill? What happens if you lose your job? These are all scary things and it’s easier to ignore them and hope they don’t happen than to face up to them. Bad things happen to everyone and it’s best to prepare for them when you’re able, in your right mind, and not facing the pressure of an emergency situation. Get your will and estate in order. Purchase life insurance, disability insurance, health insurance, and insurance for your home, car, and other belongings. Put together an emergency fund to see you through a job loss or other problems. Get it together now before the bad things happen and you really are screwed.

Excuses are a way to avoid taking responsibility for your finances. I’ll admit: It is easier to fall back on a myriad of excuses than it is to do the real work of becoming financially successful which often requires sacrifice and doing things you may prefer not to do. But making excuses will never get you where you want to be. You may tell yourself that you’re broke because of some excuse, but in your heart you know you could do better. You just won’t because the excuse is easier. Stop making excuses and start getting your financial life in order.

(Photo courtesy of Fabio Venni)

A Life Without Debt: Procrastination Is The Enemy

October 6, 2009 By Sadie Morris 8 Comments

Over my years of debt free living I’ve learned that procrastination is a huge enemy to staying debt free. We all tend to say, “I can take care of that tomorrow,” and put off things we don’t want to (or can’t) deal with right then. The problem is, the longer you put things off, the more they end up costing you, both in terms of money and in terms of leaving gaps in your overall financial situation that can cause you to spend more money later. Put off too many things for too long, and you’ll soon find yourself in a financial mess and on the road to debt. Let me show you some examples of areas where procrastination can cause big trouble:

Home maintenance: The roof has lost a few shingles. You decide not to fix it right now. It rains. The roof leaks and water collects in your attic, wetting your insulation. Leave it unattended much longer and the water is going to damage your ceiling and come through into your house. Now, what would have cost you a couple hundred dollars at most to fix is going to cost thousands. It’s the same with the furnace that is making funny noises. If you call for repair right then, it might cost you a couple hundred to fix. Wait until the thing shorts out and starts a fire and you’ve got a bigger, more expensive problem. Keep on top of repairs and, if possible, head off trouble before it starts with good routine maintenance and troubleshooting.

Car maintenance: The engine is making a strange noise You keep driving it for a few more months. Then the head gasket blows and your entire engine is shot. Had you dealt with this in the beginning, a couple hundred dollars probably would have covered it. Now you’re looking at thousands, or a new car. The same is true for squeaky brakes, engine lights that come on, and fluid indicators that show you’re low. Don’t ignore them. Get it fixed before it costs you more money.

Financial paperwork: You keep meaning to write your will or buy that life insurance. You swear you’re going to increase the coverage on your homeowner’s policy to cover your new addition. But you never get around to it. Then disaster strikes and your insurance won’t pay or your estate is turned over to the State. Had you just taken care of these things, you and your family would be all set. As it is, you face increased repair or legal costs and a lack of insurance money to draw upon.

Retirement savings: You keep saying you’re going to start that IRA or contribute to the 401K at work. But somehow, you never quite get there. Now you’re sixty and looking retirement square in the face. You have no money, so your plans are either curtailed or you’re living on the bare minimum trying to sock as much as you can away before your job forces you out. At worst you’re looking at financing your retirement on credit cards or reverse mortgages, or you’ll be working until you die. But had you just started putting in a little money each pay period years ago, you’d be comfortable.

Emergency fund: How many times have you promised yourself that you’ll use the next tax refund or raise to start that emergency fund, and yet you chose to go to Bermuda instead? Then you have an emergency or lose your job and everything has to go on a credit card. If you had that emergency fund, you might not have to finance the problem. You could pay cash. If you had started that fund years ago when you meant to, you’d be all set to weather life’s down periods.

Bill payment: The bills come and you stuff them in a drawer, intending to pay later. But you get busy and forget. Then come payment time you’re either late or you discover that the money for the electric bill was spent on that weekend beach trip. Now you’re looking at late fees, service charges, bounced check fees, and possibly having your service cut off. Had you just paid when the bill came, you’d have only paid the amount owed.

Health care: You put off your annual physical and vaccinations. You put off starting that diet and exercise program. Then one day you don’t feel so good. The doctor tells you that you have cancer or heart disease and that, had you come in a year ago, they could have done more for you. As it is, you’re facing costly treatments and an uncertain prognosis. Had you just gone ahead and taken care of yourself, you might have been spared the financial and personal pain.

Balancing the checkbook: The statement comes and you don’t balance your checkbook. Months go by and you don’t bother. Then one day you discover you’re out of money and you don’t know why. So you dig out your old statements and start to balance. A combination of math errors, new fees being charged by the bank, and overspending on your part have robbed you of your money. Now you’re facing bounced check fees and overdraft charges. Had you just balanced your books once per month, you would have caught the math errors and had a chance to do something about the fees. You could have also identified spending that was getting out of hand.

When you procrastinate you open the door to debt. Things that only cost a little when dealt with quickly end up costing thousands that you don’t have. And then they get financed. You may think you’re saving money by not addressing a problem right then, but failure to deal with it is likely to cost you a lot more in the long run. If you want to live debt free, you have to conquer procrastination. Get organized, set up a system for alerting you to things, and get in the habit of dealing with things as they come up. You’ll not only sail through life a lot easier, you’ll likely have far less debt.

A Day of Waste

April 2, 2009 By David G. Mitchell 16 Comments

Have you ever thought about how much money people waste in a given day? Today, I tried to keep track of all of the waste that I witnessed and I was rather surprised, given our economy, how cavalierly people will still waste their financial resources. It made me think back to a time, about 15 years ago, when I was far less frugal, and I was pleased that I have come so far with my financial approach to my life. Indeed, I realized that rather than trying not to waste money, I am at a point in my financial life in which I can actually consistently find ways to spend less while enjoying more.

But back to my original question – have you ever thought about how much money people waste in a given day? That is what I spent today wondering, so I tried to keep track of all of the waste that I witnessed, and here is what I found:

7:12am: I made my Saturday morning trip to the grocery store. Before I had even traveled the three miles to the grocery store, I saw not one, but two, motorists who had been pulled over by the side of the road and were receiving tickets. The minimum ticket on that particular street is about $128. There are also stop lights on that particular street every 2 to 3 miles. Apart from being dangerous and a tremendous waste of gasoline, speeding was not going to get those drivers down the road any faster because they would always be detained by the stop lights. Rather, speeding can only get them ticketed – a tremendous waste.

7:19am As I walked into the grocery store, two people were standing in line to use the ATM while a third fellow used it. There is a two dollar charge at the ATM, a charge that those users might have avoided if they had gone to their own bank or made their purchase at the grocery store using their cash cards (and requesting cash back). That is a $2 waste per person that will be repeated over and over throughout the day.

7:59am I checked out at the grocery store. The three people in line ahead of me had no coupons, even though our local paper had a $5 coupon for our grocery store earlier this week. Shopping without coupons is a huge waste and one that will be repeated throughout the day.
8:06am As I walked out of the grocery store, a young man was using the change coverter at the front of the store. He will feed his loose change into the machine and can then exchange his receipt for cash at the customer service desk. The machine retains an 8% commission. Whatever happened to rolling money?

I dropped my son off at our local youth sports facility so that he could cover a shift working in our concession stand. A parent failed to show up. My son received $10 per hour and the parent who failed to appear for concession duty had to pay $75 for the missed three hour shift. I also know of a local school that charges $15 for each hour that its parents fail to appear for volunteer service – up to 20 hours per year. If you belong to an organization that will fine you for failing to appear for service hours, and you don’t want to perform service hours, why do you join the organization?

12:30pm My younger son finished his baseball game. As we prepared to leave, we heard several kids demand that they be taken out for lunch. The four families who were in hearing range of us agreed to go out to eat. That amounts to 19 people at an estimated cost of $10 per person, spread over 4 families. We ate at home for a cost of about $6 – one homemade pizza with salad for three people and leftovers for a fourth.

2:45pm I washed my car. My son washed my car. A neighbor then hired him to wash his car for $15. My son saw the value of demonstrating a good work ethic. My neighbor has a son the same age as mine so why was he paying my son to wash his car?

3:53pm A neighbor mentioned that she had planned to go out earlier in the day but was already too tired to do so. As a result, she explained, she would have to pay a fine at the library ($1 per day per DVD and she had 6 DVDs that would not be checked in until Monday – two days from now), plus she would probably have to pay a credit card bill by phone because she had missed today’s mail (a $25 charge she explained). She asked me if I knew of any ways to get out of paying the fines and I explained that it was very easy – don’t procrastinate.

5:08pm I went for a walk. A neighbor had already put out his trash (odd since today is Saturday and trash day is Monday) and I found several compact discs and a few DVDs that work just fine sitting in a box, free for the taking. They could easily have been sold for a few dollars on eBay. For that matter, our subdivision garage sale day is only 3 weeks away.

5:49pm I found 27 cents (two dimes, one nickel and two pennies) lying on the sidewalk. Who was careless enough to leave them there?

6:37pm I took one of sons to an ice-cream parlor since he had a free ice cream coupon. He called two of his friends who also received the very same coupons today but they had already lost their coupons (in about 6 hours time).

I think you get the picture. Every day, people throw away money as a result of carelessness, disorganization, procrastination and impatience. How much money have you seen wasted today? Where do you see people wasting money? Where have you wasted money?